Digital Finance, Internal and External Governance, and Corporate Environmental Information Disclosure

Using the data of Chinese listed companies from 2011 to 2021 and the Digital Inclusive Finance Index from Peking University, this study investigates the impact of digital finance on the quality of corporate environmental information disclosure from both internal and external perspectives. The findings indicate the following: (1) Digital finance significantly enhances corporate environmental information disclosure quality, a conclusion that remains valid after a series of robustness tests. (2) Mechanism analysis shows that digital finance boosts disclosure quality by enhancing corporate environmental awareness and strengthening external oversight. (3) Heterogeneity analysis shows that digital finance more strongly enhances environmental disclosure quality for state-owned enterprises, firms in non-heavy pollution industries, and those located in regions with well-developed digital infrastructure. (4) Economic consequences analysis demonstrates that better disclosure quality, driven by digital finance, boosts a firm’s capital attractiveness, R&D investments, financing conditions, and green innovation. This process also triggers significant environmental spillover effects. The findings enrich theoretical research in digital finance and expand the discussion on enhancing environmental information disclosure.