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Financial Attributes, Environmental Performance, and Environmental Disclosure in China
Die Wu1, Shuzhen Zhu1, Aftab Ahmed Memon2
1Glorious Sun School of Business and Management, Donghua University, Shanghai 200051, China.
International Journal of Environmental Research and Public Health
|December 1, 2020
Summary
This study reveals that carbon disclosure information (CDI) negatively impacts state-owned enterprises (SOEs) more than non-state-owned enterprises (NSOEs). Media reporting significantly influences firm value and stakeholder benefits.
Area of Science:
- Environmental, Social, and Governance (ESG) studies
- Corporate Social Responsibility (CSR) research
- Financial accounting and reporting
Background:
- The 21st century faces significant environmental challenges due to reliance on carbon-based materials and energy.
- Corporate competition drives innovation but exacerbates environmental concerns.
- Understanding the impact of corporate disclosures and media on environmental performance is crucial.
Purpose of the Study:
- To investigate the influence of carbon disclosure information (CDI), media reporting, and financial factors on state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs).
- To analyze the differential effects of these factors on SOEs versus NSOEs in heavy polluting industries.
- To assess the relationship between media sentiment and a firm's competitive position, stock price, and social value.
Main Methods:
- Utilized a dataset of heavy polluting listed industries from Shenzhen and Shanghai stock exchanges (2014-2019).
- Applied various data analysis approaches to examine the relationships between CDI, media reporting, financial influence, and enterprise type (SOE/NSOE).
- Quantified the impact of positive and negative media reporting on firm performance and stakeholder value.
Main Results:
- Carbon Disclosure Information (CDI) levels were found to be significantly negatively related to state-owned enterprises (SOEs) compared to non-state-owned enterprises (NSOEs).
- Positive media reporting was observed to offset additional benefits for stakeholders.
- Negative media reporting was found to diminish a firm's competitive position, stock price, and social value.
Conclusions:
- External factors, including media reporting and CDI, significantly influence the financial performance and social value of enterprises.
- SOEs appear more sensitive to CDI than NSOEs, suggesting different strategic responses to environmental disclosure.
- Media sentiment plays a critical role in shaping corporate competitive standing and stakeholder perceptions.
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