WSEAS Transactions on Systems and Control
Print ISSN: 1991-8763, E-ISSN: 2224-2856
Volume 11, 2016
The Effect of Environmental Information Disclosure on Firms’ Market Value : Empirically Comparative Study from Panel Data of Heavy-Pollution Industries in China
Authors: ,
Abstract: This article proposes empirically comparative study of the effect of environmental information disclosure on market value of listed firms using unbalanced panel data samples in Chinese heavy-pollution industries. Environmental information disclosure (EID) is mutually causal relationship with market value of listed firms, environmental information disclosure has a significant impact on market value of listed firms at the 90% significant level. Environmental information disclosure has a significantly positive impact on market value of listed firms in coal-oil-gas mining and steel industries at the 90% significant level. However EID is negatively related with market value of listed firms in thermal-electronic, nonferrous metals, chemical, construction and building-materials and textile-garment -leather industries at the 90% significant level. Compared with their effects of EID on market value of listed firms, listed firms in coal-oil-gas mining and steel industries with significantly positive effects voluntarily disclose more environmental information than listed firms in other heavy-pollution industries with negative effects. From the fixed effects coefficients of panel data, the intercept effects EID on market value of listed firms have obviously periodic divergence from 2008 to 2012.
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Keywords: environmental information disclosure, market value, heavy-pollution industries, Tobin’s Q, unbalanced panel analysis
Pages: 1-11
WSEAS Transactions on Systems and Control, ISSN / E-ISSN: 1991-8763 / 2224-2856, Volume 11, 2016, Art. #1