The Green Credit Subsidy Policy and Corporate Environmental Information Disclosure Quality——Mechanism Analysis Based on Voluntary and Mandatory Disclosure Motives
The Green Credit Subsidy Policy and Corporate Environmental Information Disclosure Quality——Mechanism Analysis Based on Voluntary and Mandatory Disclosure Motives
High-quality disclosure of environmental information is not only the foundation of corporate environmental mana-gement systems but also an important initiative for promoting the modernization of ecological environment governance systems and governance capabilities.Based on a sample of listed companies from 2008 to 2023,this study empirically examines the incentive effect of the Green Credit Subsidy Policy on the quality of corporate environmental information disclosure and its mechanism using the Staggered Difference-in-Difference.The study findings are as follows:firstly,a coordinated green credit subsidy policy be-tween fiscal and financial sectors can significantly improve the quality of corporate environmental information disclosure.Secondly,the core mechanisms lie in voluntary and mandatory disclosure mechanisms:the former is mainly achieved by reducing the cost of debt financing and increasing the environmental awareness of senior management,while the latter manifests as a compliance effect induced by the enhancement of government regulatory levels,compelling companies to improve the quality of environmental informa-tion disclosure.Thirdly,the policy exerts a stronger incentive effect on non-state-owned enterprises,labor-intensive businesses,and regions with a high degree of marketization.The conclusions of this study provide theoretical basis and decision-making refe-rences for the formulation and improvement of other incentive-based green financial policies.
green credit subsidy policy/environmental information disclosure/cost of debt financing/senior management's environmental awareness/government regulation/compliance effect/incentive-based green financial policy/environmental pollu-tion
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