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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. Yuanyuan Liu & Shun Fu & Guanchun Liu & Xin Huang, 2026. "Green Bond Issuance and Corporate Environmental Disclosure: Signaling or Greenwashing?," Journal of Business Ethics, Springer, vol. 204(4), pages 825-854, April.
    2. Nilanjana Dutt & Colleen Cunningham, 2025. "Energizing Change: How Policies and Experience Drive Research and Development," Strategy Science, INFORMS, vol. 10(4), pages 371-387, December.
    3. 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.
    4. 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.
    5. 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).
    6. Shipeng Yan & Wei Jiang & Yue Xu, 2026. "Global investors, hidden suppliers: how institutions shape the impact of stock market liberalization programs on corporate responsibility," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 57(2), pages 197-219, March.
    7. Jake B. Grandy & Shon R. Hiatt, 2024. "The Radical Flank Revisited: How Regulatory Discretion Shapes the Effectiveness of Social Activism on Business Outcomes," Organization Science, INFORMS, vol. 35(3), pages 835-852, May.
    8. 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.
    9. Nilanjana Dutt & Megan Lawrence, 2022. "Learning to Manage Breadth: Experience as Repetition and Adaptation," Organization Science, INFORMS, vol. 33(4), pages 1300-1318, July.
    10. 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.
    11. Shon R. Hiatt & Sangchan Park, 2022. "Shared Fate and Entrepreneurial Collective Action in the U.S. Wood Pellet Market," Organization Science, INFORMS, vol. 33(5), pages 2065-2083, September.
    12. 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.
    13. Raveesh Mayya & Siva Viswanathan, 2025. "Delaying Informed Consent: An Empirical Investigation of Mobile Apps’ Upgrade Decisions," Management Science, INFORMS, vol. 71(8), pages 7113-7135, August.
    14. 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.
    15. Feng Wang & Huadan Han & Jingfei Zhao, 2026. "Does the strengthened monitoring policy for key polluting enterprises induce China's green innovation?," Energy & Environment, , vol. 37(1), pages 170-195, February.
    16. Xiaoyang Li & Yue Maggie Zhou, 2016. "Offshoring Pollution While Offshoring Production," Working Papers 16-09, Center for Economic Studies, U.S. Census Bureau.
    17. 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.
    18. 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.
    19. 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).
    20. 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.
    21. 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.
    22. Markus Kitzmueller, 2008. "Economics and Corporate Social Responsibility," Economics Working Papers ECO2008/37, European University Institute.

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