Research On The Impact Of Multidimensional Environmental Information Disclosure On The Value Of Chemical Enterprises

Since the issue of "ecological civilization construction" was proposed at the18 th National Congress of the Communist Party of China,China’s environmental protection has entered a historic decade.During this decade,China has strengthened the legal and institutional protection of the environment and made significant progress in water,air,and soil quality as well as other aspects of ecological protection.However,the phenomenon of excessive emissions of pollutants by enterprises still persists.In order to regulate the emission behavior of enterprises,environmental information disclosure is essential.Many related policy documents have been issued in China,and the phenomenon of environmental information disclosure and its concomitant association with the value of corporations has elicited widespread attention and intrigue from diverse cohorts in contemporary society.The chemical industry is one of the most polluting industries,with high levels of pollutant emissions.In recent years,multiple incidents of environmental pollution by chemical companies have received widespread attention.Therefore,enhancing the environmental divulgence of chemical enterprises would yield optimistic effects on their pecuniary worth and help them continuously improve their environmental management.The behavior of chemical companies in disclosing environmental information is largely influenced by the efficacy of their internal controls,thereby impacting their degree of "self-discipline".An exploration into the favorable implications of superior internal control quality on environmental data divulgation and its capacity to proficiently augment the quality of such disclosures into corporate value,is of immense importance.The scope of this research is centered around chemical corporations that are publicly listed within the chemical sector and have been active during the period between 2017 and 2021.A panel data regression analysis approach was used to comprehensively examine the impact of environmental information disclosure on chemical industry value from three dimensions: objective data of pollutant emissions,subjective ratings based on content analysis,and Wind institution ratings.The study found that for each unit increase in the environmental information disclosure rating and ESG environmental dimension score,the enterprise value increases by 0.14 and 0.22 units,respectively.Pollutant index was found to have no significant correlation with enterprise value,while the extant literature elucidates that the quality of internal control assumes a pivotal role in influencing the linkage between disseminating environmental information and augmenting the value of an enterprise.This assertion is substantiated by empirical evidence which indicates that the aforementioned variable exhibits a noteworthy positive moderating impact on the association between environmental information disclosure and the value of the enterprise This inquiry serves to facilitate a richer comprehension with regard to the operational dynamics of the influence that the revelation of ecological data exerts upon a company’s worth,providing valuable insights and references for companies to implement environmental information disclosure and internal control management.Furthermore,this research holds significant importance for government departments in strengthening corporate internal control management,promoting environmental information disclosure,and facilitating sustainable development.