The impact of the amount of environmental information disclosure on financial performance: The moderating effect of corporate internationalization

摘要

Based on the data of A-share heavily polluting listed companies in China from 2010 to 2017, this study uses content analysis and multiple linear regression to investigate the effect of the amount of corporate environmental information disclosure on financial performance and the moderating effect of corporate internationalization on this relationship. The results confirm the significant negative impact of the amount of environmental information disclosure on financial performance, while corporate internationalization has a positive moderating effect on this relationship. The degree of regional marketization and corporate ownership influences this moderating effect. Thus, a mandatory disclosure mechanism with a legal basis and clear standards is necessary, but should include diverse policies and improved incentive mechanisms in light of the differences in regional development in China. In addition, international organizations should encourage companies to increase their international operations. The robustness test shows that the results are reliable.