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<p>Although recent research has documented that disclosure of pollution information shapes human avoidance behavior, there is limited knowledge on how disclosure of pollution information influences firms’ environmental performance. Taking the release of the Chinese documentary “Under the Dome” in 2015 as an exogenous quasi-natural experiment and adopting a difference-in-differences (DID) model, this paper investigates whether and how disclosure of pollution information shapes firms’ environmental performance. Results show that disclosure of pollution information strengthens firms’ environmental disclosure but does not lead to better environmental practices, thereby providing clear evidence of ESG decoupling. The potential channels include raising environmental awareness among firms’ external stakeholders by increasing media coverage, heightening analyst following, and strengthening environmental regulation. Additionally, the effect is particularly prominent for firms with high reputation, low market pressure, low managerial career concerns, and for firms in labor-intensive industries. Overall, this paper highlights the pivotal role that disclosure of pollution information plays in improvingenvironmental governance.</p>

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How does disclosure of pollution information affect firm environmental performance-evidence from China

  • 期刊论文

  • 发表日期：

    2026年5月11日

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  • E. Lin,
  • Chenkai Huang,
  • Kexin Wang,
  • Luoyi Zhu,
  • Junbing Xu

摘要

Although recent research has documented that disclosure of pollution information shapes human avoidance behavior, there is limited knowledge on how disclosure of pollution information influences firms’ environmental performance. Taking the release of the Chinese documentary “Under the Dome” in 2015 as an exogenous quasi-natural experiment and adopting a difference-in-differences (DID) model, this paper investigates whether and how disclosure of pollution information shapes firms’ environmental performance. Results show that disclosure of pollution information strengthens firms’ environmental disclosure but does not lead to better environmental practices, thereby providing clear evidence of ESG decoupling. The potential channels include raising environmental awareness among firms’ external stakeholders by increasing media coverage, heightening analyst following, and strengthening environmental regulation. Additionally, the effect is particularly prominent for firms with high reputation, low market pressure, low managerial career concerns, and for firms in labor-intensive industries. Overall, this paper highlights the pivotal role that disclosure of pollution information plays in improvingenvironmental governance.