Government Information Disclosure Research Articles

The effect and mediating mechanism of environmental, social, and governance information disclosure on sustainable growth rate: evidence from China

The effect and mediating mechanism of environmental, social, and governance information disclosure on sustainable growth rate: evidence from China

The impact of environmental, social and governance disclosure on stock prices: Empirical research in Vietnam

The aims of this research is to evaluate the impact of Environmental, Social and Governance (ESG) information disclosure (using both financial and non-financial information) on stock prices of businesses in Vietnam; From there, propose recommendations to promote transparent practices and information disclosure about ESG of businesses related activities; Contribute to developing sustainable investment goals in businesses, and the financial market in general. Based on the (Ohlson, 1995) [40] valuation model, and developed by Barth and Clinch (2009) [41] the research was conducted empirically in 30 listed companies in Vietnam in the period 2019–2022. Research results based on the GLS method show that ESG positively impacts stock prices. Additionally, this paper conducted an in-depth analysis of each individual pillar and found that the environmental pillar was considered the most meaningful to market participants. However, the correlation between ESG and stock prices is weakened for environmentally sensitive businesses. This study also makes a valuable contribution to the current literature on non-financial information reporting by using manually collected data and investigating the effects of ESG reporting on market participants in the public system voluntary information disclosure system of an emerging market like Vietnam.

Corporate environmental, social, and governance information disclosure and audit governance in the context of green development

The purpose of this paper is to investigate the relationship between Environmental, Social, and Governance (ESG) disclosure and audit governance. The objective is to assess the impact of auditor team independence, auditor professional quality, and transparency of audit procedures on the quality of information disclosure, and to elucidate the role of these factors in advancing sustainable development. Research methodologies include the optimization of information disclosure text analysis using natural language processing (NLP) and text generation techniques, complemented by empirical analysis. Key findings indicate that the maximum error between NLP and manual annotation in the proportion of positive emotions in information disclosure is 0.03, and 0.06 in audit governance. The Rouge index score surpasses the 0.5 threshold, while the Perplexity value varies across three experiments, though remaining generally low. Deep learning model results reveal that auditor team independence, professional quality, and procedural transparency significantly enhance the quality of information disclosure. These findings offer crucial insights for enterprises, regulators, and investors, affirming the rationality and stability of the model, and providing valuable input for future green development strategies and decision-making processes.

Does ESG information disclosure increase firm value? The mediation role of financing constraints in China

This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.

Influence and mechanisms of perceived information disclosure in shaping public attitudes towards waste disposal facilities: Evidence from China

Waste disposal facilities are an indispensable infrastructure for modern urban development, and increasing public acceptance of such facilities contributes to sustainable urban development. Estimation results using the least squares method, based on widely representative questionnaire data, indicate that perception of government information disclosure has a significant positive impact on enhancing the public’s willingness to accept waste disposal facilities. This finding is further confirmed not only when using instrumental variables approach to address potential endogeneity as well, but also by a series of robustness tests. The results of the heterogeneity analyses show that the positive impact of government information disclosure is present only in the sub-sample of those who have no religious trust and frequency of online socialization. Further findings support the idea that political trust and the perception of the government capacity to ensure public security are two fundamental mechanisms. In particular, trust in county government and perceptions of medical security are more likely to drive this positive effect. This study reveals the role of perceptions about information disclosure in shaping public attitudes toward public programs and provides new insights into facilitating the successful construction of public facilities.

Preventing Security Risks in Government Information Disclosure: A Mosaic Theory Perspective

Preventing Security Risks in Government Information Disclosure: A Mosaic Theory Perspective

Evaluation of Local Government Digital Governance Ability and Sustainable Development: A Case Study of Hunan Province

Strengthening the governance capacity of local governments in the digital domain is crucial to the modernization of the national governance system and the process of sustainable development. This paper integrates the concept of sustainable development drawing upon the principles of systems theory and adopts the logical analytical framework of “resource input–process transformation–result output” to construct a digital governance capacity indicator system for local governments. The focus is on three dimensions: basic resource input, network public opinion management, and digital service effectiveness. Using statistical data from the digital governance capacity indicators of 14 cities and prefectures in Hunan Province from 2018 to 2022 as a case study, we base our analysis on the index system constructed herein. Employing the entropy-weighted TOPSIS method and the obstacle degree model, we evaluate and analyze the digital governance capacity of the government in Hunan Province. Our findings indicate that the government’s digital governance capacity in Hunan Province has been on a rising trend overall. However, there are noticeable regional disparities in the strength of digital governance capacity across western, northern, central, and southern Hunan, particularly in terms of digital service effectiveness, which presents the most significant barriers to improvement. These results suggest that local governments should tailor their efforts to enhance digital governance capacity around resource allocation based on regional differences, the establishment of an online public opinion monitoring system, the optimization of government information disclosure mechanisms, the performance of government service platforms, and the strengthening of a two-way communication mechanism between the government and the public.

The Impact of Confucian Culture on Corporate Environmental Governance

Using A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 and the density of Confucian temples and schools near sample company headquarters, this paper uses regression analysis to estimate the impact of Confucian culture on corporate environmental governance. Enterprise environmental capital investment as a percent of total assets is the dependent variable used as a proxy for environmental governance. The log of the number of the number of Confucian temples and Confucian academies within a 200-kilometer radius of the company's registered location plus one is the independent variable. This study finds that the environmental capital expenditures increase by 0.007% for every unit increase in the independent variable. Similar results are found when the radius is expanded to 300 kilometers. The greater the influence of Confucian culture is, the more inclined enterprises are to participate in corporate environmental governance. Additionally, environmental governance information disclosure can be a key influence path for this correlation. Further analysis finds that the relationship between Confucian culture and environmental governance is stronger with more experienced managers, a more developed institutional environment, and after 2015 following the People's Republic of China’s enactment of the Environmental Protection Law. This study expands the literature on the factors that influence Confucian culture on corporate environmental governance, enriches the empirical evidence of the influence of the informal system of corporate environmental governance on enterprise decision-making, and confirms the modern commercial value of Confucian culture.

Security Risks and Countermeasures in Government Information Disclosure: An Analysis Based on Two Typical Cases

Security Risks and Countermeasures in Government Information Disclosure: An Analysis Based on Two Typical Cases

Does internal control improve enterprise environmental, social, and governance information disclosure? Evidence from China

AbstractEnvironmental, social, and governance (ESG) is a relatively new concept that emphasizes how to contribute to creating sustainable businesses. However, research on factors that influence ESG development is insufficient. This study explores how internal control influence enterprise ESG information disclosure, using 2009–2021 data from China's A‐share listed companies. The findings show a substantial positive correlation between internal control quality and corporate ESG information disclosure. Particularly, the internal control quality significantly affects corporate governance information disclosure. Moreover, the connection between internal control quality and enterprise ESG information disclosure is significantly and positively moderated by media attention. Specifically, negative media evaluations have significant impacts on enterprises. The main findings remain valid even after conducting multiple robustness tests, such as the lag test, propensity score matching, instrumental variable method, and alternative measurements for the key variables. This study widens the theoretical research frontier of internal and external supervision mechanisms.

Sustainability Reporting and Performance of Selected Quoted Firms in Nigeria

The performance of quoted firms listed on the Nigerian Exchange Group (NGX) is crucial for driving economic development, job creation, and wealth generation in Nigeria. Despite the growing interest in sustainability practices among Nigerian firms, there is a lack of empirical research examining the relationship between sustainability reporting and financial performance. To address this gap, this study conducted a comprehensive analysis of the link between sustainability reporting and the financial performance of quoted firms in Nigeria. This research employed an ex-post facto research approach, utilizing data from annual reports, financial statements, and sustainability reports of 153 publicly listed companies on the Nigerian Exchange Group (NGX). Through quantitative methods, the study assessed the extent and quality of sustainability reporting among Nigerian companies and its relationship with financial performance indicators. A purposive sampling method was used to select a sample of 10 firms known for their voluntary disclosure of information in financial reports. The study spanned from 2012 to 2021, totaling 10 years, and involved both descriptive and inferential statistical analyses of the collected data. Using regression analysis, the study found a statistically significant positive impact of sustainability reporting metrics - including governance information disclosure, credibility information disclosure, and environmental profile disclosure - on firm performance. This suggests that companies in Nigeria that disclose information regarding governance policies, credibility, and environmental practices tend to perform better financially.This study concluded that companies that engage in transparent reporting regarding governance policies, credibility, and environmental practices demonstrate better financial performance. Based on the findings, it is recommended that Nigerian regulators and policymakers encourage and support sustainability reporting initiatives among quoted firms.

Assessing the Relationship between Corporate Social Responsibility and R&D Effectiveness of Firms

Practices of corporate social responsibility often generate synergetic effects and improve financial and overall firm’s performance. However, in the high-tech industries, research and development (R&D) efficiency remains a key element of development strategy, and a shift towards sustainable activities can be considered as a trade-off. This study investigates the empirical link between corporate social responsibility practices and R&D effectiveness in R&D-intensive industries. Specifically, this research assesses the impact of environmental, social, and governance information disclosure, the availability of third-party rating, and long-termism on R&D returns. We employ the Hausman–Taylor estimator to analyze three R&D-intensive industries, namely pharmaceuticals, biotechnology and software, for the period from 2012 to 2019. Empirical results show that, in general, higher values of corporate social responsibility metrics are associated with the weaker R&D returns. The findings of this research might be meaningful for managers in making informed decisions with respect to corporate social responsibility practices.

The Power of Public Oversight: The Effects of Environmental Agency Information Disclosure on Environmental Investment by Polluting Enterprises

Abstract Collusion between government and business presents a significant challenge to environmental governance, yet academic literature rarely addresses effective measures to address this key problem. This study addresses this gap by leveraging government information disclosure data from urban environmental protection agencies in China to empirically examine the impact of such disclosures on environmental investments by Chinese polluting enterprises. Our analysis reveals the positive effects of government information disclosure by enforcement agencies on environmental investments, particularly for enterprises characterized by higher degrees of government-business collusion. Unlike traditional supervision methods from higher authorities to lower ones, government information disclosure operates under public oversight, which can mitigate shortcomings in supervision scope and agency costs. Thus, the findings of this study offer valuable insights for addressing pollution governance challenges. Keywords: Government information disclosure, Collusion, Environmental investment, Polluting enterprises.

Impact of Environmental Regulation on Corporate Green Technological Innovation: The Moderating Role of Corporate Governance and Environmental Information Disclosure

Environmental degradation is an important issue facing the world today. Microcosmically, green technical innovation is needed to decrease environmental pollution. Therefore, exploring the relationship between the two is of great significance for promoting environmental protection and sustainable development. Thus, this research elucidates the interaction between green innovation (GI) and environmental regulations (ERs). This study utilizes the fixed effects model to examine how government environmental protection subsidies (EPSs) in market-incentive ER and environmental management system certification (EMSC) in voluntary participatory ER affect GI among listed companies in China. The sample observation period is from 2012 to 2021. Additionally, the impact of corporate governance (CGL) and environmental information disclosure (EID) on the relationship between ERs and GI within businesses is investigated. The empirical results show that both government environmental protection subsidies and environmental management system certification positively affect green innovation, and both corporate governance and environmental information disclosure positively moderate the impact of government environmental protection subsidies and environmental management system certification on green innovation. The above empirical results are still valid after a robustness test and can guide the formulation of government ERs, as well as corporate strategies for environmental management and GI.

EXAMINING THE EFFECTS OF AND MODERATING INFLUENCES ON ENVIRONMENTAL, SOCIAL AND GOVERNANCE INFORMATION DISCLOSURE ON VALUE-AT-RISK: EVIDENCE FROM CHINESE LISTED COMPANIES

Generally, research on the effects of Environmental, Social and Governance (ESG) information disclosure on listed companies is primarily limited to developed countries. By contrast, the current study is located in China and analyses whether ESG reduces the downside risk of listed companies in China, and whether political connections and institutional investors moderate this relationship. This study uses Chinese A-share listed companies from the Shanghai and Shenzhen stock markets from 2010 to 2021 as research samples. Results demonstrated that the inhibitory effect of enhancing ESG performance on enterprise risk is more significant in non-heavy polluting industries, non-state-owned enterprises, and enterprises in areas with low levels of marketisation. This study explores the economic implications of ESG performance from a Value-at-Risk (VaR) perspective, enriching the relevant research on ESG rating in China and providing a fresh perspective to better elucidate the economic significance of companies improving their ESG performance. This study introduces institutional investors and political connections as two moderating variables to analyse their effect on the relationship between ESG performance and VaR. In addition, heterogeneity analysis is carried out in combination with the industry, region, and ownership nature of listed companies to test the “insurance” and “information” effects of ESG performance, to provide decision-making references for investors, enterprise managers, and regulators.

Pengaruh Pengungkapan Informasi Lingkungan, Sosial, Tata Kelola, Ekonomi, dan Pendekatan Manajemen Terhadap Kebijakan Dividen

This research aims to determine the influence of Environmental, Social, Governance (ESG) disclosure, Economic disclosure, and Management Approach on Dividend Policy proxied by Dividend Payout Ratio and Dividend Yield. The study incorporates five control variables: company size, age, leverage, profitability, and liquidity. The data used in this research are secondary data obtained from the financial and sustainability reports of companies listed on the Indonesia Stock Exchange in the IDX ESG Leaders Index for the period 2020-2022. The results indicate that the disclosure of environmental, governance, and management information does not have a significant influence on dividend policy, both in terms of Dividend Payout Ratio and Dividend Yield measurements. This finding suggests that environmental, governance, and management disclosures cannot be used as a basis for decision-making for stakeholders. Social disclosure has no significant influence on Dividend Payout Ratio, but it has a significant negative impact on Dividend Yield, indicating that social disclosure affects dividend policy negatively. On the other hand, economic disclosure shows a significant influence on dividend policy, both in terms of Dividend Payout Ratio and Dividend Yield measurements.

Message-sidedness in performance information disclosure and citizens’ perceived accountability

ABSTRACT Governments disclose performance information to citizens on the assumption that doing so helps improve public accountability. The previous literature implies that citizens’ interpretations of such information are shaped by the information’s presentation types, however, it is not known whether one-sided messages (only positive information) and two-sided messages (adding negative attributes to the one-sided messages) have different effects on citizens’ perceptions regarding government information disclosure. Drawing on attribution-correspondence theory and utilizing a large-scale survey experiment conducted in Korea, this study demonstrates that two-sided performance message is more effective in improving the citizens’ perceptions of governmental transparency and accountability than one-sided message.

The Interactive Relationship Between Government Information Disclosure and Network Governance: A Case Study of Service-Oriented Government

The Interactive Relationship Between Government Information Disclosure and Network Governance: A Case Study of Service-Oriented Government

Do sustainability reporting standards affect analysts’ forecast accuracy?

PurposeThis study aims to contribute to the emerging debate about materiality with novel insights about the signaling effects related to the disclosure of environmental, social and governance (ESG) information using the guidelines released by the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).Design/methodology/approachAn empirical assessment using panel data analysis was built to evaluate the relationship between sustainability reporting standards and analysts’ forecast accuracy.FindingsThe analysis revealed that the proliferation of sustainability reports prepared on mandatory or voluntary basis mitigated the signaling effects related to the disclosure of ESG information by companies. Furthermore, the additional analysis conducted considering sustainability reporting quality and ESG performance revealed the existence of mixed effects on analysts’ forecasts accuracy. Therefore, the insights highlighted the need to consider a cautionary approach in evaluating the contribution of ESG data to financial evaluations.Practical implicationsThe practical implications consist of identifying criticisms related to disclosing ESG information by listed companies. In detail, the analysis underlines the need to enhance reporting standards’ interoperability to support the development of more accurate analysis by investors and financial experts.Social implicationsThe analysis reveals increasing attention investors pay to socially responsible initiatives, confirming that financial markets consider sustainability reporting as a strategic driver to engage with stakeholders and investors.Originality/valueThis research represents one of the first attempts to explore differences between GRI and SASB using an empirical approach.

Public Demand Oriented Quality Evaluation Model for Rainstorm Disaster Information Disclosure

By investigating the current situation of information disclosure and public demand during rainstorm disaster in Henan Province, this paper builds a model of factors affecting the quality of information disclosure characterized by rainstorm disaster information based on TOE framework theory, metadata evaluation model, resource based theory and resource confirmation theory. With the help of the current situation and demand characteristics of the public’s actual information acquisition, it designs a model with information disclosure content quality, information disclosure accessibility, information disclosure process completeness 10 test dimensions of government information disclosure ability, government feedback ability, minimum information disclosure acceptance ability, information disclosure technology support ability, right to know protection ability, privacy protection ability, right to equality protection ability, and 35 test items of rainstorm disaster information disclosure quality impact factor evaluation scale. The research provides help for government information disclosure to more accurately identify public needs, provides targeted evaluation models and operable evaluation models for rainstorm disaster information quality evaluation in Henan, and provides ideas and strategies for improving rainstorm disaster information quality.