The Relationship between Environmental Information Disclosure and Financing Constraints: Evidence from Heavily Polluted Listed Companies in China
Authors: 
Xinman Li, Ruina Wang, Mingchen Wang, Shuang Xu, Lie LiAuthors Info & Claims
Xinman Li, Ruina Wang, Mingchen Wang, Shuang Xu, Lie LiAuthors Info & ClaimsPages 37 - 46
Abstract
With the acceleration of globalization and the vast awareness of the sustainable improvement approach by means of the worldwide community, environmental information disclosure (EID), as a sort of conversation bridge between businesses and stakeholders, is of brilliant magnitude to company financing. In order to discover the mechanism of EID on financing constraints, this paper makes use of balanced panel records of Chinese A-share closely polluting listed agencies from 2013-2022 to assemble a two-way fixed-effects model, and the effects exhibit that EID can alleviate company financing constraints. From an interior perspective, EID mitigates financing constraints by means of enhancing company savings ranking diagnosed by using stakeholders. From the exterior perspective, media attention have a nice moderating impact on the relationship between EID and financing constraints. The reliability of this paper is demonstrated through lagging variables and changing established variables. The consequences of heterogeneity evaluation exhibit that the inhibitory impact of EID on financing constraints is greater apparent when companies have greater fairness attention and weaker increase capacity. This paper gives theoretical help for businesses to make environmental facts disclosure, and presents recommendations for firms to enhance their financing techniques and the authorities to enhance the environmental records disclosure system.
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- The Relationship between Environmental Information Disclosure and Financing Constraints: Evidence from Heavily Polluted Listed Companies in China
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April 2024
356 pages
ISBN:9798400718151
DOI:10.1145/3686081
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Published: 18 November 2024
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