背道而驰还是殊途同归:“环境披露漂绿”与公司价值

Boost or Bust:Environmental Disclosures Greenwashing and Corporate Value

以印象管理理论为基础,捕捉企业对外披露的环境信息与实际环保行动之间的分歧,定义其为“环境披露漂绿”,并探讨其与公司价值之间的联系。研究发现,“环境披露漂绿”会对公司价值产生直接的不利影响;更深入的分析结果表明,“环境披露漂绿”会进一步加剧环境信息的价值效应折损;市场信任是“环境披露漂绿”降低公司价值的中介机制。“环境披露漂绿”的治理效应研究发现,提升内部控制质量以增强决策透明性和合规性,防止信息失真;优化市场环境以增强市场监督,提高环境披露透明度和质量;机构投资者凭借其投资分析和风险管理能力,可以有效约束公司行为;媒体作为信息传播渠道,能够揭露企业环境违规行为,推动公司遵守环境规定。

Based on the impression management theory,this paper captures the divergence between the environmental information disclosed by enterprises and their actual environmental protection actions,defines it as“environmental disclosure greenwashing”,and explores the relationship between it and corporate value.The study finds that“environmental disclosure greenwashing”has a direct adverse impact on corporate value;the results of more in-depth analysis show that“environmental disclosure greenwashing”will further exacerbate the value effect of environmental information.Market trust is the intermediary mechanism for“environmental disclosure greenwashing”to reduce the corporate value.The research on the governance effect of“environmental disclosure greenwashing”finds that the quality of internal control can be improved to enhance the transparency and compliance of decision-making and prevent information distortion.Optimizing the market environment to enhance market surveillance and promote transparency and quality of environmental disclosures;Institutional investors,with their investment analysis and risk management capabilities,can effectively restrain corporate behavior.As a channel for disseminating information,the media can expose corporate environmental violations and promote compliance with environmental regulations.