Affiliation:
1. Nanjing Tech University
Abstract
Abstract
Based on institutional theory, legitimacy theory and signaling theory, this article uses the difference-in-differences (DID) model to investigate the influence of the Guidance on Building a Green Financial System jointly issued by the People’s Bank of China (PBC) and six other ministries on ESG disclosure of A-share listed companies in the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) from 2014 to 2018. The results suggest that the publication of the Guidance positively contributes to the ESG disclosure quality (ESGdq) of listed companies. Further analysis shows that the positive effect of the Guidance on ESGdq is greater for listed companies in heavily polluting industries, state-owned and in regions with higher levels of economic development. Conclusions obtained through our research enrich the economic consequences of green finance policy, provide practical implications for enhancing corporate ESG disclosure, integrating ESG concepts into corporate strategies and governance systems.
Publisher
Research Square Platform LLC
Cited by
1 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献