Investor inattention to weekend disclosure of environmental punishment: evidence from China

被引：0

作者：

Zhou, Yucheng ^{[1
]}

Huo, Di ^{[1
]}

Wu, Dejun ^{[2
]}

机构：

[1] Xiamen Univ, Sch Management, Xiamen, Fujian, Peoples R China

[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Hubei, Peoples R China

来源：

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2024年 / 31卷 / 02期

关键词：

Environmental punishment information (EPI); market reaction; weekend disclosure; EARNINGS ANNOUNCEMENTS; MARKET REACTION; TIMELINESS; RELEASE; NEWS;

D O I：

10.1080/16081625.2022.2147966

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The inattention hypothesis suggests that investors have a weak response to company information on weekends. Using a sample of Chinese listed companies from 2007 to 2019, we empirically study the strategic timing effect of disclosing environmental punishment information (EPI) on weekends. We find a significantly lower market reaction to EPI disclosed on weekends compared with disclosure on weekdays. Further tests show that the weekend timing effect is more pronounced when severe punishment and weak external supervision exist. Our evidence supports the inattention hypothesis from the perspective of weekend disclosure of negative environmental information.

引用

下载

页码：176 / 195

页数：20

共 50 条

[21] Corporate environmental performance, environmental information disclosure, and financial performance: Evidence from China
Li, Dayuan
Zhao, Yini
Sun, Yan
Yin, Duanjinyu
HUMAN AND ECOLOGICAL RISK ASSESSMENT, 2017, 23 (02): : 323 - 339
[22] Does central environmental protection inspection enhance firms' environmental disclosure? Evidence from China
Pan, Lingling
Yao, Sheng
GROWTH AND CHANGE, 2021, 52 (03) : 1732 - 1760
[23] The impact of environmental regulation on firm exports: evidence from environmental information disclosure policy in China
Jiayu Fang
Cenjie Liu
Chao Gao
Environmental Science and Pollution Research, 2019, 26 : 37101 - 37113
[24] Impact of environmental information disclosure on environmental regulation intensity: evidence from 113 cities in China
Yuzhuo Wang
Scientific Reports, 14 (1)
[25] The impact of environmental regulation on firm exports: evidence from environmental information disclosure policy in China
Fang, Jiayu
Liu, Cenjie
Gao, Chao
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2019, 26 (36) : 37101 - 37113
[26] Can environmental information disclosure reduce air pollution? Evidence from China
Xiong, Lei
Long, Hongyu
Zhang, Xiang
Yu, Chenyang
Wen, Zezhou
FRONTIERS IN ENVIRONMENTAL SCIENCE, 2023, 11
[27] Regional social trust and corporate environmental opportunistic disclosure: evidence from China
Yao, Sheng
Zhu, Ye
APPLIED ECONOMICS, 2024,
[28] Analyst Site Visits and Corporate Environmental Information Disclosure: Evidence from China
Fan, Linyan
Yao, Sheng
INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH, 2022, 19 (23)
[29] Stock Market’s Reaction to Disclosure of Environmental Violations: Evidence from China
X. D. Xu
S. X. Zeng
C. M. Tam
Journal of Business Ethics, 2012, 107 : 227 - 237
[30] Optimal governance radius of environmental information disclosure policy: Evidence from China
Wan, Kai
Yu, Xiaolin
ECONOMIC ANALYSIS AND POLICY, 2024, 83 : 618 - 630

← 1 2 3 4 5 →