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The Impact Mechanism of Environmental Information Disclosure on Corporate Sustainability Performance—Micro-Evidence from China

Author

Listed:
  • Xiaowei Ding

    (School of Economics, Peoples’ Friendship University of Russia, 117198 Moscow, Russia)

  • Lyu Ye

    (Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, 195251 Saint Petersburg, Russia)

  • Yueying Yang

    (Department of Economic Theory and Management, Moscow State Pedagogical University, 119435 Moscow, Russia)

  • Olga Efimova

    (Department of Economics, Organization of Production and Management, Russian University of Transport (MIIT), 127055 Moscow, Russia)

  • Alina Steblyanskaya

    (School of Economics and Management, Harbin Engineering University, Harbin 150009, China)

  • Junfeng Zhang

    (School of Economics, Peoples’ Friendship University of Russia, 117198 Moscow, Russia)

Abstract

As an effective regulatory tool, environmental information disclosure is significant in promoting the green upgrading of industrial structures and achieving green transformation of enterprises. In order to explore the impact mechanism of environmental information disclosure on corporate sustainability performance, this paper constructs a two-way fixed-effect model using balanced panel data of Chinese A-share listed manufacturing companies from 2015 to 2020. We find that environmental information disclosure significantly impacts green innovation, thereby improving corporate sustainability performance. Furthermore, financing constraints inhibit the impact of environmental disclosure on sustainability performance, while female directors have only symbolic effect. The reliability of the paper’s findings is verified by replacing the dependent variable and introducing instrumental variables. Heterogeneity analysis shows that the effect of environmental information disclosure on corporate sustainability performance is more substantial among non-state and eastern and heavily polluting enterprises. Comprehensive analysis from the financing perspective shows the differences in the moderating effects of debt and equity financing regarding the impact mechanism. This study enriches the theory of green innovation and provides financing strategies for enterprises to achieve green transformation, as well as suggestions for improving the government environmental information disclosure system.

Suggested Citation

  • Xiaowei Ding & Lyu Ye & Yueying Yang & Olga Efimova & Alina Steblyanskaya & Junfeng Zhang, 2022. "The Impact Mechanism of Environmental Information Disclosure on Corporate Sustainability Performance—Micro-Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-22, September.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:19:p:12366-:d:928323
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    References listed on IDEAS

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    Cited by:

    1. Liping Wang & Yuqi Shang & Shuqin Li & Chuang Li, 2023. "Environmental Information Disclosure-Environmental Costs Nexus: Evidence from Heavy Pollution Industry in China," Sustainability, MDPI, vol. 15(3), pages 1-21, February.
    2. Xin Zhang & Felix Nutakor & Michael Kaku Minlah & Jinke Li, 2023. "Can Digital Transformation Drive Green Transformation in Manufacturing Companies?—Based on Socio-Technical Systems Theory Perspective," Sustainability, MDPI, vol. 15(3), pages 1-24, February.
    3. Tong Sheng & Bingquan Fang & Xiaoqian Lu & Xingheng Shi & Chaohai Shen & Xiaolan Zhou, 2022. "The Relationship between Corporate Social Responsibility, Global Investment, and Equity Incentives," Sustainability, MDPI, vol. 14(23), pages 1-27, December.
    4. Xiaowei Ding & Ruxu Jing & Kaikun Wu & Maria V. Petrovskaya & Zhikun Li & Alina Steblyanskaya & Lyu Ye & Xiaotong Wang & Vasiliy M. Makarov, 2022. "The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocatio," IJERPH, MDPI, vol. 19(21), pages 1-26, November.
    5. Liang Li & Yanghong Wang & Huaping Sun & Huihui Shen & Yuen Lin, 2023. "Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?," Sustainability, MDPI, vol. 15(15), pages 1-18, August.

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