Details

Autor(en) / Beteiligte

• Ji, Zhiying
• Yu, Xiao
• Yang, Jiefei

Titel

Environmental information disclosure in capital raising

Ist Teil von

• Australian economic papers, 2020-09, Vol.59 (3), p.183-214

Ort / Verlag

Melbourne: John Wiley & Sons Australia, Ltd

Erscheinungsjahr

2020

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• In 2010, the Chinese Government issued a policy to require enterprises to disclose environmental information. Using the environmental disclosure information of 204 Chinese listed companies in 20 polluting sectors over the period of 2011–2015, we find that managers tend to withhold environmental information and selectively disguise sensitive environmental information in the face of financial pressure, and where the disclosure of sensitive environmental information would significantly increase the cost of debt financing. Furthermore, agency conflicts and information asymmetry between managers and outside investors promote the managers' tendencies to withhold environmental information when facing financial pressure.