Is the Disclosure Policy of Corporate Environmental Violation Effective in China?
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| Title | Is the Disclosure Policy of Corporate Environmental Violation Effective in China?
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| Author | Fang Ying and Guo Junjie |
| Organization | Xiamen University |
| Email | yifst1@xmu.edu.cn；guojunjie0826@outlook.com |
| Key Words | Disclosure of Environmental Violation; Corporate Environmental Responsibility; Media Disclosure; Social Attention on Environmental Pollution |
| Abstract | By investigating the reaction of A-share stock market to the disclosure of corporate environmental violation, this paper finds that the disclosure policy has on average no impact in various scenarios. In addition to small fines and low violation costs, we find that corporate environmental responsibility is much less valued by investors in the A-share market than those in the H-share market. Furthermore, we find that media report and social attention on environmental pollution measured by Baidu search index can significantly affect market reaction, particularly for water pollution cases. |
| Serial Number | WP1210 |
| Time | 2017-07-28 |
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