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<p>This research examines whether the institutional shareholders have different preferences regarding different aspects on environmental information, using a unique dataset obtained through LDA textual analysis of Chinese listed firms’ CSR reports from 2008 to 2021. First, results indicate that institutional investors, while generally indifferent to the overall content of environmental information, display selective preferences for particular subtopics driven by risk-avoidance motives. Second, this study examines how environmental pollution information reduces institutional ownership through heightened perceptions of environmental risk, with analyst attention amplifying this effect. Third, the impact is more pronounced in firms with non-certified CSR reports, where risk concerns are heightened. Non-fund and stable institutional investors are more sensitive to these risks. Pollution-intensive firms experience stronger risk impacts due to their inherent environmental challenges. Regional analysis shows that the effect is most significant in eastern China, where environmental policies are stricter. These findings offer insights into the diverse behaviors of institutional investors and highlight the importance of credible environmental disclosures and regional policy contexts.</p>

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Does Institutional Investors Care Environmental Information? ——Evidence from China

  • 期刊论文

  • 发表日期：

    2026年2月17日

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  • Songlian Tang,
  • Yuxuan Pang

摘要

This research examines whether the institutional shareholders have different preferences regarding different aspects on environmental information, using a unique dataset obtained through LDA textual analysis of Chinese listed firms’ CSR reports from 2008 to 2021. First, results indicate that institutional investors, while generally indifferent to the overall content of environmental information, display selective preferences for particular subtopics driven by risk-avoidance motives. Second, this study examines how environmental pollution information reduces institutional ownership through heightened perceptions of environmental risk, with analyst attention amplifying this effect. Third, the impact is more pronounced in firms with non-certified CSR reports, where risk concerns are heightened. Non-fund and stable institutional investors are more sensitive to these risks. Pollution-intensive firms experience stronger risk impacts due to their inherent environmental challenges. Regional analysis shows that the effect is most significant in eastern China, where environmental policies are stricter. These findings offer insights into the diverse behaviors of institutional investors and highlight the importance of credible environmental disclosures and regional policy contexts.