Various environmental disclosure mediums and corporate green transformation: based on the effectiveness of environmental information
摘要
As environmental issues escalate and regulations tighten, green transformation has become a critical impetus for companies to pursue sustainable development. Based on the perspective of the effectiveness of environmental information, this paper selects Chinese A-share listed companies from 2009 to 2021as samples, takes green innovation as a proxy variable for green transformation, and uses a panel regression model to explore the asymmetry and effectiveness of various environmental disclosure mediums on corporate green transformation. The research results indicate that environmental disclosure positively impacts corporate green transformation. Among three types of disclosure, environmental reports have the most significant effect, next is social responsibility reports, and the weakest is annual reports. Second, the disclosures of environmental information in social responsibility and environmental reports are more likely to promote the enterprise green transformation through finance constraints and environmental certification. Third, environmental disclosure can increase green patent citations and other green transformation. However, only disclosures in social responsibility reports and environmental reports can enhance green innovation efficiency. Among these, environmental report disclosures have the most substantial positive impact on green patents and other green transformation, followed by social responsibility report disclosures and annual report disclosures. Finally, environmental governance investments in at both the firm and regional levels amplify the asymmetry in the impact of various types of environmental disclosure on firm green transformation. This research offers a novel view of research on environmental information disclosure and enterprise green transformation, and thus provides valuable suggestions for corporate green transformation and environmental disclosure system improvement.