The effects of environmental information disclosure on stock price synchronicity in China

被引:10
|
作者
Yang, Yongliang [1 ,2 ,3 ]
Zhang, Jitao [1 ]
Li, Yi [4 ]
机构
[1] Zhejiang Sci Tech Univ, Sch Econ & Management, Hangzhou, Peoples R China
[2] Zhejiang Sci Tech Univ, Silk & Fash Culture Res Ctr Zhejiang Prov, Hangzhou, Peoples R China
[3] Zhejiang Engn Res Ctr, Green & LowCarbon Technol & Industrializat Modern, Wenzhou 325100, Peoples R China
[4] Ningbo Univ, DongHai Acad, Collaborat Innovat Ctr Port Econ, Fash Dept, Ningbo 315211, Peoples R China
关键词
Environmental information disclosure; Stock price synchronicity; Capital market pricing efficiency; Greenwashing; RISK; PERFORMANCE; INVESTMENT; LIQUIDITY;
D O I
10.1016/j.heliyon.2023.e16271
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
Environmental information disclosure has attracted the attention of the capital market because it can convey corporate characteristic information. But there needs to be direct evidence that environmental information disclosure can improve the market's overall efficiency. This study examines whether corporate environmental information disclosure can improve the information efficiency of the capital market. This study takes Chinese listed companies from 2008 to 2021 as samples, constructs a panel fixed effect model, and adopts multiple linear, instrumental variable method and Heckman sample selection model. We find that the disclosure of environmental information in the Chinese market reduces the information efficiency of the capital market represented by the synchronicity of stock prices. The reason is that the information after greenwashing by enterprises needs to be of better quality and more obscure, which disrupts market information. Environmental information disclosure by enterprises prone to greenwashing significantly affects stock price synchronicity, such as low institutional ownership, non-state-owned, growth, and manufacturing firms. Finally, this paper discusses the impact mechanism and confirms that stock liquidity and analyst coverage are the two paths through which environmental information disclosure impacts stock price synchronicity. This study is significant in encouraging the government to strengthen market supervision, promoting enterprises to disclose high-quality environmental information, and improving the pricing efficiency of the capital market.
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收藏
页数:18
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