Abstract
This study explores the impact of individual investors’ online voice on corporate environmental information disclosure (EID). Using a sample of all Chinese A-share listed firms from 2009 to 2022, this study finds that individual investors’ online voice significantly improves corporate EID. This result remains robust through various robustness tests. It is further found that the positive effect of individual investors’ online voice on corporate EID is strengthened through external monitoring by institutional investors, analyst coverage, and media coverage. This positive effect is amplified in highly polluting industries. Additionally, individual investors' negative sentiment stimulates firms to disclose more environmental information.
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