Journal of Finance and Economics
ISSN (Print): 2328-7284 ISSN (Online): 2328-7276 Website: http://www.sciepub.com/journal/jfe Editor-in-chief: Suman Banerjee
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Journal of Finance and Economics. 2018, 6(5), 178-185
DOI: 10.12691/jfe-6-5-3
Open AccessArticle

Study of Environmental Information Disclosure under the Hypothesis of Political Cost-Based on PM2.5 Burst Event

Qi Fenxia1, and Li Tongtong1

1School of Economics and Management, Shanxi University, Taiyuan, China

Pub. Date: August 17, 2018

Cite this paper:
Qi Fenxia and Li Tongtong. Study of Environmental Information Disclosure under the Hypothesis of Political Cost-Based on PM2.5 Burst Event. Journal of Finance and Economics. 2018; 6(5):178-185. doi: 10.12691/jfe-6-5-3

Abstract

This paper selects the A shares listed companies during 2009-2016 years on the Shanghai stock exchange as samples, and explores the influence mechanism of environmental information disclosure from the angle of political cost. The results showed that the environmental information disclosure of heavy polluting enterprises was significantly improved compared to the non-heavy polluting enterprises after PM2.5 burst event at later 2011, and it was particularly significant in the subsamples of state-owned and low-equity-concentration enterprises. It indicates that the change of macro natural environment is also one of the sources of political cost for heavy polluting enterprises, and then affects its environment information disclosure. The results are of great practical significance for establishing and improving the corporate social responsibility reporting system and strengthening the regulation of related policies.

Keywords:
PM2.5 burst event heavily polluting enterprises political cost environmental information disclosure

Creative CommonsThis work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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