内生性
索引(排版)
中国
倾向得分匹配
稳健性(进化)
股票市场
业务
代理成本
股票市场指数
货币经济学
情感(语言学)
新兴市场
经济
计量经济学
财务
公司治理
统计
生物化学
政治学
基因
万维网
计算机科学
哲学
数学
法学
语言学
化学
马
生物
股东
古生物学
作者
Qiang Li,Shengying Wang,He Zhang,Hanqiao Li,Erwei Xiang
标识
DOI:10.1016/j.irfa.2023.102628
摘要
This study empirically investigated the effect of adjustment of the China Securities Index 300 (CSI 300) on environmental information disclosure (EID) by index constituents, based on propensity score matching and difference-in-difference approaches. The results showed that the inclusion in the CSI 300 significantly improved the quality of EID by firms. Moreover, this positive impact was more pronounced among firms with lower agency costs and those located in regions with a stronger legal environment. Further testing of the mediating mechanism revealed that becoming an index constituent served to curb opportunistic behavior by managers arising from shortsightedness. Our results were valid after addressing the potential endogeneity between index adjustment and EID and remained unchanged in various other robustness tests. The findings provide support for the positive impact of stock market index adjustment on non-financial information disclosure and have practical implications for decision-making regarding EID in China and other emerging markets.
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