The Impact of Environmental Disclosure on Market Performance:

An Empirical Study of Jordanian Listed Industrial Companies

SAAD A.A.ALSAKINI

Accounting Department,

Isra University,

JORDAN

Abstract: - The world is currently grappling with the daunting environmental issue of global warming and

climate change, which pose a significant threat to the future of our planet from various perspectives. Increased

public awareness and concern over the detrimental effects of these problems have resulted in the creation of

new environmental regulations. One important aspect of corporate governance that contributes to addressing

this challenge is environmental accounting. By embracing the potential of environmental accounting,

businesses can work towards achieving sustainable growth and development. The study aimed to investigate

the impact of environmental disclosure on market performance in Jordanian industrial companies listed on the

Amman Stock Exchange. The descriptive analytical method was relied on to achieve the study's objectives. The

data was collected through annual reports in addition to the financial statements of a group of industrial

companies listed on the Amman Stock Exchange, which met the requirements of environmental disclosure,

which were (43) industrial companies during the period (2017-2021). The special data in the study sample were

analyzed using the statistical analysis software E-views. The arithmetic means standard deviation, and each of

the upper and lower values was extracted in addition to using multiple linear regression analysis. The study

concluded that there is a statistically significant effect of the environmental disclosure in both the market value

and the stock turnover rate, in addition to Tobin's Q ratio in the industrial companies surveyed. According to

the findings, industrial companies in Jordan should be encouraged to become more interested in and open about

their environmental activities. This is because being open about these activities helps them get more

investments, start their financing and investment operations, increase their market value, and increase their

investment market share.

Key-Words: - Environmental disclosure, Tobin’s Q ratio, market value, stock turnover, market performance,

Amman Stock Exchange.

Received: May 4, 2023. Revised: July 26, 2023. Accepted: August 4, 2023. Published: August 11, 2023.

1 Introduction

The increase in the size of environmental problems

has led to the expansion of the interest of members

of society, especially in the developed world, in the

environment, in contrast to the developing countries,

which focus their attention on achieving industrial

development. International bodies and institutions

prompted countries to adopt environmental

procedures and practices to protect the environment,

reduce problems and abuses (such as reducing and

controlling pollution), and rationalize using

environmental resources and components.

Given the fact, [1], that organizations in their

various sectors are one of the social and economic

components of the state, they are concerned with

preparing plans and implementing programs to

follow up and control the elements of environmental

pollution resulting from the practice of their

activities and operations in society, [2]. They

activate their role in protecting natural resources and

components and limiting their extinction and

deterioration. Therefore, it has become necessary for

companies in the general and industrial sectors

companies, in particular, to share all information

about their environmental affairs, including the

returns and responsibilities they face for carrying

out their activities, [3] and actions affecting the

environment, especially at a time when this

information has become of importance and necessity

to society and stakeholders’ relationships with

individuals, organizations, and bodies, [4].

In the research, [5], authors mention that

Environmental disclosure has witnessed significant

growth during the past years, with both voluntary

and obligatory types, [6], which were prepared by

organizations concerned with environmental

matters, events, and issues, which are of great

importance to shareholders, Which The

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Environmental disclosure define: “disclosure of

everything related to the natural environment, its

protection, and the use of resources.”

Organizations’ disclosure in their annual

financial reports or annexes about the environmental

impacts of their various activities and operations,

[7], the policies and procedures followed to protect

the environment and preserve their resources and

capabilities, reflect their awareness of

environmental issues that may affect their existence

and their achievement of competitive advantages,

[8]. It is considered for users of financial reports as

A measure of environmental events and

organizations' interest in their responsibility towards

the surrounding environment, their efforts towards

managing them, and the economic and market

effects resulting from them—competitiveness and

achieving its strategic objectives, [9].

The disclosure of this information, along with

financial information, is one of the matters that led

to the increasing importance of financial reports in

the decision-making process, [10], as the inclusion

of these reports on all information of interest to

many internal and external parties, which are

characterized by credibility, reliability, and

reliability that would contribute to achieving

effectiveness in making decisions.

The industrial sector led the Jordanian economic

growth during the year (2021) with a contribution

rate of 0.5 percentage points out of the total national

economic growth of 1.8 per cent. This ratio pushed

the industrial sector to be the largest sector

contributor to GDP growth, despite the

repercussions of the Coronavirus pandemic, which

confirms the importance of the Jordanian industry as

an important strategic sector in economic

development.

The growth of the performance of the Jordanian

national industry was noticeable in many indicators;

The most prominent of these is the growth of the

production index for the industrial sector for each of

the manufacturing industries during the first half of

this year, which amounted to 8.21 per cent, mining

3.10 per cent, and the electricity and water sector by

2 per cent, where industrial exports achieved a

remarkable increase of more than 23 per cent, led by

the garment, fertilizer, medical, food, paper and

cardboard industries.

The Jordanian industrial sector was able to

adapt to the negative repercussions of the Corona

pandemic, [1], and achieved remarkable growth

despite the continuation of health measures,

including a total and partial ban until the middle of

this year, which confirms the sector’s resilience and

ability to face challenges and circumstances and

exploit available opportunities.

The study seeks an investigate influence from

environmental disclosure to the market performance

in industrial companies were listed in Jordan's

Amman Financial, with the objective of establishing

whether such disclosure has positive significance

impact on financial performance in companies.

where study is important because it sheds light on

role of the environmental disclosure in increasing

market performance and competitiveness in

industrial firms in Jordan, while also contributing to

the body of literature on correlation in

environmental disclosure and the financial

performance. Which has been the subject of

significant discussion and debate in recent years.

Ultimately, the results of the study may be helpful to

policymakers, investors, and companies seeking to

improve their sustainability practices and enhance

their market performance.

2 Study Problem

In recent years, interest in environmental issues has

increased, [2], and voices have been raised to

protect the environment and keep its resources from

depleting. Raise the level of awareness and

awareness of its responsibility toward the

environment, [5], by providing all requirements that

enable it to deal consciously and intelligently with

environmental problems, [4], and prove its positive

role in limiting the environmental impacts of its

activities.

The obligation of companies to disclose their

environmental contributions and to increase their

expenditures on environmental matters can have a

positive impact on the behavior of investors towards

investing in these companies, which affects the

value of those companies, [6], [10].

The disclosure of environmental information in

annual financial reports of organizations serves as

an example of how the accounting profession

contributes to this field. Consequently, the task of

evaluating financial reports of industrial companies

and investigating the influence of environmental

disclosure on market performance in Jordanian

public shareholding industrial companies arises.

3 Study Questions

The study seeks to answer the following questions:

First: How does environmental disclosure impact

the market performance of Jordanian Listed

industrial companies?

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The following sub-questions emerge from this

question:

1) How does environmental disclosure impact share

turnover in Jordanian Listed industrial companies?

2) How does environmental disclosure impact the

market value of Jordanian Listed industrial

companies?

3) How does environmental disclosure impact

Tobin's Q ratio in Jordanian Listed industrial

companies?

4 Importance of Study

The importance of the study is evident in its

completion of previous studies that sought

environmental research disclosure and market

performance, regardless of the environment of

conducting the study and the variables associated

with it, which enriches scientific libraries. This

study is important to many relevant parties, such as

users of reports and financial statements, regulatory

and supervisory authorities, and industrial

companies. On the other hand, The research on the

impact of environmental disclosure on the market

performance of organizations in the relationship

between environmental disclosure and the market

performance of Jordanian Listed industrial

companies demonstrates the practical significance of

the study.

5 Objectives of the Study

This study seeks to achieve several goals, as

follows:

First: Identifying the impact of environmental

disclosure on market performance in Jordanian

Listed industrial companies.

The following sub-objectives are derived from this

objective:

1) Identifying the impact of environmental

disclosure on the share turnover rate in the

Jordanian Listed industrial companies

2) Identifying the impact of environmental

disclosure on the market value of the Jordanian

Listed industrial companies

3) Identifying the impact of environmental

disclosure on Tobin's Q ratio in Jordanian Listed

industrial companies

6 Study Hypotheses

Main Hypothesis H0: There is no statistically

significant effect at the significance level (a>0.05)

for environmental disclosure on market performance

in Jordanian Listed industrial companies.

Three hypotheses are derived from the main

hypothesis:

H0-1: There is no statistically significant effect at

the significance level (a>0.05) for the environmental

disclosure on the share turnover rate in Jordanian

Listed industrial companies.

H0-2: There is no statistically significant effect at

the level of significance (a>0.05) for environmental

disclosure on the market value of the Jordanian

Listed industrial companies.

H0-3: There is no statistically significant effect at

the level of significance (a>0.05) for the

environmental disclosure in Tobin's Q ratio in

Jordanian Listed industrial companies.

7 Terminology of Study

The concept of environmental disclosure refers to

the act of presenting and providing both mandatory

and optional information, which can be either

financial or non-financial, quantitative or

qualitative, that pertains to an organization's

interaction with the natural environment, its

practices and procedures for preserving it, and its

overall orientation towards it, through financial

reports or various media, as stated by [11].

Market performance: the outputs result from the

organization's activities and actions, which are

supposed to comply with the objectives and pre-

defined plans, [12]. The following indicators

measured market performance

Stock turnover rate: an indicator for measuring

the liquidity of the organization's shares within a

specified period. It is expressed by the ratio of the

Number of circulating shares organized within a

specified period to the total shares issued by the

organization during that period, [13].

Market value: “an indicator for measuring the

current and traded prices of the organization's shares

in the stock market at the end of the year, and it is

expressed by multiplying the number of issued

shares by the closing price of the share at the end of

the year.”

Tobin's Q Ratio: “An indicator of a company's

value, representing the ratio of a company's market

capitalization to total assets.”

8 The Limits of the Study

1. The spatial study boundaries: represented by

the Jordanian Listed industrial companies.

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2. Time limits: The study period was from 2017 to

2021

3. Scientific limits: The study dealt with the impact

of environmental disclosure on market performance

by studying the stock turnover rate, market value,

and Tobin's Q ratio.

9 Previous Studies

The study, [14], aimed to shed light on

environmental costs types and the mechanism which

adapted to the unified accounting system applied in

municipalities to disclose environmental

information in the financial statements based on the

analytical method by studying the items of

environmental costs included in the financial reports

of the Directorate of Diwaniyah Municipality For

the period (2014-2015). the study included

environmental costs on environmental salaries and

wages, environmental commodity requirements (6

items), environmental service requirements (8

items), and environmental revenues (3 items). It was

found through the study results there is no

disclosure in the financial reports, the reports did

not include any financial, quantitative, or qualitative

information regarding environmental costs and

revenues for Al-Diwaniyah Municipality. Moreover,

the Al-Diwaniyah Municipality has implemented

the accounting recognition, measurement, and

environmental disclosure principles for costs and

revenues, as set forth by the Intergovernmental

Working Group of Experts on International

Accounting Standards. The research suggests that

relevant authorities should assist in promoting the

understanding of environmental accounting and

emphasize the significance of developing an

environmental accounting framework., stressing the

need for adequate disclosure of environmental

accounting information in financial reports. This

study was used to identify the environmental costs

disclosed in financial reports.

The study, [15], aimed to identified levels of

environmental disclosure, the extent to which they

are affected by the characteristics of profitable

institutions, size, and financial leverage) through the

study of the (12) Algerian cement institutions from

2015 to 2018, which amounted to (12)

Establishment. The data was collected from annual

and environmental reports. the study sample of the

study Algerian cement, and its concluded that

profitability impacts the environmental disclosure of

cement enterprises, while this effect did not appear

at all sizes and financial leverage. The study

recommended obligating Algerian institutions to

environmental disclosure standards by adopting a

model. Environmental disclosure is adhered to by all

industrial and other institutions of all sizes in a way

that affects their commercial activities and in

proportion to the specificity of each sector on the

impact of the institution's characteristics on

environmental disclosure. This study was used to

identify and compare its results with the results of

the current study.

The study, [16], aimed to identify the

environment and environmental accounting,

measure and disclose environmental information,

and determine the relationship between voluntary

disclosure of environmental accounting information

and supporting competitiveness in Sudanese

industrial establishments in Khartoum State. To

achieve the study's objectives, A questionnaire was

designed and distributed to the study sample

members, consisting of accountants, internal

auditors, and marketing managers at the Al-

Mohandes Paints Factory in Khartoum state, who

numbered (81) individuals. The study concluded a

direct, statistically significant relationship between

voluntary disclosure of financial and non-financial

environmental accounting information and support

for competitiveness. To control environmental

pollution.

The study, [17], aimed to determine the

disclosure of environmental information,

environmental policies, voluntary adoption of safety

and security practices, risks associated with

company activities, environmental pollution,

sustainable development, environmental obligations,

environmental, financial information, and

environmental improvement plans) Furthermore,

their impact on The value of the enterprise by

identifying the environmental items that were

disclosed in the financial statements and reports and

the website of the Sidi Kerir Petrochemical

Company, based on the deductive approach through

the study and analysis of previous studies related to

the subject of the study, and the inductive approach

based on the method of content analysis of the

published annual financial lists and reports For the

study sample company during the period (2014 -

2018), the value of the facility was measured by

stock prices in the market. For data analysis and

hypothesis testing, multiple regression analysis was

used. The study concluded that there are financial

and accounting aspects for the majority of

environmental performance activities, whose effects

are directly or indirectly reflected on the financial

statements and reports and then the decisions of the

interested parties, and that environmental disclosure

provides information to investors and all parties

about the extent of the company's environmental

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commitment. Environmental information adversely

affects the cost of capital, as companies committed

to disclosing their environmental information reduce

the asymmetry of information between them and

investors, which increases investors' appetite for

investing in the company's shares and thus reduces

the cost of capital.

[18], intended to examine the impact of the

degree of audit disclosure on market price indicators

(gauged by: market price to publication worth,

including market price, and market price “closing

price”) for public shareholding companies provided

on the Palestine Exchange during the duration (2012

- 2017), totaling 41 companies, based on the

detailed logical strategy. The study located a

positive impact of accounting disclosure on market

price signs. The research study also found an

inconsistency in the degree of effect of disclosure

axes on market value, as the most influential axes of

disclosure in the market value index to publication

relate to donations, gives, ecological and also

community payment, adhered to by disclosure

About subsidiaries, after those human resources.

[19], aimed to know the linear and indirect

relationship between ecological disclosure,

economic efficiency, ecological performance and

venture worth, in addition to researching the

influence of ecological disclosure on the market

value of the Centre and the effect of monetary

efficiency on each of the atmospheres. Disclosure

and also market price of industrial companies noted

on the Indonesia Stock Exchange during the period.

(2012-2014). These comprised commercial firms

(farming, mining market, basic markets, chemicals).

To accomplish the purposes of the research study,

the descriptive analytical approach was trusted, and

information was accumulated from the sustainability

reports of the study sample firms and the annual

reports. The research concluded that economic

performance has no impact on environmental

disclosure. That profitability is not considered

among the aspects that influence companies'

disclosure of ecological duty, and also, there is no

effect of ecological disclosure on investors'

examination of firms. The environment directly

influences a business’s market value via the

reputation that magazines have built on a firm's

environmental efficiency score, along with the fact

that ecological disclosure does not influence supply

costs. The study recommended reinforcing the

function of guidance to enhance the preparation of

environmental disclosure and the commitment of

business.

The research, [20], aimed to make clear the

impact of ecological, social, and company

governance disclosure on the worth of the firm,

based upon the descriptive analytical method, and a

big group of markets was studied, including (350)

companies listed in the Financial Times Stocks in

the United Kingdom. For the purpose of information

evaluation and also hypothesis screening, regression

analysis and Hickman's forecast model were made

use of. It was located with the research results that

there is a connection and a favorable effect between

ecological disclosure and company governance on

the market worth of the business. On the other hand,

it was discovered with the outcomes that the chief

executive officer's assistance with environmental

and social disclosures impacts the businesses market

value. The research study suggested enhancing

transparency and also responsibility as well as

enhancing the self-confidence of stakeholders due to

their effective function in advertising the company's

value.

The study, [21], intended to check the effect of

the disclosure of non-financial information on the

quality of financial reports and the marketplace

worth of detailed Jordanian industrial, financial

institutions. The study information was accumulated

from the monetary records of thirteen Jordanian

industrial banks in the period between 2014 as well

as 2016. Detailed analytical approaches were used

to assess the research study information. The

research showed a positive impact of the degree of

disclosure of non-financial info on the top quality of

monetary records. However, the outcomes of the

research showed that there was no considerable

impact on the degree of disclosure of non-financial

information on the market worth of Jordanian

business financial institutions. The research advised

the necessity of Jordanian commercial financial

institutions' dedication to divulging non-financial

information in their economic reports and to turn on

the role of the Central Bank in boosting the

recognition of financial institutions and also users of

financial records of the significance of divulging

non-financial info.

The study, [22], aimed to know the effect of

continuing growth on each of the conventional

bookkeeping efficiency indicators, as measured by

the return on properties, the return on obligations,

the return on equity, and also market efficiency, as

determined by (net revenue, supply return,

turnover)., stock turnover price, market price, as

well as Tobin's Q), as well as the internet operating

cash flow of the (6) financial institutions provided

on the Palestine Exchange throughout the duration

(2011 - 2016), based on the analytical technique.

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The necessary financial information was collected

from the Palestine Stock market internet site. The

study concluded that there is an effect and a direct

relationship between sustainable development on

accountancy performance signs and market

performance, as well as the lack of an influence and

an inverse connection on each of the turnover ratios,

Tobin's Q, and internet operating cash flow. The

research study recommended the requirement to

take notice of ongoing development due to its

importance in enhancing competition. This feature

functions to boost profitability and also financial

performance in the future.

Study, [23], aimed to evaluate the influence of

environmental cost accounting on boosting the high

quality of accounting info in Jordanian commercial

companies noted on the Amman Stock Exchange,

based upon the descriptive logical method. The

study wrapped up that there are statistically many

connections between the quantity of environmental

audit disclosure of details for publicly possessed

companies and also the competence of the monetary

addition of these companies and the presence of

statistically many connections between financier

choices and the info supplied by the accounting

disclosure on environmental efficiency. The study

suggested the need for accounting professionals to

comply with examining info related to the

environment offered with the financial reports and

highlighting the value of the information given by

the cumulative performance related to the setting.

[24], aimed to determine the degree of the

ecological commitment of companies by studying

their environmental disclosure in annual reports as

well as internet sites and also researching the

connection between ecological disclosure and also

company variables (monetary take advantage of,

business size, and also normal dangers), with

example research of the 100-business provided on

the Bombay Stock Exchange, which was chosen

based upon their market price throughout 2014. A

detailed analytical approach was taken on to

accomplish the study's goals. The research found

that (30%) of the study example firms need to be

more dedicated to disclosing environmental

information in annual reports and internet sites. The

study also found a connection between

environmental disclosure and monetary leverage,

business dimension, and routine dangers.

In their research, [25], investigated how

environmental disclosure impacts of financial

performance for (32) businesses on Nairobi S.E.,

using a precise analytical method. The data

collected from annual financial reports, the results

and recommendation in this study that companies

prioritize environmental disclosure, as it can

enhance economic efficiency.

The study, [26], aimed to explore the correlation

between a company's value and the quality of its

voluntary environmental disclosure. This was

achieved by analyzing the relationship between the

components of a company's value (i.e. future and

expected cash flows, cost of capital) and the quality

of its environmental disclosure, using a sample of

American companies from five different industries.

The study employed a descriptive analytical method

and utilized content analysis to determine the level

of environmental disclosure in the financial

statements and reports of the companies in the

sample. A disclosure indicator that adhered to the

disclosure framework of the Global Reporting

Initiative (GRI, 2006) was used. The findings of the

study showed that companies that disclosed

voluntary environmental information had a greater

market value than those that did not, and that

voluntary environmental disclosure had a positive

relationship with a company's value, whether

through cash flow or the cost of stock components.

The study recommended the use of broader

measures such as the quality of voluntary

environmental disclosure when examining complex

relationships.

10 Study Methodology

The research employed a descriptive analytical

approach, utilizing statistical measures to determine

the extent of environmental disclosure and market

performance in Jordanian Listed industrial

companies. The study also aimed to assess the

influence of environmental disclosure on market

performance by conducting data analysis and

hypothesis testing. The findings of the study were

presented, and relevant recommendations were

proposed based on the results.

11 Study Population

The research population comprises (52) Jordanian

industrial firms that were listed on the Amman

Stock Exchange until the conclusion of 2021, as

indicated by the directory released on the exchange's

official website, [27]. These companies were

categorized into (9) distinct industrial sectors as

shown in Table 1.

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Table 1. Sample study

Industrial sector

number

chemical industries

electrical industries

Engineering and construction

industries

food

extractive industries

cartoon industry

The medical industry and the

medical industry

Garment, leather, and textile

industry

Tobacco and cigarettes

total summation

12 The Study Sample

The study sample consisted of Jordanian Listed

industrial companies:

1. Companies' stocks must share the trading in the

financial market during the study period.

2. The company is not subject to liquidation

(compulsory or voluntary) or merger.

3. To disclose its environmental responsibility in its

financial and non-financial reports.

4. The company must have all the data necessary to

calculate the study variables.

5. The company's fiscal year ends on the 31st of

December of each year.

The companies that fulfilled the previous conditions

were forty-three industrial companies listed on the

Amman Stock Exchange, and thus the study sample

constituted (82.7%) of the total study population.

13 Data Collection Sources

In collecting the necessary data, the study relied on

two types of sources, namely:

First, secondary sources

They are the sources that were relied upon in

building the theoretical framework. It aims to gain

familiarity with all aspects and areas related to the

study subjects and their variables: environmental

disclosure, market performance, and audit

committees. In libraries, in addition to websites and

research and studies centres.

Second, primary sources.

They are the sources used in building the practical

side of the current study, as it aims to collect the

data necessary to measure the study variables. These

sources are as follows:

a. Annual reports, websites, disclosures,

clarifications, and any report published by the

company which has been relied upon in collecting

environmental disclosure data.

b. The annual financial statements of the Securities

Authority and the Amman Stock Exchange were

relied upon in collecting financial data on market

performance during the study period (2017 - 2021).

14 Methods for Measuring Study

Variables

The study variables consisted of the following:

First: Dependent Variable “market

performance."

The dependent variable in the study was represented

by (market performance), which was measured by

the following variables:

1. Share turnover = Number of shares traded /

Number of shares issued.

2. The company's market value = Number of issued

shares x closing price of the share at the end of the

year.

3. Tobin's Q ratio = The Company's Market value /

total assets.

Second: Independent Variable “Environmental

Disclosure”

The independent variable in the study was

represented by (environmental disclosure), and the

content analysis method was used to measure the

degree and level of disclosure of environmental

information in the financial reports of the industrial

companies; the study sample was based on (20)

items of environmental performance disclosure,

distributed over three Areas of (environmental

pollution, environmental improvements, and others).

These items are presented in Table 2 as follows:

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Table 2. environmental disclosure items

Number

(a) environmental pollution

Pollution control in the conduct of business

operations

Statements indicating the company's

compliance with environmental laws and

regulations.

Data indicates that pollution from operations

has been or will be reduced.

Preventing or repairing damage to the

environment resulting from the processing of

natural resources, land reclamation, or

reforestation.

Conservation of natural resources, for example.

Recycle glass, metal, oil, water, and paper.

Use of recycled materials.

Efficient use of material resources in the

manufacturing process.

Environmental campaign support.

Obtaining an award related to the company's

environmental programs or policies.

waste prevention

Spending on pollution control equipment

Avoid building factories in residential areas or

forests

Cooperation with environmental organizations

(b) environmental improvements

Design of facilities in harmony with the

environment

Landscaping improvement

Contribution in cash or in kind to beautify the

environment

Restoration and restoration of historic buildings

Conducting environmental impact studies

Application of technology to support

environmental existence

Training employees on environmental issues

Environmental disclosure levels were measured by

applying the following steps: examining the content

of the financial reports of the Jordanian Listed

industrial companies, giving the Number (1) for

each item of environmental disclosure that was

disclosed, (0) No. is for each item of the

environmental disclosure that was not being

disclosed. The values of the optional disclosure

items were collected for each company and each

year of the study and then divided the total over the

total disclosure items in order to reach the level of

environmental disclosure for each company and

each year, as follows:

VDISC 𝑖𝑡 =

NOID it

TID

Where:

VDISC it = Environmental disclosure level (1) for

the period (t)

NOlD = Number of items disclosed (i) for a period

(t).

TID = The total Number of environmental

disclosure items included in the disclosure indicator

for this study.

Third: Adjusting Variable

1- Company Size: The total assets of the company.

2- Debt Ratio: Total Commitments / Total Assets

15 Estimating Study Models

To achieve the goals of the research, a panel data

technique was made use of that included a time

collection of variables within the version for every

industrial business (cross-section) in the example

throughout the study duration, as well as one of the

advantages of using information Panel data: They

consider specific distinctions, provide more useful

information, are more diverse, have much less

connection between variables, have a greater

number of degrees of liberty, as well as are a lot

more efficient than time collection that suffers from

the trouble of autocorrelation. Attribute information

has the ability to determine and approximate unseen

impacts in time collection as well as detailed

analysis. To measure the impact between the

variables, the scientist utilized the estimate methods

of longitudinal time designs (Panel data), which are:

1- (PRM) “Pooled Regression Model”

2- (FEM) “Fixed Effect Model”

3- (REM) “Random Effect Model”.

To determine which of these models should be used

in the analysis, the Lagrange Multiplier test was

applied, which is used to choose between Random

Effect Model (REM) and Pooled Regression Model

(PRM). The (Hausman) test was also applied, which

is used to choose between the Fixed Effect Model

(FEM) and Random Effect Model (REM), and the

results are presented in Table 3 as follows:

Table 3. Lagrange Multiplier and Hausman test

Lagrange

Multiplier

(Hausman)

Ch2

Sig

Ch2

Sig

H01-1

40.853

0.000

18.444

0.005

FEM

H01-2

97.287

0.000

8.903

0.021

FEM

H01-3

115.400

0.000

46.574

0.000

FEM

Based the Table 3, it is evident that the fixed effects

model provided the most precise estimation for

collecting the hypotheses of the study, except for the

first sub-hypothesis. For this sub-hypothesis, the

Lagrange Multiplier test indicated a significance

level of less than 0.05, and the results of the

Hausman test also showed a significance level of

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less than 0.05. However, the random effects model

was found to be the most accurate for the second

sub-hypothesis, as the Lagrange Multiplier test

indicated a significance level of less than 0.05 and

the Hausman test also showed a significance level of

less than 0.05.

The results in Table 3 show that the Fixed Effect

Model FEM is the most accurate in estimating the

model for all of the study hypotheses.

16 Statistical Tools Used

In order to process the data, the EViews program

was used to process the raw data, in addition to

using the following statistical tests:

1. Arithmetic means, standard deviations, and

upper and lower values, in order to describe the

study variables.

2. Linear correlation coefficient In order to

examine the occurrence of multicollinearity, the

utilization of Pearson's correlation coefficient and

variance inflation coefficient is necessary. Pearson's

correlation coefficient is a tool used to determine the

strength of the linear association between two

distinct variables, x and y. A correlation coefficient

of greater than zero suggests a positive relationship,

while a value less than zero implies a negative

relationship. A correlation coefficient of zero

indicates no correlation between the two variables x

and y. For investors, the significance of linear

correlation coefficients lies in their ability to

calculate the covariance of stocks and predict

market trends through correlation analysis.

3. Unit Root Test The purpose of a Unit Root Test

is to assess the stability of a time series. However,

traditional methods like the Dickey-Fuller test have

a tendency to not reject the presence of a unit root in

the presence of structural breaks, potentially

resulting in inaccurate conclusions.

4. Multiple linear regression analysis: Multiple

linear regression involves determining the

correlation between a single dependent variable and

two or more independent variables. This method is

applicable in situations where one desires to

ascertain the extent of the relationship between the

dependent variable and multiple independent

variables. Additionally, it can be used to predict the

value of the dependent variable at specific values of

the independent variables.

17 Descriptive Statistics for Study

Variables

The focus of this section is to provide a description

of the variables used in the study, and the process of

describing the depends on variables on the use of

statistical measures that show the main

characteristics of the dependent and independent

variables of the study, which are Standard

Deviations, Arithmetic Averages, and Upper and

Lower Values. The following describes the

company's variables for the period (2017-2021).

Description of dependent variables (market

performance)

Table 4 represents the descriptive statistics of

market performance variables (share turnover,

market value, and Tobin's Q ratio) In the Jordanian

industrial companies listed in the financial market in

the study sample during the period (2017-2021).

Table 4. descriptive statistics of market performance

variables in the study sample during the period

(2017-2021)

Scale

Turnover

Market Value

(JD)

Tobin’s Q

Ratio (%)

Mean

6.49

63,537,862

0.725

High Value

26.00

8,757,687,714

7.229

Minimum

Value

1.63

17,288

0.054

Standard

Deviation

4.32

189,665,220

0.857

It is clear from the Table 4 that the arithmetic mean

of the share turnover rate in the Jordanian Listed

industrial companies during the period (2017-2021)

amounted to (6.49), with a standard deviation of

(4.32), and the largest value was (26.00), while the

lowest value was (1.63). The values show a

difference in the share turnover rate in Jordanian

Listed industrial companies during study period.

This indicates the difference in the rate of demand

for shares of industrial companies.

It is also clear that the means of market value

sample study during the period (2017-2021)

amounted to (63.5) million dinars, with a standard

deviation of (189.7) million dinars and the largest

value amounted to (8,757.7) million dinars, while

the lowest value was (0.17) million dinars. The

values show a difference in the market value of the

Jordanian Listed industrial companies during the

study period, which may be due to the difference in

the Number of company shares.

It is also clear from the data that the arithmetic

mean of Tobin's Q ratio in the Jordanian Listed

industrial companies during the period (2017-2021)

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was (0.725), with a standard deviation (of 0.857),

and the largest value was (7.229), while the lowest

value was (0.054). Values show a difference in

Tobin's Q ratio for Jordanian Listed industrial

companies during the study period. This reflects the

extent of the difference between industrial

companies in their ability to add market value to the

book values of their assets.

Description of the “environmental disclosure”

Independent Variable

The following Table represents the descriptive

statistics of the environmental disclosure variable in

the Jordanian industrial listed companies, the study

sample during the period (2017-2021).

Table 5. descriptive statistics of the environmental

disclosure variable from

(2017-2021)

Scale

Disclosure level

(%)

Mean

41.8

High Value

89.2

Minimum Value

33.5

Standard Deviation

15.6

It is clear from Table 5 that the arithmetic mean of

the environmental disclosure in the Jordanian Listed

industrial companies during the period (2017-2021)

amounted to (41.8%), with a standard deviation of

(15.6%). The largest value was (89.2%), while the

lowest value was (33.5%). The values show a

relative decline among Jordanian industrial

companies during the study period in the level of

disclosure of their environmental activities and

practices, and this may be due to the tendency of

industrial companies to disclose their economic and

financial activities and operations, which are of

great importance to investors, shareholders, and

stakeholders in a way that exceeds their interest in

disclosing their social responsibility. It may also be

due to companies avoiding disclosing their

environmental responsibility for fear of being

subject to accountability and fines. It may also be

due to the different levels of awareness and

management awareness of their role and

responsibility towards the environment.

18 Hypothesis Testing

The research study sample contains Jordanian Listed

industrial companies throughout the duration (2017-

2021). Also, the information for these companies for

the stated duration was collected from year-end

reports as well as their internet sites, so the research

study data are time collection information of a

cross-sectional nature (Cross-Sectional and also

Time Collection); for that reason, the ideal version

to examine each theory was approximated.

After examining the viability of the information for

the research study designs and defining the research

variables, this part of the research provides the

outcomes of theory screening. The hypotheses

branching from the primary hypothesis were

examined by multiple linear regression analysis.

Testing the hypothesis branching from the main

hypothesis H0

The main hypothesis states that: “There is no

statistically significant effect at the level of

significance (0.05>a) for environmental

disclosure on market performance in Jordanian

Listed industrial companies.”

To test this hypothesis, the sub-hypotheses were

tested, and the results appeared as follows:

First: first sub-hypothesis test 1-H0 results

The first sub-hypothesis states: “There is no

statistically significant effect at the level of

significance (0.05>a) for the environmental

disclosure on the share turnover rate in the

Jordanian Listed industrial companies.”

To test this hypothesis, multiple linear regression

analysis was used, and the results appeared as

follows:

Table 6. Model summary table and analysis of

variance ANOVA, first sub-hypothesis HO-1

Summary of the Model

ANOVA

Adjusted

Square

std. Error

of the

Estimate

(F)Sig

stock

turnover

rate

0.242

0.241

0.014

17.017

0.000

It is clear from Table 6 mentioned above the

significance of the model, as it got to a worth of (F=

17.017) as well as a degree of significance (Sig F =

0.000), which is less than 0.05, as well as this

validates the significance of the model. Also, the

worth of the coefficient of determination (R2 =

0.242) showed that it is per cent is (24.2%) The

variance in (the stock turnover rate) could be

discussed by the variance in the independent

variables, Other factors explain the rest.

The following is a presentation of the regression

coefficients for the first sub-hypothesis, as follows:

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Table 7. Regression coefficients for the first sub-

hypothesis 1-H0

independent

variables

Std.

Error

Sig.

Environmental

Disclosure

0.154

0.043

3.564

0.000

Company Size

0.066

0.016

4.054

0.000

Debt Ratio

-0.057

0.007

-8.297

0.000

Regression

2.124

0.320

6.646

0.000

From the transactions table above, i.e., Table 7, the

worth of B at environmental disclosure certainly got

to (0.154), which the worth of t is (3.564), with a

degree of significance (0.000 = Sig), which suggests

a considerable effect at the level of significance.

Consequently, we deny the second void hypothesis

as well as approve the alternate hypothesis, which

specifies that:

“There is a statistically significant effect at the level

of significance (a>0.05) for environmental

disclosure on the share turnover rate in the

Jordanian Listed industrial companies”.

Second: The results of the second sub-hypothesis

test 2-H0

The second sub-hypothesis states that: “There is no

statistically significant effect at the level of

significance (a>0.05) for environmental disclosure

on the market value of Jordanian Listed industrial

companies.”

Multiple linear regression analysis was employed to

test this hypothesis, and the resulting outcomes are

presented below:

Table 8. Summary of the model and analysis of

variance ANOVA for the second sub-hypothesis

HO-2

dependen

t variable

Summary of the Model

ANOVA

Adjuste

d R

Square

std. Erro

r of the

Estimate

Sig

(F)

Market

value

0.32

0.323

0.026

12.41

0.00

The significance of the model is clear from Table 8,

with a value of (12.410 = F) and a level of

significance (F) Sig = 0.000, which is less than 0.05,

which confirms the ethics of the model and the

value of the R Square = (0.326), which indicates

that the model explained 32% of the total variance

and the rest is explained by other factors. The

regression coefficients for the second sub-

hypothesis are presented below:

Table 9. Regression coefficients for the second sub-

hypothesis 2-H0

independent

variables

Std.

Error

Sig.

Environmental

Disclosure

0.221

0.049

4.403

0.000

Company Size

0.080

0.025

3.181

0.000

Debt Ratio

0.067

0.012

-5.062

0.000

Regression

2.158

0.353

6.120

0.000

From the above transactions table, i.e., Table 9, the

worth of B at Environmental Disclosure certainly

got to (0.221), which the worth of t is (4.403), with

a degree of significance (0.000 = Sig), which

suggests a considerable effect at the level of

significance. Consequently, we deny the second

void hypothesis as well as approve the alternate

hypothesis, which specifies that:

“There is a statistically significant effect at the level

of significance (a>0.05) for environmental

disclosure on the market value of the Jordanian

Listed industrial companies.”

Results of the third sub-hypothesis test 3-H0

The third sub-hypothesis states that: “There is no

statistically significant effect at the level of

significance (0.05>a) for environmental disclosure

on Tobin's Q ratio in Jordanian Listed industrial

companies.”

The hypothesis was tested using multiple linear

regression analysis, and the findings are presented

below:

Table 10. Summary of the model and analysis of

variance ANOVA for the third sub-hypothesis 3-H0

dependent

variable

Summary of the Model

ANOVA

Adjusted

Square

std. Error

of the

Estimate

Sig

(F)

Tobin's Q

0.291

0.288

0.030

9.657

0.000

From the above Table, i.e., Table 10, the value of F

is (9.657), and the significance level of Sig (F) =

0.000, which is less than 0.05, confirming the

model's importance. The value of R Square =

(0.288) that the model has explained 28% of the

variance in (Tobin's Q), and other factors explain

the rest.

The following is a presentation of the coefficient’s

regression for the third sub-hypothesis, as follows:

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Table 11. Regression coefficients for the third sub-

hypothesis 3-H0

independent

variables

Std.

Error

Sig.

Environmental

Disclosure

0.169

0.036

4.660

0.000

Company Size

0.081

0.020

4.230

0.000

Debt Ratio

-0.102

1.019

-5.100

0.000

Regression

1.530

0.520

2.940

0.000

From the above transactions table, i.e., Table 11, the

worth of B at (environmental disclosure) certainly

got to (0.170), which the worth of t is (4.660), with

a degree of significance (0.000 = Sig), which

suggests a considerable effect at the level of

significance. Consequently, we deny the third void

hypothesis as well as approve the alternate

hypothesis, which specifies that:

“There is a statistically significant effect at the level

of significance (α >0.05) for environmental

disclosure in Tobin's Q ratio in the Jordanian Listed

industrial companies."

19 Conclusions

Based on the analysis of data and hypothesis testing,

the following outcomes were observed:

1. The average environmental disclosure of

Jordanian industrial companies listed between 2017

and 2021 was 41.8%, indicating a relatively low

level. This could be attributed to the inclination of

such companies to reveal favorable environmental

activities while shunning harmful practices arising

from their operations due to legal and social

responsibility, as well as financial penalties. This

outcome aligns with a previous study [28], which

found that most Jordanian industrial companies

listed were not dedicated to disclosing their

environmental impact.

2. The variation in the share turnover rate among

Jordanian industrial companies listed during the

period of 2017-2021 is highlighted by the maximum

values. This suggests a disparity in the demand for

shares of these companies.

3. The variations in the market value of Jordanian

listed industrial companies between 2017 and 2021

could be attributed to the disparity in the number of

shares held by each company, as suggested by the

maximum values observed.

4. The maximum values indicated a difference in

Tobin's Q ratio for Jordanian Listed industrial

companies during the period (2017-2021). This

reflects the extent of the difference between

industrial companies in their ability to add market

value to the book values of their assets.

5. The results of the analysis of the industrial

companies' size indicated a difference between them

in terms of their ability to exploit their resources and

increase the size of their assets during the period

(2017-2021).

6. The results of analyzing the debt ratio in

Jordanian industrial companies indicated a

difference in their financing policies during the

period (2017-2021).

7. The findings of the hypothesis testing that

stemmed from the initial main hypothesis revealed a

notable statistical impact of the environmental

disclosure on the share turnover rate, market value,

and Tobin's Q ratio in industrial companies listed in

Jordan.

20. Recommendations

The study's recommendations are based on the

conclusions reached, and they are as follows:

1. Motivating Jordanian industrial companies to

increase their commitment to disclose

environmental activities to provide evidence to

community members of their interest in the

surrounding environmental reality increases their

credibility and transparency among community

members and enhances their ability to achieve their

marketing objectives.

2. Motivating Jordanian industrial companies to

increase interest in, and disclose, activities directed

towards the environment, related to the preparation

of environmental programs, participation in

protecting the environment, financing

environmentally friendly projects, supporting

environmental research, and others, since disclosure

of these activities contributes to attracting more

heads of state. Funds for the company and activating

its financing and investment operations lead to

improving its market value and maximizing its

market share.

3. Increasing the interest of individuals in the

financial markets with the level of companies'

commitment to disclosing their environmental

activities and considering them when making

investment decisions.

4. Motivating the concerned authorities and bodies

of Jordanian industrial companies to adequately

disclose their environmental responsibility because

of their role in providing information of interest to

stakeholders, including shareholders, investors, and

financiers, and supports their ability to take

decisions that are in the interest of the company in

terms of achieving its market goals.

5. Conduct more research and studies on several

sectors to compare them in terms of their level of

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Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

The author contributed to the present research at all

stages, from the formulation of the problem to the

final findings and solution.

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

No funding was received for conducting this study.

Conflict of Interest

The author has no conflict of interest to declare that

is relevant to the content of this article.

Creative Commons Attribution License 4.0

(Attribution 4.0 International, CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

https://creativecommons.org/licenses/by/4.0/deed.en

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