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首页> 外文期刊>Journal of Industrial Engineering and Management >The effect of environmental performance and preference disclosure on financial performance: Empirical evidence from unbalanced panel data of heavy-pollution industries in China
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The effect of environmental performance and preference disclosure on financial performance: Empirical evidence from unbalanced panel data of heavy-pollution industries in China

机译：环境绩效和偏好披露对财务绩效的影响：来自中国重污染行业面板数据不平衡的经验证据

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Purpose: Environmental performance and propensity disclosure is important for stakeholders to estimate firms’ incentives in environmental management practices. The purpose of this article is to explore the impacts of environmental performance and propensity disclosure on financial performance using unbalanced panel data of eight heavy-pollution industries in China. Design/methodology/approach: Environmental performance and propensity exhibits mutual causality relationship with Tobin’s Q value using unit root and co-integration test of panel data. Using panel data analysis, we take the impacts of environmental performance and propensity disclosure on financial performance from 2008 to 2012. Findings: Environmental performance has a significantly negative impact on Tobin’s Q value at the significance levels of 1%, while environmental propensity has a significantly positive effect on Tobin’s Q value at the significance levels of 5%. Firm size, financial leverage and return of assets have significantly positive impacts on financial performance at the significance levels of 1%. Meanwhile the effect of corporate environmental performance and propensity on financial performance has a significantly periodic difference from 2008 to 2012. Research limitations/implications: Those results are helpful for environmental regulators to evaluate the implementing effect of voluntary environmental policy and for firms’ managers to increase market expectation and improve financial performance. Originality/value: Environmental performance is estimated by 30 environmental indicators in eight heavy-pollution industries in China. Environmental performance and propensity disclosure has a U-typed relationship with financial performance.
机译：目的：环境绩效和倾向披露对于利益相关者评估公司在环境管理实践中的激励措施很重要。本文的目的是使用中国八个严重污染行业的不平衡面板数据来探讨环境绩效和倾向披露对财务绩效的影响。设计/方法/方法：使用单位根和面板数据的协整检验，环境绩效和倾向与Tobin的Q值表现出相互因果关系。使用面板数据分析，我们将环境绩效和倾向披露对2008年至2012年财务绩效的影响。结果：环境绩效对Tobin的Q值具有显着的负面影响，显着性水平为1％，而环境倾向具有显着的负面影响在5％的显着性水平上对Tobin Q值具有正效应。公司规模，财务杠杆和资产回报率对财务业绩产生显着的积极影响，显着性水平为1％。同时，公司环境绩效和倾向对财务绩效的影响在2008年至2012年之间具有显着的周期性差异。研究局限/意义：这些结果有助于环境监管机构评估自愿性环境政策的实施效果，并有助于企业管理者提高市场预期并改善财务绩效。原创性/价值：中国8个重污染行业的30个环境指标对环境绩效进行了评估。环境绩效和倾向披露与财务绩效之间呈U型关系。

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