证券市场导报Issue(5)：25-38,14.
绿色落差对企业策略性信息披露的影响研究
摘要
Abstract
Corporate environmental information disclosure has become a key component of the green governance system.How to prevent strategic information disclosure from undermining the effectiveness of green governance is a critical issue of concern to society.Using a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,the paper empirically examines the impact of the environmental performance gap on corporate strategic information disclosure.The results show that the environmental performance gap stimulates managers'motivation for impression management.Managers may expand the scope for manipulation and reduce external supervision pressure by relaxing external constraints,thereby freely adjusting the tone of corporate social responsibility(CSR)reports and weakening the shortcomings of environmental performance.Meanwhile,pressures from executive incentives,corporate reputation,and regulatory oversight play a positive moderating role.The heterogeneity analysis reveals that the impact of the environmental performance gap on CSR report tone is more pronounced when the duration of the environmental performance gap is short,analyst attention is high,managerial power is strong,and CSR report disclosure is mandatory.Further analysis indicates that strategic information disclosure with a positive tone only improves firms'short-term financial performance and does not contribute to improvements in long-term financial performance or future environmental performance.This study not only enriches the research on the antecedents of CSR report tone and the consequences of environmental performance feedback but also provides references for improving the quality of corporate information disclosure and achieving high-quality development.关键词
绿色落差/社会责任报告/报告语调/信息披露Key words
environmental performance gap/corporate social responsibility report/report tone/information disclosure分类
管理科学引用本文复制引用
李维安,贾志强,徐建..绿色落差对企业策略性信息披露的影响研究[J].证券市场导报,2025,(5):25-38,14.基金项目
国家社会科学基金重大项目"新《公司法》下国有企业现代公司治理理论与实践问题研究"(批准号:24&ZD084)、国家自然科学基金面上项目"突发事件应急社会治理的协同机制研究"(批准号:72174096)、国家自然科学基金青年项目"政府环境行为、政企关系与公司绿色治理:基于'央地分权'的视角"(批准号:71902133) （批准号:24&ZD084）
