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Do institutional investors’ holdings affect corporate environmental information disclosure? Evidence from China

Author

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  • Qiang Li

    (China University of Mining and Technology)

  • Wenjuan Ruan

    (Teesside University, Teesside University)

  • Ruotong Li

    (China University of Mining and Technology)

  • Hanqiao Li

    (The University of Waikato)

Abstract

Due to the increasingly serious environmental pollution, stakeholders are paying more attention on the environmental behavior of enterprises. Our paper investigates how institutional investors affect the quality of corporate environmental information disclosure (EID). Using a sample of A-share listed firms from the heavily polluting industries in China during 2008 to 2016, we conduct correlation analysis, OLS regression, and Tobit regression methods and find that institutional investors' shareholdings are positively correlated with the quality of EID. When institutional investors increase 1% shareholdings of the firm, the EID quality improves by 0.03%. In addition, the high concentration of institutional ownership enhances the impact of institutional investors' shareholdings on the EID quality. But this positive correlation is only observed in companies in regions with a high marketization level. Our paper extends the research on the influential factors of EID and improves the understanding of the impact of institutional investors on corporate environmental behavior.

Suggested Citation

  • Qiang Li & Wenjuan Ruan & Ruotong Li & Hanqiao Li, 2023. "Do institutional investors’ holdings affect corporate environmental information disclosure? Evidence from China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(12), pages 14733-14751, December.
    • Handle: RePEc:spr:endesu:v:25:y:2023:i:12:d:10.1007_s10668-022-02686-9
    DOI: 10.1007/s10668-022-02686-9
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