Abstract
Environmental protection, which is beneficial for the present and the future, has become a global consensus, and environmental information disclosure (EID) is an effective way to realize and fulfill enterprise environmental responsibility. Although some scholars have studied the impact of EID on firms, there is less empirical evidence on the impact of EID on investors. In this study, we examine the impact of EID on enterprise investment value based on signaling theory using a time-varying difference-in-differences model and extract two channels of this effect. The study shows that the implementation of EID helps to enhance the value of enterprise investment. This enhancement will vary according to the location, the industry pollution type, and the nature of the enterprise: EID has a remarkable enhancement effect on the investment value of the eastern region, heavily polluted enterprises, and non-state-owned enterprises. To investigate the channel of EID's effect on enterprise investment value, we use the moderating effect model to analyze and find that enterprises with low tax ratios and small financing constraints can significantly enhance the effect of EID on investment value.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Environmental science and pollution research international
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
