Impact of environmental information disclosure quality on the value of textile and apparel enterprises
The textile and apparel industry,a traditional pillar of China's national economy and social development,plays a crucial role in addressing livelihood concerns,improving quality of life,and promoting international collaboration.It significantly contributes to economic growth,job creation,and the development of global competitive advantages.However,the industry faces growing challenges related to resource consumption,environmental pollution,and greenhouse gas emissions.This situation demands more proactive measures to mitigate its environmental impact.Under China's carbon peaking and carbon neutrality goals,the importance of environmental information disclosure by textile and apparel enterprises has gained increasing attention,highlighting the need to clarify its impact on enterprise value.This study draws on information asymmetry and signaling theory to examine the effect of environmental information disclosure quality on the value of textile and apparel enterprises.This study uses a sample of listed textile and apparel enterprises in Shanghai and Shenzhen A-shares from 2009 to 2022.The sample includes enterprises from the textile,apparel and accessories,and chemical fiber manufacturing industries.A two-way fixed effect model is employed in the analysis.The analysis empirically investigates how environmental ratings,as a proxy for disclosure quality,influence enterprise value and explores the underlying mechanisms.This study offers the following contributions.First,it focuses on representative textile and apparel enterprises to investigate how the quality of environmental information disclosure affects enterprise value within this sector.Second,in terms of theoretical mechanisms,the study suggests that disclosure quality enhances enterprise value by stimulating green innovation and increasing analyst attention.The analysis also highlights the moderating role of government subsidies in this process,offering empirical evidence that helps unpack the black box of how environmental information disclosure elevates enterprise value.Third,by utilizing environmental ratings in ESG as a measure of disclosure quality,the study provides a more comprehensive assessment of corporate performance in this area,offering valuable insights for future research.The findings demonstrate that higher environmental information disclosure quality significantly elevates enterprise value.This conclusion remains robust through a series of validation tests,including addressing endogeneity with instrumental variables,substituting dependent and independent variables,accounting for lag effects,and adjusting for outliers.Mechanism analysis reveals that disclosure quality enhances enterprise value by promoting green innovation and increasing analyst attention,with government subsidies serving as a positive moderator.Further heterogeneity analysis shows that the value-enhancing effects of disclosure quality are more pronounced in non-state-owned enterprises,large enterprises,firms with weaker internal control,and those within the textile industry.This study advances the understanding of how environmental information disclosure influences enterprise value in the textile and apparel sector,providing both theoretical evidence on the causal relationship between disclosure quality and enterprise value,as well as practical insights to support the green transition and high-quality development of the industry.
environmental information disclosure qualitytextile and apparel industrycorporate valuegreen innovationanalyst attentiongovernment subsidies
万方数据
维普
