The effect of ultimate ownership on the disclosure of environmental information

This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm...

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Main Authors: WANG, Peng, WANG, Fangjun, HU, Nan
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2018
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Online Access:https://ink.library.smu.edu.sg/sis_research/8046
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Institution: Singapore Management University
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spelling sg-smu-ink.sis_research-90492023-08-11T03:18:03Z The effect of ultimate ownership on the disclosure of environmental information WANG, Peng WANG, Fangjun HU, Nan This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm characteristics to understand the determinants of EID. We further link the EID scores to market valuation of the firm through the Ohlson valuation model to understand whether the market appreciates EID. Our results show that EID is more likely for government-controlled firms, firms with less hierarchy in their ultimate ownership and firms with more discrepancy between voting rights and cash flow rights. Our results also indicate that the stock market appreciates environmental issues and that EID itself, as well as disclosure quality, is associated with a higher market valuation. Our results still hold with the endogeneity issue controlled. 2018-06-01T07:00:00Z text https://ink.library.smu.edu.sg/sis_research/8046 info:doi/10.1111/auar.12166 Research Collection School Of Computing and Information Systems eng Institutional Knowledge at Singapore Management University Asian Studies Business Law, Public Responsibility, and Ethics Databases and Information Systems Environmental Sciences Finance and Financial Management
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Asian Studies
Business Law, Public Responsibility, and Ethics
Databases and Information Systems
Environmental Sciences
Finance and Financial Management
spellingShingle Asian Studies
Business Law, Public Responsibility, and Ethics
Databases and Information Systems
Environmental Sciences
Finance and Financial Management
WANG, Peng
WANG, Fangjun
HU, Nan
The effect of ultimate ownership on the disclosure of environmental information
description This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm characteristics to understand the determinants of EID. We further link the EID scores to market valuation of the firm through the Ohlson valuation model to understand whether the market appreciates EID. Our results show that EID is more likely for government-controlled firms, firms with less hierarchy in their ultimate ownership and firms with more discrepancy between voting rights and cash flow rights. Our results also indicate that the stock market appreciates environmental issues and that EID itself, as well as disclosure quality, is associated with a higher market valuation. Our results still hold with the endogeneity issue controlled.
format text
author WANG, Peng
WANG, Fangjun
HU, Nan
author_facet WANG, Peng
WANG, Fangjun
HU, Nan
author_sort WANG, Peng
title The effect of ultimate ownership on the disclosure of environmental information
title_short The effect of ultimate ownership on the disclosure of environmental information
title_full The effect of ultimate ownership on the disclosure of environmental information
title_fullStr The effect of ultimate ownership on the disclosure of environmental information
title_full_unstemmed The effect of ultimate ownership on the disclosure of environmental information
title_sort effect of ultimate ownership on the disclosure of environmental information
publisher Institutional Knowledge at Singapore Management University
publishDate 2018
url https://ink.library.smu.edu.sg/sis_research/8046
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