Information Disclosure System Research Articles

The Impact of ESG Standards and Investment : Global Trends and Practices

In recent years, ESG (Environmental, Social, and Governance) investment has significantly integrated into investment strategies worldwide. The concept of ESG investing is not merely a fleeting trend but rather an essential tool for investors looking towards sustainable and responsible investment practices. With the evolution and adoption of ESG investments in the global market, a thorough examination of ESG investment practices reveals valuable insights. Nowadays, in economic landscape, the emphasis on ESG factors in investment decisions continues to grow, underscoring the importance of responsible investing practices in fostering long-term value creation and societal impact. This study offers noteworthy recommendations regarding ESG investment standards, aiming to drive improved ESG performance within enterprises. By adhering to robust ESG criteria, organizations can access enhanced financial prospects, paving the way for them to garner increased social recognition. Besides, this paper also put forward countermeasures and suggestions for China's ESG to improve China's ESG information disclosure system and the awareness of ESG.

The Distribution of Burden of Proof in Environmental Civil Public Interest Litigation

Environmental problems, in the current society, have attracted the attention and attention of the society and the public. Relevant laws are applied under the research of legislators and the reference of foreign legal experience. With the development of environmental civil public interest litigation, a series of problems have gradually emerged with judicial practice, and the allocation of the burden of proof is somewhat unreasonable. Through to our country and outside the environment of civil public interest litigation laws and regulations, understand the environment of the characteristics of the burden of proof and analysis its can perfect, points out that should distinguish the application of public welfare and private benefit, refining the causal relationship responsibility distribution, improve the system of proof obstruction, environmental damage appraisal system and environmental information disclosure system and other related measures.

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.

Does supply chain transparency affect corporate cleaner production? A study based on the risk spill-over perspective

Taking the Chinese A-share listed companies from 2010 to 2021 as the research sample, this article empirically tests the influence and mechanism of supply chain transparency on enterprise behaviour from the perspective of enterprise cleaner production. First, supply chain transparency has a significant governance effect on enterprise cleaner production. Second, compared with enterprises in high-concentration markets and eastern regions, this governance effect is more significant in low-concentration markets and central and western regions of China. Through the mechanism research, it is found that supply chain transparency can improve the level of enterprise cleaner production through the path of risk spill-over. Finally, the enterprises with weaker dialogue rights in supply chain information disclosure have a stronger governance effect, and this disclosure method has an alternative governance effect on enterprise green information disclosure. This study not only helps to enrich the research on the internal mechanism of enterprise cleaner production from the perspective of supply chain transparency but also guides the information disclosure system to promote enterprise cleaner production.

Research on the Impact of ESG Performance on the Export of Listed Companies

The ESG concept is highly compatible with China's new development concept, but there is no definitive conclusion on whether ESG performance has a positive impact on a company's exports. This article uses A-share listed companies in Shanghai and Shenzhen from 2015 to 2022 as research samples to empirically examine the impact of ESG performance on corporate exports. Research has found that a company's good ESG performance has a significant positive impact on exports. The better the company's ESG performance, the larger its export scale. This article has certain enlightening significance for enterprises and investors to attach importance to ESG performance, and for government departments to improve ESG information disclosure systems.

Analysis of the "Greenwashing" Phenomenon in the ESG Investment Environment

With the continuous development of the green financial market and the evolution of ESG reports, the corresponding "greenwashing" problems emerge in endlessly. This study takes ESG reports and enterprise greenwashing papers from 2022 as the object of analysis and reviews the research results in this field from the aspects of classification, causes, expression forms, influence and governance of greenwashing phenomena. According to the analysis. with the increasing scale of China's green finance market, the forms of greenwashing are gradually diversified. The imperfect information disclosure system, the asymmetry of market information and the more pursuit of short-term interests by enterprises are the main factors for the occurrence of greenwashing phenomenon. The impact of green analysis from consumer, corporate governance, gradually to the social and environmental level. Based on the above content, the research puts forward many governance opinions on greenwashing behavior, e.g., improving the system and unified standards from the government level as the perspective, strengthening information disclosure and news media supervision from the market perspective, strengthening internal governance from the perspective of enterprises, and improving the level of professional knowledge.

Research on the Mechanisms by Which Green Finance Policies Promote Low-Carbon Economic Development

This paper explores the mechanisms by which green finance policies promote low-carbon economic development, analyzing their implementation effects and challenges in China, and proposing corresponding policy recommendations. Green finance, defined as financial activities supporting environmental protection and sustainable development, aims to direct funds towards environmentally friendly and low-carbon projects. It includes green credit, green bonds, green investment funds, and green insurance, and involves providing preferential loans, issuing green bonds, establishing investment funds, and developing insurance products to support green projects and reduce environmental risks. Additional policies such as green incentives, environmental information disclosure, green ratings, and international cooperation further enhance the effectiveness of green finance. The mechanisms by which green finance policies promote low-carbon development include guiding funds to low-carbon industries, optimizing resource allocation, promoting technological innovation, supporting industrial structure transformation, enhancing market competitiveness, and promoting socially responsible investment. Despite significant progress, challenges such as insufficient supply of green finance resources, regional disparities in policy implementation, limited innovation in green finance products, and imperfect information disclosure and regulatory systems remain. The paper concludes with policy recommendations to increase policy support, improve information disclosure and regulatory systems, promote product innovation, strengthen regional coordinated development, and enhance international cooperation.

Macroeconomic news and price jumps: evidence from ETFs and LOFs in China

PurposeWe examine the relationship between macroeconomic news and fund price jumps, using high-frequency 5-min intraday data for Exchange Traded Funds (ETFs) and Listed Open-end Funds (LOFs) from 2019 to 2020.Design/methodology/approachWe utilize the non-parametric jump test known as the LM method to detect fund price jumps. In addition, we perform Logistic regression to analyze the relationship between macroeconomic news and fund price jumps. Moreover, we use multiple linear regression to explore the relationship between fund price jumps and subsequent returns.FindingsThe probability of price jumps increases by 22.56% when macroeconomic news is released. Moreover, the returns associated with news-driven price jumps display a reversal pattern, and there is an asymmetric relationship in subsequent returns following macroeconomic shocks. Specifically, funds tend to exhibit lower returns after news-driven price jumps compared to those that are not influenced by news events.Research limitations/implicationsIn today's digital age, investors have unprecedented access to a wealth of information through the Internet and various communication platforms. News and market data can be instantly accessed and disseminated, allowing for swift dissemination of information to investors worldwide. However, despite this enhanced accessibility, investors continue to exhibit overreactions or underreactions to new information.Practical implicationsMacroeconomic news release provide crucial insights into the overall health and performance of the economy. By monitoring and analyzing these indicators, investors can gain valuable information that can guide their investment decisions. Furthermore, by fostering a transparent and reliable information disclosure systems, governments can play a critical role in ensuring the stability and transparency of the funds market.Originality/valueThe paper utilizes 5-min high-frequency data from funds and incorporates a comprehensive macroeconomic news information database. These methodological choices enhance the precision and reliability of the analysis, allowing for a more nuanced understanding of the relationship between macroeconomic news releases and fund price jumps.

Creditor Protection and Enterprise Earnings Management —A Test Based on Bond Covenants

ABSTRACT Excessive earnings management can significantly reduce the quality of accounting information, consequently harming the interests of investors and creditors. In the Chinese market, research on earnings management focuses primarily on corporate governance and external environmental viewpoints, with limited literature addressing debt governance. This paper centers on exploring the protective impact of bond covenants, revealing their inhibitory effect on both accrual and real earnings management through two potential mechanisms (agency conflicts and risk-taking). Furthermore, this study conducts a heterogeneous analysis from various perspectives, identifying how bond covenants influence earnings management in different ways and underscoring the moderating role played by underwriters. The findings offer theoretical insights for the development of a high-quality information disclosure system.

The effect of ESG performance on corporate green innovation

PurposeThe transition to green growth goals requires the concerted efforts of the whole society. Enterprises, as important players in the market, play a key role in promoting green and sustainable development. The rise of the concept of sustainable development has enabled more enterprises to disclose environmental, social and governance (ESG) information, and ESG behaviour is regarded as a positive strategic behaviour to implement the new development concept. This paper aims to explore the influence of ESG performance on enterprise green innovation.Design/methodology/approachThis study applies a fixed effect model and the regulation effect of empirical analysis to explore the influence of ESG performance on enterprise green innovation. The object of investigation is 2014–2021 Shanghai and Shenzhen A-share listed companies.FindingsThe results of an empirical analysis outline the following conclusions: (1) ESG performance has a significant effect on enterprise green innovation, mainly by easing the pressure of the financing enterprise, fitting stakeholders’ environmental protection concept and obtaining employee organizational identity that influences enterprise green innovation. (2) Government regulation positively regulates the role of ESG performance in promoting the green innovation of enterprises. (3) Heterogeneity analysis found that the strengthening role of ESG performance on the green innovation of enterprises is stronger in green invention patents, state-owned enterprises and nonheavily polluting industries.Research limitations/implicationsDespite the valuable findings, this study has a few limitations. Thus, it is necessary to extend the object of investigation by adding other Asian countries, which allows for comparison analysis and allocating best practices for promoting green innovation. Besides, innovation and ESG performance depend on the quality of institutions. In this case, the future study should incorporate the indicators that reveal the quality of institutions (corruption, transparency, digitalisation, voice, accountability, etc.).Practical implicationsAccording to the above conclusions, this paper proposes suggestions at the level of enterprises, government and investors. At the enterprise level, ESG responsibility should be strengthened, ESG information should be consciously disclosed and the quality of ESG disclosure should be improved. Government departments should play the role of supervisors, improve the construction of ESG information disclosure systems and promote the formation of ESG systems. At the social level, investors should improve the ESG information status and pay more attention to the ESG performance of enterprises.Originality/valueThis study fills the scientific gaps in the analysis impact of ESG performance on the green innovation of enterprises. This paper contributes to the theoretical landscape of ESG efficiency by developing approaches based on two empirical models: testing the impact of enterprise ESG performance on green innovation and testing whether government regulation plays a regulatory role in the relationship between ESG performance and green innovation. Besides, this study analysed the ESG performance and green innovation within the following categories: heavy and nonheavy polluter industries; state and nonstate-owned enterprise groups.

How do cultural differences affect stock market performance after mergers and acquisitions? Empirical evidence from China

PurposeAs cross-cultural mergers and acquisitions (M&A) have learning effects on organisations, assessing their impacts on corporate performance is crucial. This study aims to explore the impact of inter-firm cultural differences on long-term post-M&A stock market performance.Design/methodology/approachThe authors select domestic M&A transactions of Chinese listed companies during 2010–2021 as the sample. Then, the authors use the partial least squares structural equation model (PLS-SEM) to construct the latent variable of cultural differences in four dimensions to explore long-term stock market performance.FindingsCultural differences first positively and then negatively impact post-M&A performance. Three transmissions mechanisms are identified: investor sentiment, takeover premiums and information disclosure quality. Further analysis reveals that acquirer stock performance improves with higher analyst coverage and non-local shareholders but worsens if there are business affiliations between the acquirer and target firms.Practical implicationsThis study can help optimise information disclosure systems in M&A transactions for regulatory authorities and aid investors’ understanding of post-M&A performance changes. Furthermore, it can improve acquirers’ understanding of the risks and opportunities in cross-cultural M&A, thereby facilitating the adaptation of management practices to the im-pacts of cultural differences.Originality/valueBy integrating the theories of resource dependence and transaction costs, this study examines the reversal effect of cultural differences between merging companies on post-M&A performance. The authors use a PLS-SEM to empirically analyse the main effects and reveal three transmission mechanisms.

The Impact of CATL's ESG Implementation on Its Enterprise Performance

In recent years, enterprises have gradually realized the significant influence of the Environmental, Social and Governance(ESG)on corporate performance. This article aims to explore that how ESG factors affect the performance of Contemporary Amperex Technology Co., Limited (CATL), a globally leading company in new energy innovation and technology. Based on relevant research on the relationship between ESG and corporate performance, the analysis is carried out from three perspectives: environmental, social, and corporate governance, to examine the impact of CATL's ESG practices on both its financial and non-financial performance. The results indicate that CATL's active implementation of ESG is conducive to improving the company's financial performance as well as enhancing its performance in environmental, social, and corporate governance aspects. As one of the representative enterprises in China's new energy industry, the analysis of CATL in this article provides insights for the sustainable development of other enterprises and calls for improving the national information disclosure system of ESG.

Analysis of Patient Rights Protection through Medical Record Confidentiality and Information Disclosure System in Indonesian Hospitals

This study presents an in-depth analysis of patient rights protection, focusing on medical record confidentiality and the information disclosure system in Indonesian hospitals. The research utilizes a normative juridical approach, employing primary and secondary legal materials and combining statute and conceptual approaches. The analysis highlights gaps in the existing legal and policy frameworks that compromise patient rights, and the challenges healthcare providers face in maintaining medical record confidentiality and disclosure of information. These issues are further illuminated through a review of relevant academic literature, and corroborated by empirical evidence drawn from real-world case studies. Findings reveal a dichotomy between theoretical principles of patient rights and their practical implementation, accentuated by resource limitations, variations in law enforcement, and gaps in understanding among healthcare providers. The study concludes with recommendations for legal and policy reforms that can bridge these gaps, improve patient care, and strengthen trust in Indonesia's healthcare system. These reforms present both challenges and opportunities. While resource constraints and resistance to change may pose difficulties, the potential for improved patient care, enhanced public trust, and socio-economic development makes the pursuit of these reforms a necessary endeavour. This study contributes to a deeper understanding of patient rights protection and sets the stage for ongoing dialogue and action towards healthcare reform in Indonesia.

Corporate Sustainability and Corporate Value

In recent years, the concept of sustainable development has gradually lodged itself in the public mind, and there is increasing emphasis on companies’ performance in environmental, social, and corporate governance (ESG) aspects. This paper empirically investigates the impact of corporate ESG performance on firm value based on all A-share listed companies in China from the first quarter of 2015 to the fourth quarter of 2020 as the initial research sample. The research results indicate that the better the corporate ESG performance, the higher the firm value. The study provides clear insights: firstly, ESG performance can enhance firm value, revealing that ESG can reduce information asymmetry and reduce financial risks for enterprises. Secondly, ESG performance is an endogenous driving force for companies to promote environmental protection, social responsibility, and corporate governance construction, prompting companies to establish a sound ESG information disclosure system. Thirdly, it provides crucial evidence for ESG investors, compelling corporate managers to pay more attention to the impact of ESG management principles on the company and consider the company's future sustainable development.

Research on the Role of Accounting Information Disclosure and Corporate Governance Structure in Protecting Shareholders' Rights and Interests

The influence of accounting information disclosure and corporate governance structure on the protection of shareholders' rights and interests is a complex and key research topic. This paper discusses how accounting information disclosure and corporate governance structure work together to protect shareholders' rights and interests, aiming at revealing its internal mechanism and influence path. It is found that high-quality accounting information disclosure and optimized corporate governance structure can significantly enhance the protection of shareholders' rights and interests. First of all, transparent disclosure of accounting information helps shareholders to understand the financial situation and operating performance of enterprises, so as to make wise investment decisions. Secondly, an effective corporate governance structure can restrict the self-interest behavior of management, reduce the risk of insider control and further protect the rights and interests of shareholders. Therefore, for enterprises, it is very important to constantly improve the accounting information disclosure system and optimize the governance structure, which not only helps to enhance the overall value of enterprises, but also strengthens the trust and loyalty of shareholders to enterprises.

A Brief Discussion on Reputation Risk and Management of Insurance Company

The reputation of insurance companies plays a crucial role in building consumer trust, thus affecting consumers' purchase intention to buy insurance products and services. Insurance companies with a good reputation will have higher customer loyalty and more easily stimulate consumers' potential insurance demand. This paper will study the factors that affect the reputation risk of insurance companies. The quality of the staff, the level of enterprise management, corporate charisma, financial indicators, and media coverage are 5 factors that affect the reputation risk of insurance companies. It is of great significance for insurance companies to strengthen reputation risk management, avoid and control reputation crisis events, and incorporate reputation risk into their comprehensive risk management system. Therefore, this paper proposes some suggestions for strengthening the reputation risk management of insurance companies. First, the awareness of the reputational risk of insurance companies should be improved; Second, improve the quality of insurance products and services; Third, establish an effective reputational risk management mechanism for insurance companies; Finally, improve the information disclosure system of insurance companies.

Event-based data authenticity analytics for IoT and blockchain-enabled ESG disclosure

Environment, social, and governance (ESG) disclosure has raised significant interest in academia and industry for sustainable development and investing. However, the data authenticity of the ESG disclosure is still a serious matter of concern. This study proposes a novel solution to solve the above problem. First, an ESG information disclosure system (IBESG) enabled by IoT and blockchain is originally designed. The IBESG integrates IoT and blockchain technologies to facilitate the collection and transmission of data during ESG disclosure, and to ensures the data authenticity, consistency, and transparency. Second, the authors design a Local and Global Authenticity Verification Flow (LGA) consisting of edge computing and cloud computing to sufficiently verify the authenticity through the data flow. In addition, data authenticity analytics algorithms are developed in this study, which contains event-based spatial–temporal analytics and authenticity index computation. Finally, an experimental simulation is carried out to illustrate the implementation of the IBESG and the performance of the verification solution, and the sensitivity analysis of the above solution is conducted. Moreover, the relevant suggestions on deployment are given according to the findings during the experiment, and future work on improving the algorithm and conducting experiments in field manufacturing factories is illustrated. This study is expected to help academia and industry apply the solution in similar scenarios and inspire new ideas.

The impact mechanism of carbon emission reduction performance on financial performance based on carbon neutral targets: Evidence from Chinese energy enterprises

Purpose: Low-carbon and green technologies are crucial for achieving industrial structure upgrades and significant leaps forward in the development of energy enterprises. Therefore, this paper examines the correlation between carbon emission reduction and financial performance in energy firms.
 Design/Methodology/Approach: A two-way fixed-effects model is developed using data from 33 Chinese energy-listed companies between 2015 and 2020.
 Findings: The benchmark regression results show that improving a company's carbon emission reduction performance leads to better financial performance. Moreover, assuming corporate responsibility for reducing emissions can boost companies' reputations and foster better relationships with stakeholders. The trustworthiness of the standard regression outcome is validated through alternative independent variables, reducing time frames, and incorporating previously omitted factors. The results of heterogeneity analyses show that reducing carbon emissions has the same effect on financial performance across all regional characteristics and equity subgroups. Furthermore, the internal transmission mechanism analysis reveals that female leadership positively moderates the effect, while financing constraints negatively moderate the relationship between carbon emission reduction performance and financial performance.
 Conclusion: Under the national green development strategy of achieving carbon neutrality and carbon peaking, the carbon information disclosure system should be improved by the government; enterprises should implement innovative methods for low-carbon economic management and operation; and regulators should establish effective green regulations, incentives, and constraints. This paper offers a comprehensive guide for energy companies and their stakeholders to reduce carbon emissions, thereby achieving sustainability.

Information transmission effect of forward-looking text: evidence from mergers and acquisitions report of Chinese listed firms

ABSTRACT This paper examines the transmission effect of forward-looking text information in M&A announcement reports. We find that there is a significant positive relationship between forward-looking text information in M&A announcement reports and short-term cumulative abnormal returns (CAR). After a series of robustness tests, the conclusion remains unchanged. Further study finds that the positive relationship is more significant in firms with low-quality internal control and high levels of accrued earnings management. Overall, the result enriches the research literature on the economic consequences of text information disclosure. At the same time, it also provides an empirical basis for regulatory departments to improve the text information disclosure system of mergers and acquisitions.

A Study of the Impact of ESG Investments on the Liquidity Risk of Commercial Banks

ESG investment promotes the high-quality development of China's economy, and at the same time brings risks and challenges to the market. there is a certain contradiction between the long-cycle nature of ESG investment and the liquidity of commercial banks. In this context, how to stimulate commercial banks to take the initiative to improve ESG investment, and how ESG investment will have an impact on the liquidity risk of commercial banks has become an urgent issue to be considered. This paper selects the annual panel data of 37 commercial banks in China from 2009 to 2022, empirically tests the theoretical research hypotheses, and empirically investigates the impact of ESG investment on the liquidity risk of commercial banks by using the dynamic panel system generalised moment estimation (GMM), finally, after the above theoretical analyses and empirical studies, this paper draws the following conclusions: from the medium and long term perspective , ESG investment reduces the liquidity risk of commercial banks. Based on this, it is recommended to improve the information disclosure system and rating system of ESG investment, to promote the benign development of ESG investment in the banking industry, and to facilitate the realisation of China's "dual-carbon" goal.