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How biodiversity information disclosures spill the beans on firm value?

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  • Ma, Chaoqun
  • Gao, Lu
  • Jiang, Yong
  • Ren, Yi-Shuai

Abstract

This study analyzes the effect of biodiversity information disclosure on firm value in Chinese A-share firms, employing machine learning to develop a biodiversity disclosure index. Our findings demonstrate that biodiversity disclosure negatively impacts firm value, a trend exacerbated by increased compliance costs resulting from the "Kunming Declaration" and updated disclosure regulations in 2021. Ownership structure variations, financial constraints, and environmental levels affect the connection between disclosure and value, but biodiversity disclosure is also associated with higher capital expenditures and R&D investments. This study provides strategic insights for firms managing market responses and sets a core index for future research.

Suggested Citation

  • Ma, Chaoqun & Gao, Lu & Jiang, Yong & Ren, Yi-Shuai, 2025. "How biodiversity information disclosures spill the beans on firm value?," Finance Research Letters, Elsevier, vol. 85(PD).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pd:s1544612325014953
    DOI: 10.1016/j.frl.2025.108240
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    References listed on IDEAS

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