Information Disclosure In China Research Articles

The tone of earnings communication conferences and trade credit financing of listed companies

Earnings communication conference serves as a key channel for information disclosure in China, providing incremental information to the capital market. Using data from Chinese A-share listed firms from 2007 to 2021, this research reveals that management's tone at the earnings communication conference significantly promotes trade credit financing. Mechanism tests suggest that management's tone facilitates trade credit financing by enhancing information transparency. Further analyses demonstrate that the aforementioned effect is more pronounced for firms facing higher market competition and supplier concentration while lower level of attention from analysts.

The Belt and Road Initiative: Industry Competition and Corporate Environmental Information Disclosure in China

The Belt and Road Initiative (BRI) is a significant Chinese strategic measure designed to construct a platform for multinational cooperation. The study investigates whether the BRI construction influences corporate environmental information disclosure (EID) and whether the industry competition moderates their relationship. Adopting the legitimacy theory, we assume that firms focus more on EID to differentiate themselves after the BRI construction, especially amongst fierce competition where firms apply the EID strategy more for higher legitimacy. Taking the BRI construction in 2014 as an exogenous shock, we use a difference-in-differences method (DID) and propensity score matching difference-in-differences method (PSM-DID) based on the panel data of 4099 A-share listed firms from 2008 to 2022 and take the parallel trend and placebo tests for the robustness. We reveal a significant improvement in the EID of firms within the BRI stock sector following its establishment, with the effect of the BRI construction being further strengthened by industry competition. Leveraging legitimacy theory, the paper sheds light on the motivations behind EID and how industry competition serves as a moderating factor of the EID-promoting effects brought by the BRI construction.

Navigating sustainable development: exploring the nexus of board attributes and environmental accounting information disclosure in China’s construction industry

Navigating sustainable development: exploring the nexus of board attributes and environmental accounting information disclosure in China’s construction industry

Traveling as a means to escape air pollution: Evidence from pollution information disclosure in China

Traveling as a means to escape air pollution: Evidence from pollution information disclosure in China

Status and Problems of ESG Information Disclosure in China

With the "14th Five-Year Plan" and the "Double Carbon" goal, as well as the world's attention to ecological and environmental pollution, the sustainable development of the economy has been widely concerned, and ESG, as an indicator of sustainable development, measures corporate sustainable development, fulfillment of social responsibility and future development of the enterprise in three aspects, i.e., environment (E) , social responsibility (S ) and corporate governance (G), from a non-financial point of view, so ESG disclosure is extremely important. Based on this, this paper elaborates on the concept of ESG, analyzes the current status of ESG disclosure, and puts forward the existing problems for reference.

The divergence and driving factors of corporate environmental information disclosure in China

Corporate environmental information disclosure (EID) has been a widely acknowledged issue in the field of ecological environment research. This paper explores the spatiotemporal evolution characteristics of EID in China from 2008 to 2022, and discusses the industry and regional heterogeneity. It reveals significant differences in EID between heavy and non-heavy polluting industries, as well as among different economic regions, revealing that there is still significant potential for improvement in corporate environmental governance. Further, this paper establishes a two-way fixed effects model and empirically investigates the effects of internal and external driving factors on EID. In addition, Lasso regression model is used to screen the vital driving factors and analyze their relative importance. The empirical results show that enterprise size, management age, operating capacity, supervisory board size, and debt capacity have relatively more substantial explanations for changes in EID, which are more critical driving factors. The contribution of the study is to provide valuable reference for constructing corporate EID indicator system, and to points out the direction for the sustainable development of enterprises in different industries and regions. At the same time, it has theoretical guiding significance for finding the factors that promote EID and strengthening regional environmental governance.

ESG Information Disclosure in China: Institutional "Localization" in a Developing Country

ESG Information Disclosure in China: Institutional "Localization" in a Developing Country

When blame avoidance meets transparency: local governments’ bandwagon strategy in environmental information disclosure in China

ABSTRACT Despite the ample literature on government transparency, our knowledge about local governments’ strategic responses to transparency mandates, especially those in non-democratic regimes, is limited. This study sets out to fill this gap by investigating local governments’ strategic behaviours in implementing environmental information disclosure (EID), a specific form of government transparency, in the context of China. We assert that local governments in China are largely steered by the motivation of blame avoidance (BA) in EID and tend to adopt the bandwagon strategy, a specific form of anticipatory BA strategy. Moreover, having patronage ties with political superiors weakens local governments’ tendency to engage in the bandwagon strategy. Using city-level governments as the unit of analysis, we apply spatial econometric models in various specifications and find strong evidence that substantiates our arguments.

Green finance, management power, and environmental information disclosure in China—Theoretical mechanism and empirical evidence

AbstractGreen finance plays a crucial bridge as an intermediary between finance and the environment, facilitating resource allocation. The disclosure of environmental information (EID) is vital for promoting sustainable economic development. This study utilizes panel data covering the period from 2012 to 2019, focusing on Chinese companies listed in high‐polluting industries. The findings demonstrate that green finance policies have a significant positive impact on EID, while increased managerial power has a detrimental effect. However, green finance policies can mitigate the negative consequences arising from moral hazard and adverse selection resulting from managerial power. They enhance the quality of EID by restricting long‐term loan resources for polluting entities. The heterogeneity test reveals that the effectiveness of green finance policies in promoting EID varies across different regions of China. In non‐state‐owned companies, green finance policies are more effective in constraining managerial power. The moderating effect of green finance on managerial power is weakened by improvements in internal control. Green financing can offset the adverse impact of managerial power on EID when debt levels are high. Our research plays a crucial role in advancing micro‐academic studies in the field of green finance. By strengthening internal controls for corporate managers and promoting EID policies, we provide essential support and guidance to decision‐makers.

Current Situation and Consequences of Environmental Information Disclosure in China's Automobile Manufacturing Industry --Taking SAIC Motor Corporation Limited as an Example

A sincere commitment to establishing a community of human destiny is made through achieving carbon peak and carbon neutrality. Following the pace of affluent nations, China has incorporated carbon peak and carbon neutrality into overall economic and social development. Environmental information disclosure is the most basic and major part of environmental accounting, following the sustainable development strategy because of daily accounting supervision and accounting. In this research, a case study of SAIC Group's environmental information disclosure in China from 2019 to 2022 is chosen, and analyzes SAIC Group's operating capacity, profitability, solvency and development capacity by combining information asymmetry theory and stakeholder theory. This paper investigates the roots of environmental information disclosure in the automobile manufacturing industry, chooses a representative SAIC Group to summarize its environmental information disclosure, assesses the current level of corporate environmental information disclosure, and provides relevant departments with pointers and relates for the development of an environmental information disclosure system for enterprises in this industry. Finally, optimization recommendations are offered for the growth of listed businesses' environmental information disclosure in China's vehicle manufacturing sector.

Market Institutions, Fair Value, and Financial Analyst Forecast Accuracy

This study investigates the valuation usefulness of fair values and related information disclosure in China and examines how regional‐level market institutions influence the valuation usefulness of fair value information. Based on a sample of Chinese listed companies during 2007 to 2016, the empirical results show a negative association between overall fair values and analyst forecast accuracy. Further analyses suggest that the negative association is likely driven by biases and/or errors in fair value estimates. Using a difference‐in‐difference research design, the study also documents that the implementation of ASBE 39 in 2014 has improved the valuation usefulness of fair values. There is evidence that different aspects of market institutions—including the extent of government intervention in the market and the legal environment—influence analysts’ use of fair value information. This study contributes to the literature by providing new and different evidence on the usefulness of fair values to financial analysts outside developed countries. Moreover, by taking advantage of the uneven institutional development across China, the study shows that different aspects of market institutions influence the valuation usefulness of fair value information.

ESG Information Disclosure and Corporate Earnings Management——Research on the Moderating Effect Based on Media Attention

ESG information disclosure includes environmental conservation, social responsibility and corporate governance. It concerns the sustainable development of the company. The internal relationship between ESG disclosure level and earnings management and its action mechanism is an urgent problem to be solved. This paper takes A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research object to empirically study the correlation between ESG disclosure and corporate performance management. While introducing media attention as a moderating variable, we will empirically study the moderating effect of media attention on the relationship between ESG disclosure and enterprise performance management. The empirical results show that: (1) there is a negative correlation between the level of ESG disclosure and earnings management, that is, the higher the level of ESG disclosure, the lower the level of earnings management; (2) Media attention makes up for the gap caused by the lack of ESG information disclosure. In companies with low media exposure, ESG disclosure has a more significant deterrent effect on corporate performance management. The research in this paper reveals the governance effect of ESG information disclosure on corporate earnings management, verifies that ESG information has the effect of transmitting higher quality earnings information, and provides a reference for the research on ESG information disclosure in China.

Does Public Participation Reduce Regional Carbon Emissions? A Quasi-Natural Experiment from Environmental Information Disclosure in China

Does Public Participation Reduce Regional Carbon Emissions? A Quasi-Natural Experiment from Environmental Information Disclosure in China

Comparison of R&D information disclosure of Chinese and foreign listed pharmaceutical enterprises – Take Hengrui Pharmaceutical and Pfizer Pharmaceutical as examples

Recently, the demand for epidemic prevention equipment and therapeutic drugs at home and abroad has surged. In order to improve their competitiveness, enterprises have invested a lot of money in drug research and development and medical device innovation.This paper focuses on the research and analysis of the background conditions of drug research and development and information disclosure in China in recent years, and combines and expounds two scientific theoretical foundations related to information disclosure and disclosure, namely information disclosure, asymmetry theory and information transmission theory. Based on the actual situation, a detailed analysis of the Chinese enterprise Hengrui Pharmaceutical and the American enterprise Pfizer Pharmaceutical, the R&D expenditure and the disclosure of R&D expenses of the company in recent years were explained, and the problems and the gap between the two enterprises were found. Finally, suggestions for improvement are made for the above problems.

Defects and Solutions of Accounting Information Disclosure under the Background of Informatization Construction

With the continuous progress of science and technology, the Internet technology has been widely used in various fields. The application rate of information technology in various enterprises is constantly improving, and the Internet technology is closely integrated with accounting and financial management, which has promoted the reform and innovation of traditional accounting work. This paper analyzes the relevant concepts and roles of accounting information disclosure in the context of informatization construction, describes the development of accounting information disclosure in China, points out the shortcomings in the current accounting information disclosure, and proposes countermeasures to improve the quality of accounting information disclosure, trying to provide some help for enterprise accounting information disclosure to better adapt to the information age and better apply information technology.

Current Situation and Reflections of Environmental Accounting Information Disclosure in China's Iron and Steel Industry under the Background of "Double Carbon"

China plans to reach peak carbon use by 2030 and achieve carbon neutrality by 2060. This "double carbon" target makes the iron and steel industry, a high-consumption, heavy-polluting, energy-intensive industry, face great challenges. In order to achieve green transformation and promote sustainable development, the iron and steel industry, as a national pillar industry, should raise awareness of environmental protection, increase environmental accounting information disclosure, and improve the level of environmental accounting information disclosure. This paper discusses the current situation of environmental accounting information disclosure in the iron and steel industry, summarizes the current problems of environmental accounting information disclosure in the iron and steel industry, and proposes countermeasures to solve them. It is found that the iron and steel industry currently has problems such as low initiative of environmental information disclosure, less disclosure of negative information, scattered disclosure information, non-uniform disclosure carriers, etc. It is recommended to accelerate the construction of the environmental accounting disclosure system and regulations, improve and standardize the environmental accounting information disclosure system, strengthen the construction of third-party audit, improve the awareness of environmental information disclosure of enterprises, and standardize the environmental accounting information disclosure from both national and enterprise levels Content.

Impact of Carbon Information on Enterprise Value: Analysis Model Design Based on Big Data

Investors pay more and more attention to the issue of climate change information disclosure of listed companies. Whether the company can effectively deal with the impact of climate change on its own operations and make reasonable information disclosure will undoubtedly affect the value of the enterprise. Aiming at this, an analysis model based on big data is designed for the impact of carbon information on enterprise value. This study selects the sample stocks of the Shanghai Stock Exchange responsibility index every year as the research sample, counts the carbon information through the social responsibility reports of listed companies, and uses the index method to score the carbon information of each company to measure the quality of carbon information disclosure. Firstly, it analyzes the situation of carbon information disclosure in China through descriptive statistics and then constructs relevant models to conduct an empirical analysis on the impact of carbon information disclosure on enterprise value.

The determinants and value-relevance of voluntary disclosure of supply chain information

We use the voluntary nature of supply chain information disclosure in China’s stock market, including both major customers and suppliers information, to study the determinants and value relevance of proprietary information voluntary disclosure. Consistent with information asymmetry concern, disclosure is more likely when firms are seeking external finance or operating with a more concentrated supply chain where the needs of reducing information asymmetry are higher. Supply chain disclosure is found to be associated with a lower firm valuation on average. Good corporate governance reduces such voluntary disclosure, further confirming protecting proprietary information is one of the key considerations of non-disclosure. The disclosure of supplier identity is less value relevant than customer identity.

Does public participation promote environmental efficiency? Evidence from a quasi-natural experiment of environmental information disclosure in China

Previous literature on improving environmental efficiency largely focuses on the power of the government, ignoring the role of public participation represented by environmental non-governmental organizations (ENGOs). This paper draws on a quasi-natural experiment generated by the Institute of Public and Environmental Affairs (IPE) in China, which has been publishing the Pollution Information Transparency Index (PITI) since 2008, to evaluate the effectiveness of public participation. We utilize the panel dataset of China's 285 cities from 2003 to 2018 and employ the difference-in-differences (DID) method to investigate the causal impact of environmental information disclosure on environmental efficiency. The empirical results show that compared with non-PITI cities, environmental efficiency in PITI cities improves by 21.11% relative to the sample average. This promotion effect is obvious in the short-term, but disappears in the long-term. Furthermore, the paper proves that curbing pollutant emissions is the main mechanism for the improvements in environmental efficiency. Finally, we explore the heterogeneous treatment effect across different cities, and find that most of the effects come from eastern, developed, large and non-resource-based cities. The findings not only demonstrate the importance of public participation in green development, but also provide empirical evidence for a diversified environmental governance system.

Environmental Accounting Information Disclosure in China: A Review of Research

This paper focuses on the relevant literature on environmental accounting information disclosure in China, attempts to analyze the four aspects of disclosure method, disclosure content, disclosure quality evaluation method and influencing factors of disclosure quality, and reviews the new research progress in academia in this regard according to the development context and logical relationship of literature. This paper discusses the development direction of relevant theories and analyzes the latest trends in the methods and contents of environmental accounting information disclosure theory, hoping to provide reference and enlightenment for the research on environmental accounting information disclosure in China. Finally, this paper puts forward the direction of possible further research in the future based on the current research situation in China.