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How firms respond to mandatory information disclosure

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  • Anil R. Doshi
  • Glen W. S. Dowell
  • Michael W. Toffel

Abstract

Mandatory information disclosure regulations seek to create institutional pressure to spur performance improvement. By examining how organizational characteristics moderate establishments' responses to a prominent environmental information disclosure program, we provide among the first empirical evidence characterizing heterogeneous responses by those mandated to disclose information. We find particularly rapid improvement among establishments located close to their headquarters and among establishments with proximate siblings, especially when the proximate siblings are in the same industry. Large establishments improve more slowly than small establishments in sparse regions, but both groups perform similarly in dense regions, suggesting that density mitigates the power of large establishments to resist institutional pressures. Finally, establishments owned by private firms outperform those owned by public firms. We highlight implications for institutional theory, managers, and policymakers. Copyright © 2013 John Wiley & Sons, Ltd.

Suggested Citation

  • Anil R. Doshi & Glen W. S. Dowell & Michael W. Toffel, 2013. "How firms respond to mandatory information disclosure," Strategic Management Journal, Wiley Blackwell, vol. 34(10), pages 1209-1231, October.
    • Handle: RePEc:bla:stratm:v:34:y:2013:i:10:p:1209-1231
    DOI: 10.1002/smj.2055
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    Cited by:

    1. Christopher Marquis & Michael W. Toffel & Yanhua Zhou, 2016. "Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing," Organization Science, INFORMS, vol. 27(2), pages 483-504, April.
    2. Jonathan T. Kolstad, 2013. "Information and Quality when Motivation is Intrinsic: Evidence from Surgeon Report Cards," NBER Working Papers 18804, National Bureau of Economic Research, Inc.
    3. Ding, Wenfu & Wang, Lingzhi & Tian, Gaoliang, 2026. "Social credit system implementation and supply chain decision-making: Disclosure and real effect," Economic Modelling, Elsevier, vol. 154(C).
    4. Simcoe, Timothy & Toffel, Michael W., 2014. "Government green procurement spillovers: Evidence from municipal building policies in California," Journal of Environmental Economics and Management, Elsevier, vol. 68(3), pages 411-434.
    5. Laura Spira & Michael Page, 2010. "Regulation by disclosure: the case of internal control," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(4), pages 409-433, November.
    6. Bowen Lu & Shangzhi Yue, 2022. "Analysis of the Evolutionary Game of Three Parties in Environmental Information Disclosure in Sustainability Reports of Listed Forestry Companies in China," Sustainability, MDPI, vol. 14(5), pages 1-23, March.
    7. Li Liu & Lei Du & Xing Liu, 2023. "Lessons from failure: Pollution blacklisting and firm's green innovation," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 483-491, February.
    8. Xiaoyang Li & Yue Maggie Zhou, 2016. "Offshoring Pollution While Offshoring Production," Working Papers 16-09, Center for Economic Studies, U.S. Census Bureau.
    9. Jonathan T. Kolstad, 2013. "Information and Quality When Motivation Is Intrinsic: Evidence from Surgeon Report Cards," American Economic Review, American Economic Association, vol. 103(7), pages 2875-2910, December.
    10. Baron, David P. & Harjoto, Maretno A. & Jo, Hoje, 2008. "The Economics and Politics of Corporate Social Performance," Research Papers 1993, Stanford University, Graduate School of Business.
    11. Liu, Cheng & Dong, Siyuan & Gao, Xinyi, 2026. "Does policy-oriented environmental disclosure increase market uncertainty? Evidence from stock price volatility in China," Research in International Business and Finance, Elsevier, vol. 81(C).
    12. Adler Miserendino, Rebecca & Bergquist, Bridget A. & Adler, Sara E. & Guimarães, Jean Remy Davée & Lees, Peter S.J. & Niquen, Wilmer & Velasquez-López, P. Colon & Veiga, Marcello M., 2013. "Challenges to measuring, monitoring, and addressing the cumulative impacts of artisanal and small-scale gold mining in Ecuador," Resources Policy, Elsevier, vol. 38(4), pages 713-722.
    13. Taqdees Fatima & Bing Xiang Li & Dan Zhang, 2025. "Fostering innovation sustainability with the impact of incremental environmental information disclosure under green credit constraints," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(8), pages 18997-19024, August.
    14. Markus Kitzmueller, 2008. "Economics and Corporate Social Responsibility," Economics Working Papers ECO2008/37, European University Institute.

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