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.
机构:
Univ Auckland, Business Sch, Dept Accounting & Finance, Auckland, New ZealandUniv Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand
Cahan, Steven
Lam, Brian M.
论文数: 0引用数: 0
h-index: 0
机构:
BNU HKBU United Int Coll, Div Business & Management, Accounting Program, Zhuhai, Guangdong, Peoples R ChinaUniv Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand
Lam, Brian M.
Li, Lina Z.
论文数: 0引用数: 0
h-index: 0
机构:
Univ Auckland, Business Sch, Dept Accounting & Finance, Auckland, New ZealandUniv Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand
Li, Lina Z.
Rahman, Md Jahidur
论文数: 0引用数: 0
h-index: 0
机构:
Wenzhou Kean Univ, Coll Business & Publ Management, Dept Accounting, Wenzhou, Zhejiang, Peoples R ChinaUniv Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand
机构:
Xi An Jiao Tong Univ, Dept Accounting & Finance, Xian, Shaanxi, Peoples R ChinaXi An Jiao Tong Univ, Dept Accounting & Finance, Xian, Shaanxi, Peoples R China
Feng, Hua
Habib, Ahsan
论文数: 0引用数: 0
h-index: 0
机构:
Massey Univ, Auckland, New ZealandXi An Jiao Tong Univ, Dept Accounting & Finance, Xian, Shaanxi, Peoples R China
Habib, Ahsan
Tian, Gao Liang
论文数: 0引用数: 0
h-index: 0
机构:
Xi An Jiao Tong Univ, Sch Management, Xian, Shaanxi, Peoples R ChinaXi An Jiao Tong Univ, Dept Accounting & Finance, Xian, Shaanxi, Peoples R China
机构:
Chinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R ChinaChinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R China
Du, Jiayue
Gao, Haoyu
论文数: 0引用数: 0
h-index: 0
机构:
Renmin Univ China, Sch Finance, Beijing, Peoples R ChinaChinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R China
Gao, Haoyu
Wen, Huiyu
论文数: 0引用数: 0
h-index: 0
机构:
Renmin Univ China, Sch Finance, Beijing, Peoples R China
Renmin Univ China, Sch Finance, Beijing 100872, Peoples R ChinaChinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R China
Wen, Huiyu
Ye, Yanyi
论文数: 0引用数: 0
h-index: 0
机构:
Beijing Univ Chem Technol, Coll Econ & Management, Beijing, Peoples R ChinaChinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R China
机构:
North China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R ChinaNorth China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
Shen, Huayu
Liu, Runxin
论文数: 0引用数: 0
h-index: 0
机构:
North China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R ChinaNorth China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
Liu, Runxin
Xiong, Hao
论文数: 0引用数: 0
h-index: 0
机构:
Guizhou Univ Finance & Econ, Sch Accounting, Guiyang 550025, Guizhou, Peoples R ChinaNorth China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
Xiong, Hao
Hou, Fei
论文数: 0引用数: 0
h-index: 0
机构:
Qingdao Univ, Sch Business, Qingdao 266071, Shandong, Peoples R ChinaNorth China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
Hou, Fei
Tang, Xiaoyi
论文数: 0引用数: 0
h-index: 0
机构:
North China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R ChinaNorth China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
机构:
Univ Dubai, Dubai Business Sch, Dubai, U Arab Emirates
Nankai Univ, Sch Finance, Tianjin, Peoples R ChinaGuangdong Univ Finance & Econ, Sch Finance, Guangzhou, Guangdong, Peoples R China
Karathanasopoulos, Andreas
Lo, Chia Chun
论文数: 0引用数: 0
h-index: 0
机构:
Huatai Futures Co Ltd, Guangzhou, Peoples R China
Doctoral Think Tank, Macau, Peoples R ChinaGuangdong Univ Finance & Econ, Sch Finance, Guangzhou, Guangdong, Peoples R China
Lo, Chia Chun
Shen, Xixi
论文数: 0引用数: 0
h-index: 0
机构:
Nankai Univ, Sch Finance, Tianjin, Peoples R ChinaGuangdong Univ Finance & Econ, Sch Finance, Guangzhou, Guangdong, Peoples R China