商业研究

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The Impact of Environmental Information Disclosure on the Corporate Value of Listed. Companies:Whether “Organizational Visibility” Plays an Intermediary Role

YANG Guang-qing, DU Ya-Fei, LIU Yun-Zhe.   

  1. (School of Economics and Management, Fuzhou University, Fuzhou 350108,China)
  • Received:2019-09-25 Online:2020-02-12

Abstract: Abstract:Under the current enterprise environmental information disclosure policy in China, enterprises have a lot of discretion in the way and time of information disclosure. Therefore, the conscious performance of corporate social responsibility needs motivation support such as maximizing corporate value. However, whether its mechanism is effective or not is particularly important for investors′ attention and interpretation, that is, “organizational visibility” plays an important role in the impact of environmental information disclosure on corporate value. Based on the samples of Listed Companies in China′s chemical industry from 2013 to 2017, this paper empirically tests the impact of environmental information disclosure on corporate value, measures organizational visibility from the perspectives of analysts′ attention level and media′s attention level, tests whether it has intermediary effect, and analyzes different results under the differences of ownership. The results show that environmental information disclosure can enhance enterprise value, and organizational visibility plays a part of intermediary effect in the process of the impact of environmental information disclosure on enterprise value. Further research found that when using analyst focus to measure organizational visibility, the intermediary role is only reflected in state-owned enterprises; when using media focus to measure organizational visibility, the intermediary role is only partially reflected in both types of enterprises. The original intention of enterprise environmental information disclosure policy is to promote enterprises to better perform their environmental and social responsibilities through its impact on the market value performance of enterprises. This paper reveals the intermediary role of organizational visibility, which is helpful to enlighten enterprises on their market value management, and the operation ideas of relevant management departments when guiding enterprises to perform environmental and social responsibilities.

Key words: Key words: environmental information disclosure, organizational visibility, enterprise value, intermediary effect