Can Green Investors Improve the Quality of ESG Information Disclosure?
DOI:
https://doi.org/10.62051/p953pe26Keywords:
Green Investors; Quality of ESG Information Disclosure.Abstract
In recent years, the public has been paying increasing attention to the issue of ESG information disclosure. Previous studies have mainly focused on the impact of internal and external environmental factors (such as politics and culture) on the quality of ESG information disclosure, while few scholars have conducted research from the perspective of heterogeneous institutional investors. This paper selects A-share listed companies in Shanghai and Shenzhen from 2012 to 2024 as research samples, and empirically analyzes the impact of green investors on the quality of ESG information disclosure. The study finds that green investors can promote the improvement of the quality of corporate ESG information disclosure. This conclusion remains valid after a series of robustness tests, including variable replacement, lagged explanatory variables, instrumental variable method, and difference-in-differences method. Furthermore, this paper reveals that the promotional effect of green investors on the quality of ESG information disclosure is more significant in non-state-owned enterprises, large-scale enterprises, and non-heavily polluting enterprises. This conclusion provides new theoretical support for improving the quality of ESG information disclosure.
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