Research On The Impact Of Environmental Information Disclosure On Corporate Risk Taking

In recent years,while promoting economic development,China also attaches great importance to the construction of ecological civilization.The level of corporate environmental information disclosure has attracted more and more attention from all walks of life.In order to further promote the green and high-quality development of China,it is necessary to accelerate the construction of green transformation of the manufacturing industry during the "14th Five-Year Plan",which can create a more powerful manufacturing country.Corporate risk taking is the comprehensive result of enterprise investment decision.It reflects the risk appetite of management and has strong resource dependence.When enterprises disclose environmental information,it is beneficial to reduce information asymmetry and improve corporate reputation,thus improving the corporate risk taking.Most of the existing literature focuses on the relationship between environmental information disclosure and corporate risk taking in the current period,which presenting two contradictory results.Considering that environmental information disclosure is a corporate stealth investment,and the decision-making process involves multi-party games,its impact on corporate risk taking may have a certain time lag.Based on this,this thesis analyzes the relationship between them which is not limited to the current effects but focus on long-term effects,and further texts the influence path of them.The results may provide references to clarify the relation between environmental information disclosure and the economic consequences,and provide theory basis to study the dynamics of environmental information disclosure.Another focus of this thesis is whether the risk effect of corporate environmental information disclosure will be affected under different external situations and governance mechanisms of organizations.Few existing studies are based on China’s special national conditions.And further attention should be paid to the relation under different organizational or situational factors.Therefore,this thesis further studies the moderating effect of China’s New Environmental Protection Law and institutional investors on the relation between them.In order to provide practical reference for the implementation effect of China’s environmental policy and the supervision of institutional investors on corporate environmental information disclosure.Based on information asymmetry theory,principal-agent theory and other theories,this thesis selects 2013-2020 panel data to empirically analyze the impact of environmental information disclosure on corporate risk taking.The moderating effect of the New Environmental Protection Law and institutional investors on the relationship between them is also investigated,in order to text the degree of organizational and situational factors influence on the relationship between them.The results show that,firstly,there is a significant positive correlation between the second lagging environmental information disclosure and corporate risk taking,which reveals that the promotion effect has a certain time lag.The influence path of information effect and reputation effect between environmental information disclosure and corporate risk taking is tested by mediating effect.Moreover,further tests show that strengthening internal control and financial information transparency are conducive to improving the risk effect of corporate environmental information disclosure.Second,the New Environmental Protection Law has a weakening effect on the delayed positive risk effect of environmental information disclosure.From the analysis of industry differences,it shows that the New Environmental Protection Law can weaken the positive risk effect of environmental information disclosure for heavy polluting enterprises,but has no significant impact on non-heavy polluting enterprises.Third,institutional investors also have a weakening effect on the delayed positive risk effect of environmental information disclosure.From the heterogeneity analysis of institutional investors,it shows that stable institutional investors can weaken the positive risk effect of environmental information disclosure,while transactional institutional investors have no significant impact.