The Peer Effect of Corporate ESG Information Disclosure and High-quaility Development:Based on the Perspective of Competition and Information Mechanism
Based on the behavior of companies voluntarily disclosing ESG information,this paper uses the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,and examines the basic characteristics of the peer effect of corporate ESG information disclosure from the perspective of the peer effect.The results show that companies generally have significant industry peer effects and regional peer effects in ESG information disclosure.The formation mechanism of the industry peer effect of corporate ESG information disclosure is mainly based on market competitive imitation,and the degree of industry competition has a significant promoting effect on this effect;The formation mechanism of the regional peer effect of corporate ESG information disclosure is mainly based on information acquisition imitation,and the degree of regional information transparency has a significant promoting effect on this effect.In addition,there is regional heterogeneity and life cycle heterogeneity in the peer effect of corporate ESG information disclosure.Finally,this study found that the industry peer effect of corporate ESG information disclosure can significantly promote the high-quality develop-ment of enterprises,while the regional peer effect has no significant impact on the high-quality development of enterprises.
ESG information disclosurePeer effectHigh-quality developmentEnterprise's management