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Environmental legal institutions and management earnings forecasts: Evidence from the establishment of environmental courts in China

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  • Liu, Xiaofeng
  • Feng, Hua
  • Tian, Gaoliang
  • Zhang, Ting

Abstract

This paper investigates whether and how managers of highly polluting firms adjust their earnings forecast behaviors in response to the introduction of environmental legal institutions. Using the establishment of environmental courts in China as a quasi-natural experiment, our triple difference-in-differences (DID) estimation shows that environmental courts significantly increase the likelihood of management earnings forecasts for highly polluting firms, compared to non-highly polluting firms. This association becomes more pronounced for firms with stronger monitoring power, higher environmental litigation risk, and greater earnings uncertainty. Additionally, we show that highly polluting firms improve the precision and accuracy of their management earnings forecasts following the establishment of environmental courts. Furthermore, we provide evidence that our results do not support the opportunistic perspective that suggests managers strategically issue more positive earnings forecasts to inflate stakeholders' expectations subsequent to the implementation of environmental courts. Overall, our research indicates that environmental legal institutions make firms with greater environmental concerns to provide more forward-looking information, thereby alleviating stakeholders’ apprehensions regarding future profitability prospects.

Suggested Citation

  • Liu, Xiaofeng & Feng, Hua & Tian, Gaoliang & Zhang, Ting, 2024. "Environmental legal institutions and management earnings forecasts: Evidence from the establishment of environmental courts in China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 545-573.
    • Handle: RePEc:eee:reveco:v:93:y:2024:i:pb:p:545-573
    DOI: 10.1016/j.iref.2024.05.004
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    More about this item

    Keywords

    Environmental legal institution; Environmental court; Management earnings forecasts; Voluntary information disclosure; China;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects

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