环境信息披露具有处罚效应吗?

Does Environmental Information Disclosure have the Punishment Effect?

在环境信息日益受到关注的情况下,已经被查出违法违规的企业一般会采取两种完全不同的环境信息披露行为:一是披露更多的环境信息以挽回企业形象,二是披露较少的环境信息以免再次受到处罚。但究竟会采用哪种披露行为在现有文献中还没有得到有效的解决。选取2005—2006年和2009—2011年制造业上市公司为样本,以政策变更为研究背景,检验不同行业、不同产权性质企业在违法违规被查处后环境信息披露的差异。研究发现,相比于政策变更之前,违法违规的国有非重污染企业环境信息披露会增加,而国有重污染企业则会减少,该作用在监管距离较近时更加显著。

With the more and more concern on the environmental information,firms being punished will have the two absolutely different behaviors of disclosing environmental information.One is to disclose more environmental information for redeeming firms＇ images.Another is to disclose the less for avoiding the neat punishment.However,which behavior will actually happen is not explained in the current researches.So the author chooses the listed manufacturing enterprises in 2005-2006 and 2009-2011 as samples,and examines the difference of the state-owned enterprise＇s environmental information disclosure in different industries when they are violating laws.As the result,we find that compared with the ones before the law＇s publication,the non-polluting state-owned enterprise will disclose more environmental information during violations.While the polluting state-owned enterprise will disclose less.The effect is more significant when the supervisory distance is short.