Does stock market index adjustment affect environmental information disclosure? Evidence from China
نویسندگان
چکیده
This study empirically investigated the effect of adjustment China Securities Index 300 (CSI 300) on environmental information disclosure (EID) by index constituents, based propensity score matching and difference-in-difference approaches. The results showed that inclusion in CSI significantly improved quality EID firms. Moreover, this positive impact was more pronounced among firms with lower agency costs those located regions a stronger legal environment. Further testing mediating mechanism revealed becoming an constituent served to curb opportunistic behavior managers arising from shortsightedness. Our were valid after addressing potential endogeneity between remained unchanged various other robustness tests. findings provide support for stock market non-financial have practical implications decision-making regarding emerging markets.
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ژورنال
عنوان ژورنال: International Review of Financial Analysis
سال: 2023
ISSN: ['1873-8079', '1057-5219']
DOI: https://doi.org/10.1016/j.irfa.2023.102628