中国人口·资源与环境2024，Vol.34Issue(2)：94-105,12.DOI:10.12062/cpre.20230728
环境信息呈现顺序与机构持股
Environmental information presentation order in CSR reports and institutional investors'shareholding
摘要
Abstract
With the continuous deepening of China's green environmental protection concept,the corporate social responsibility(CSR)re-ports of listed companies have gradually become an important indicator for evaluating the future value of enterprises.Based on the order ef-fect theory of psychology,this paper focused on the phenomenon of the forward presentation of the environmental information chapter in CSR reports,constructed the location measurement variables of the environmental information chapter with the CSR reports of A-share list-ed companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2021,and explored the impact of the presentation order of the envi-ronmental chapter on institutional investors through empirical research.The results showed that:① The forward presentation of the envi-ronmental information chapter in CSR reports led to an increase in institutional investors'shareholding ratio,which was still valid after a series of robustness and endogeneity tests.② The heterogeneity analysis showed that the differential effect of the forward presentation of the environmental information chapter on institutional investors was mainly reflected in corporate environmental awareness,and the charac-teristics of institutional investors,i.e.,the environmental performance level,environmental information disclosure quality,and industry en-vironmental sensitivity of listed companies,all affected the role of the environmental information chapter in institutional investors'share-holding ratio.Compared to non-investment-oriented institutional investors,investment-oriented institutional investors were more suscepti-ble to the impact of the forward presentation of the environmental information chapter,of which QFII and insurance institutional investors were more affected by the order of the environmental information chapter location.③ The economic consequences of the forward presenta-tion of the environmental information chapter in CSR reports were mainly reflected in the improvement of the future value of enterprises.This result was tested on different value measurement variables.In low-Tobin's Q-listed companies,the incremental effect of the forward presentation of the environmental information chapter on the future value of the enterprise was more significant.Further research showed that institutional investors could keenly perceive the economic consequences of the forward presentation of the environmental information chapter,and this conclusion indirectly confirmed the'smart money'effect of institutional investors by favoring listed companies with low Tobin's Q and the forward presentation of the environmental information chapter.This paper analyzes the impact of the order of the envi-ronmental information chapter on institutional investors'investment decisions,providing empirical evidence for the order effect of the envi-ronmental information chapter location in CSR reports and broadening the research field of psychological order effects in the capital mar-ket.It has significant implications for improving the disclosure system of CSR reports,strengthening the supervision of disclosure,and in-creasing the usefulness of institutional investors'decision-making.关键词
环境信息/绿色前置/顺序效应/机构投资者Key words
environmental information/forwarded green/order effect/institutional investor分类
管理科学引用本文复制引用
吴德军,张雯洁..环境信息呈现顺序与机构持股[J].中国人口·资源与环境,2024,34(2):94-105,12.基金项目
国家社会科学基金一般项目"绿色创新与信息披露路径的经济后果研究"(批准号:20BGL075). （批准号:20BGL075）
