Environmental disclosure moderates corporate performance and market perceptions
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Sep 30, 2026
Keywords:
Earnings per share, Environmental disclosure, Emerging markets, Market perception, Stock price
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Abstract
This study advances a signal-reweighting perspective by examining whether environmental disclosure changes how investors interpret corporate performance signals in an emerging capital market. The research gap arises because prior studies commonly treat environmental disclosure as a direct determinant of firm value, while paying limited attention to its role as an information context that modifies the valuation relevance of market capitalization, earnings per share, and leverage. Using an unbalanced panel of 263 firm-year observations from Indonesian listed companies during 2020-2024, this study applies fixed-effects panel regression and Moderated Regression Analysis. The main model explains 72.81% of the variation in average annual stock prices, with market capitalization and earnings per share showing positive significant effects, while leverage is insignificant. The moderation results clarify an inconsistent pattern: environmental disclosure strengthens the market capitalization-stock price relationship, weakens the EPS-stock price relationship, and does not alter the leverage-stock price relationship. These findings extend signaling theory by showing that environmental disclosure does not merely add an ESG signal, but selectively reweights financial signals in market valuation.
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How to Cite
Pertiwi, M. I., Sakitri, W., Hidayah, S. N. A., Fafurida, F., & Nurfitriana, A. (2026). Environmental disclosure moderates corporate performance and market perceptions. Indonesia Accounting Research Journal, 14(1), 13–26. Retrieved from https://journals.iarn.or.id/index.php/Accounting/article/view/644
References
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Aruwaji, M. A., & Swanepoel, M. J. (2025). The Impact of AI-Integrated ESG Reporting on Firm Valuation in Emerging Markets: A Multimodal Analytical Approach. Journal of Risk and Financial Management, 18(12), 675. https://doi.org/10.3390/jrfm18120675
Brogi, M., & Lagasio, V. (2025). Do corporate governance frameworks affect sustainability reporting? Corporate Social Responsibility and Environmental Management, 32(3), 3928–3943. https://doi.org/10.1002/csr.3159
Buallay, A., Alajmi, J. Y., Fadhul, S., & Papoutsi, A. (2024). Beyond averages: quantile regression explorations of sustainability practices and firm value. International Journal of Innovation Science, 17(5), 1133–1163. https://doi.org/10.1108/ijis-07-2022-0125
Cai, G., Lin, B., Lu, R., & Zhang, Y. (2024). The voice of retail investors and corporate earnings quality. Journal of Business Finance & Accounting, 52(1), 374–402. https://doi.org/10.1111/jbfa.12815
Chan, L.-K., Lin, C.-Y., & Yeh, J.-H. (2025). Market Efficiency and Stability Under Short Sales Constraints: Evidence from a Natural Experiment with High-Frequency Resolution. Mathematics, 13(5), 816. https://doi.org/10.3390/math13050816
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Dsouza, S., K, K., Kayani, U., Nawaz, F., & Hasan, F. (2024). Sustainable investing: ESG effectiveness and market value in OECD regions. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2024.2445147
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Flammer, C., Toffel, M. W., & Viswanathan, K. (2021). Shareholder activism and firms’ voluntary disclosure of climate change risks. Strategic Management Journal, 42(10), 1850–1879. https://doi.org/10.1002/smj.3313
Gao, H., Shen, Z., Li, Y., Mao, X., & Shi, Y. (2019). Institutional investors, real earnings management and cost of equity: evidence from listed high-tech firms in China. Emerging Markets Finance and Trade, 56(14), 3490–3506. https://doi.org/10.1080/1540496x.2019.1650348
Gao, X., Gu, C., & Koedijk, K. (2020). Institutional investor sentiment and aggregate stock returns. European Financial Management, 27(5), 899–924. https://doi.org/10.1111/eufm.12292
Gidage, M., Gyamfi, B. A., & Asongu, S. A. (2025). Environmental reporting and financial performance: evidence from the banking sector in BRICS countries. Business Strategy and the Environment, 34(6), 7412–7437. https://doi.org/10.1002/bse.4358
Glova, J., & Panko, M. (2025). The effects of environmental, social, and governance factors on financial performance and market valuation in the European automotive industry. International Journal of Financial Studies, 13(2), 82. https://doi.org/10.3390/ijfs13020082
Golez, B., & Goyenko, R. (2021). Disagreement in the equity options market and stock returns. The Review of Financial Studies, 35(3), 1443–1479. https://doi.org/10.1093/rfs/hhab078
Hardi, I., Idroes, G. M., Utami, R. T., Dahlia, P., Mirza, M. A. F., Humam, R. A., Chairunnisa, R., Hardia, N. A. K., & Mahdani, R. (2023). Dynamic impact of inflation and exchange rate in Indonesia’s top 10 market capitalization companies: implications for stock prices. Indatu Journal of Management and Accounting, 1(2), 51–59. https://doi.org/10.60084/ijma.v1i2.110
Idayanti, R., & Nurlia, N. (2025). The mediating role of financial performance in the relationship between green accounting, leverage, and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index. Journal of Islamic Economics Lariba, 12(1), 31–72. https://doi.org/10.20885/jielariba.vol12.iss1.art2
Itan, I., Sylvia, S., Septiany, S., & Chen, R. (2025). The influence of environmental, social, and governance disclosure on market reaction: evidence from emerging markets. Discover Sustainability, 6(1), 347. https://doi.org/10.1007/s43621-025-01085-0
Kang, M., & Baek, S. (2024). Market leverage, debt heterogeneity, and equity returns. Financial Management, 53(4), 715–747. https://doi.org/10.1111/fima.12470
Klibi, E., Damak, S., & Elwafi, O. (2024). The impact of sustainability assurance levels on market capitalization: the case of French firms. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-03-2024-0162
Koroleva, E., & Tikhomirova, M. (2021). Firm performance: is transparency important? Proceedings of the 17th European Conference on Management, Leadership and Governance, ECMLG 2021, 261–267.
Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: the impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096–1107. https://doi.org/10.1002/csr.2256
Le, L. Q. (2025). The influence of audit quality on real earnings management: do leverage and cash flow matter? Journal of Economics and Development, 27(2), 144–157. https://doi.org/10.1108/jed-05-2024-0190
Lee, N., & Lee, J. (2025). Balancing carbon and profitability in aviation: a risk and policy perspective. Journal of Risk and Financial Management, 18(12), 661. https://doi.org/10.3390/jrfm18120661
Mesioye, O., & Bakare, I. A. (2024). Evaluating financial reporting quality: metrics, challenges, and impact on decision-making. International Journal of Research Publication and Reviews, 5(10), 1144–1156. https://doi.org/10.55248/gengpi.5.1024.2735
Moolkham, M. (2024). The impact of sustainable development on the relevance of accounting information and financial activities: evidence from Thailand. PloS One, 19(11), e0313299. https://doi.org/10.1371/journal.pone.0313299
Moussa, A. S., & Elmarzouky, M. (2024). Sustainability reporting and market uncertainty: the moderating effect of carbon disclosure. Sustainability, 16(13), 5290. https://doi.org/10.3390/su16135290
Munir, A. R., & Pratama, A. (2025). Emission performance, environmental disclosure, and firm value: evidence from Southeast Asia. Risks, 13(12), 235. https://doi.org/10.3390/risks13120235
Nasraoui, M., Ajina, A., & Kahloul, A. (2024). The influence of economic policy uncertainty on stock market liquidity? The mediating role of investor sentiment. The Journal of Risk Finance, 25(4), 664–683. https://doi.org/10.1108/jrf-06-2023-0129
Nguyen, H. C., & Duong, H. K. (2025). The impact of sustainability reporting on the cost of capital: evidence from Vietnam’s listed companies. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-09-2024-0642
Nguyen, T. L. H., Nguyen, T. T. H., Nguyen, T. T. H., Le, T. H. A., & Nguyen, V. C. (2020). The determinants of environmental information disclosure in Vietnam listed companies. The Journal of Asian Finance, Economics and Business, 7(2), 21–31. https://doi.org/10.13106/jafeb.2020.vol7.no2.21
Odhiambo, J. D., Murori, C. K., & Aringo, C. E. (2025). Financial leverage and firm performance: an empirical review and analysis. East African Finance Journal, 4(1), 25–35. https://doi.org/10.59413/eafj/v4.i1.2
Park, K. S., & Jung, C. S. (2023). The effects of capital structure on investment, dividend, and firm value : focusing on the interactions with management overconfidence. Asian Review of Financial Research, 36(1), 31–65. https://doi.org/10.37197/ARFR.2023.36.1.2
Piccioni, C. A., Bastos, S. B., & Cajueiro, D. O. (2024). Stock price reaction to environmental, social, and governance news: evidence from Brazil and financial materiality. Sustainability, 16(7), 2839. https://doi.org/10.3390/su16072839
Putri, A., & Tanno, A. (2024). Exploring market dynamics: a qualitative study on asset price behavior, market efficiency, and information role in investment decisions in the capital market. Atestasi : Jurnal Ilmiah Akuntansi, 7(2), 810–827. https://doi.org/10.57178/atestasi.v7i2.884
Said, M. T., & Elbannan, M. A. (2023). Do ESG ratings and COVID-19 severity score predict stock behavior and market perception? Evidence from emerging markets. Review of Accounting and Finance, 23(2), 222–255. https://doi.org/10.1108/raf-03-2023-0083
Sun, G., & Li, Y. (2025). Intraday and post-market investor sentiment for stock price prediction: a deep learning framework with explainability and quantitative trading strategy. Systems, 13(5), 390. https://doi.org/10.3390/systems13050390
Suto, M., & Takehara, H. (2020). Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan. Corporate Social Responsibility and Environmental Management, 27(6), 3047–3059. https://doi.org/10.1002/csr.2022
Tawfiq, T. T., Tawaha, H., Tahtamouni, A., & Almasria, N. A. (2024). The influence of environmental, social, and governance disclosure on capital structure: an investigation of leverage and WACC. Journal of Risk and Financial Management, 17(12), 570. https://doi.org/10.3390/jrfm17120570
Ugurlu‐Yildirim, E., Kocaarslan, B., & Ordu‐Akkaya, B. M. (2020). Monetary policy uncertainty, investor sentiment, and US stock market performance: New evidence from nonlinear cointegration analysis. International Journal of Finance & Economics, 26(2), 1724–1738. https://doi.org/10.1002/ijfe.1874
Vakhovych, I., Kryvovyazyuk, I., Kovalchuk, N., Kovalska, L., Dorosh, V., & Burban, O. (2024). Assessment of the impact of financial and non-financial instruments on equity and cash flows as the basis for decision-making to increase enterprise market capitalization. Financial and Credit Activity Problems of Theory and Practice, 4(57), 218–232. https://doi.org/10.55643/fcaptp.4.57.2024.4439
Vázquez‐Brust, D., Jabbour, C. J. C., Plaza‐Úbeda, J. A., Perez‐Valls, M., De Sousa Jabbour, A. B. L., & Renwick, D. W. S. (2022). The role of green human resource management in the translation of greening pressures into environmental protection practices. Business Strategy and the Environment, 32(6), 3628–3648. https://doi.org/10.1002/bse.3319
Vinodkumar, N., & Alarifi, G. (2022). Environmental social governance: a core value to responsible stakeholders and stock market sustainability in the Kingdom of Saudi Arabia. Journal of Sustainable Finance & Investment, 12(4), 1085–1101. https://doi.org/10.1080/20430795.2020.1827602
Yu, D., Meng, T., Zheng, M., & Ma, R. (2024). ESG uncertainty, investor attention and stock price crash risk in China: evidence from PVAR model analysis. Humanities and Social Sciences Communications, 11(1). https://doi.org/10.1057/s41599-024-03621-1
Yuan, S., Huang, W., & Goodell, J. W. (2025). The facade of accountability: symbolic assurance and earnings management. Journal of Accounting Literature, 1–19. https://doi.org/10.1108/JAL-04-2025-0188
Zhou, Y., Chen, L., Zhang, Y., & Li, W. (2023). “Environmental disclosure greenwashing” and corporate value: The premium effect and premium devalue of environmental information. Corporate Social Responsibility and Environmental Management, 31(3), 2424–2438. https://doi.org/10.1002/csr.2698
Zhou, Y., Luo, L., & Tang, T. (2025). Share pledging and environmental investment: evidence from China. Journal of Business Finance & Accounting, 52(4), 1687–1712. https://doi.org/10.1111/jbfa.12856
Amihud, Y., & Levi, S. (2022). The Effect of Stock Liquidity on the Firm’s Investment and Production. The Review of Financial Studies, 36(3), 1094–1147. https://doi.org/10.1093/rfs/hhac036
Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71. https://doi.org/10.1108/jcms-10-2022-0038
Arif, M., Gan, C., & Bataineh, H. A. (2024). Global evidence on the association between environmental, social, and governance disclosures and future earnings risk. Business Strategy and the Environment, 33(3), 2497–2517. https://doi.org/10.1002/bse.3595
Aruwaji, M. A., & Swanepoel, M. J. (2025). The Impact of AI-Integrated ESG Reporting on Firm Valuation in Emerging Markets: A Multimodal Analytical Approach. Journal of Risk and Financial Management, 18(12), 675. https://doi.org/10.3390/jrfm18120675
Brogi, M., & Lagasio, V. (2025). Do corporate governance frameworks affect sustainability reporting? Corporate Social Responsibility and Environmental Management, 32(3), 3928–3943. https://doi.org/10.1002/csr.3159
Buallay, A., Alajmi, J. Y., Fadhul, S., & Papoutsi, A. (2024). Beyond averages: quantile regression explorations of sustainability practices and firm value. International Journal of Innovation Science, 17(5), 1133–1163. https://doi.org/10.1108/ijis-07-2022-0125
Cai, G., Lin, B., Lu, R., & Zhang, Y. (2024). The voice of retail investors and corporate earnings quality. Journal of Business Finance & Accounting, 52(1), 374–402. https://doi.org/10.1111/jbfa.12815
Chan, L.-K., Lin, C.-Y., & Yeh, J.-H. (2025). Market Efficiency and Stability Under Short Sales Constraints: Evidence from a Natural Experiment with High-Frequency Resolution. Mathematics, 13(5), 816. https://doi.org/10.3390/math13050816
Choi, J., Choi, S., Myers, L. A., & Ziebart, D. (2019). Financial Statement Comparability and the Informativeness of Stock Prices About Future Earnings. Contemporary Accounting Research, 36(1), 389–417. https://doi.org/10.1111/1911-3846.12442
De Souza Junior, W. D., Hijazi, M. M., & Da Silva, T. P. (2024). Determinants of dividend payout policy: more evidence from emerging markets of G20 Bloc. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.3111
Dsouza, S., K, K., Kayani, U., Nawaz, F., & Hasan, F. (2024). Sustainable investing: ESG effectiveness and market value in OECD regions. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2024.2445147
Faruk, M. O., Patwary, M. M., & Hasnat, M. A. (2025). The Influence of Legal Person Ownership on Leverage and Financing Costs in Chinese Listed Companies. European Modern Studies Journal, 9(6), 84–104. https://doi.org/10.59573/emsj.9(6).2025.7
Flammer, C., Toffel, M. W., & Viswanathan, K. (2021). Shareholder activism and firms’ voluntary disclosure of climate change risks. Strategic Management Journal, 42(10), 1850–1879. https://doi.org/10.1002/smj.3313
Gao, H., Shen, Z., Li, Y., Mao, X., & Shi, Y. (2019). Institutional investors, real earnings management and cost of equity: evidence from listed high-tech firms in China. Emerging Markets Finance and Trade, 56(14), 3490–3506. https://doi.org/10.1080/1540496x.2019.1650348
Gao, X., Gu, C., & Koedijk, K. (2020). Institutional investor sentiment and aggregate stock returns. European Financial Management, 27(5), 899–924. https://doi.org/10.1111/eufm.12292
Gidage, M., Gyamfi, B. A., & Asongu, S. A. (2025). Environmental reporting and financial performance: evidence from the banking sector in BRICS countries. Business Strategy and the Environment, 34(6), 7412–7437. https://doi.org/10.1002/bse.4358
Glova, J., & Panko, M. (2025). The effects of environmental, social, and governance factors on financial performance and market valuation in the European automotive industry. International Journal of Financial Studies, 13(2), 82. https://doi.org/10.3390/ijfs13020082
Golez, B., & Goyenko, R. (2021). Disagreement in the equity options market and stock returns. The Review of Financial Studies, 35(3), 1443–1479. https://doi.org/10.1093/rfs/hhab078
Hardi, I., Idroes, G. M., Utami, R. T., Dahlia, P., Mirza, M. A. F., Humam, R. A., Chairunnisa, R., Hardia, N. A. K., & Mahdani, R. (2023). Dynamic impact of inflation and exchange rate in Indonesia’s top 10 market capitalization companies: implications for stock prices. Indatu Journal of Management and Accounting, 1(2), 51–59. https://doi.org/10.60084/ijma.v1i2.110
Idayanti, R., & Nurlia, N. (2025). The mediating role of financial performance in the relationship between green accounting, leverage, and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index. Journal of Islamic Economics Lariba, 12(1), 31–72. https://doi.org/10.20885/jielariba.vol12.iss1.art2
Itan, I., Sylvia, S., Septiany, S., & Chen, R. (2025). The influence of environmental, social, and governance disclosure on market reaction: evidence from emerging markets. Discover Sustainability, 6(1), 347. https://doi.org/10.1007/s43621-025-01085-0
Kang, M., & Baek, S. (2024). Market leverage, debt heterogeneity, and equity returns. Financial Management, 53(4), 715–747. https://doi.org/10.1111/fima.12470
Klibi, E., Damak, S., & Elwafi, O. (2024). The impact of sustainability assurance levels on market capitalization: the case of French firms. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-03-2024-0162
Koroleva, E., & Tikhomirova, M. (2021). Firm performance: is transparency important? Proceedings of the 17th European Conference on Management, Leadership and Governance, ECMLG 2021, 261–267.
Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: the impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096–1107. https://doi.org/10.1002/csr.2256
Le, L. Q. (2025). The influence of audit quality on real earnings management: do leverage and cash flow matter? Journal of Economics and Development, 27(2), 144–157. https://doi.org/10.1108/jed-05-2024-0190
Lee, N., & Lee, J. (2025). Balancing carbon and profitability in aviation: a risk and policy perspective. Journal of Risk and Financial Management, 18(12), 661. https://doi.org/10.3390/jrfm18120661
Mesioye, O., & Bakare, I. A. (2024). Evaluating financial reporting quality: metrics, challenges, and impact on decision-making. International Journal of Research Publication and Reviews, 5(10), 1144–1156. https://doi.org/10.55248/gengpi.5.1024.2735
Moolkham, M. (2024). The impact of sustainable development on the relevance of accounting information and financial activities: evidence from Thailand. PloS One, 19(11), e0313299. https://doi.org/10.1371/journal.pone.0313299
Moussa, A. S., & Elmarzouky, M. (2024). Sustainability reporting and market uncertainty: the moderating effect of carbon disclosure. Sustainability, 16(13), 5290. https://doi.org/10.3390/su16135290
Munir, A. R., & Pratama, A. (2025). Emission performance, environmental disclosure, and firm value: evidence from Southeast Asia. Risks, 13(12), 235. https://doi.org/10.3390/risks13120235
Nasraoui, M., Ajina, A., & Kahloul, A. (2024). The influence of economic policy uncertainty on stock market liquidity? The mediating role of investor sentiment. The Journal of Risk Finance, 25(4), 664–683. https://doi.org/10.1108/jrf-06-2023-0129
Nguyen, H. C., & Duong, H. K. (2025). The impact of sustainability reporting on the cost of capital: evidence from Vietnam’s listed companies. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-09-2024-0642
Nguyen, T. L. H., Nguyen, T. T. H., Nguyen, T. T. H., Le, T. H. A., & Nguyen, V. C. (2020). The determinants of environmental information disclosure in Vietnam listed companies. The Journal of Asian Finance, Economics and Business, 7(2), 21–31. https://doi.org/10.13106/jafeb.2020.vol7.no2.21
Odhiambo, J. D., Murori, C. K., & Aringo, C. E. (2025). Financial leverage and firm performance: an empirical review and analysis. East African Finance Journal, 4(1), 25–35. https://doi.org/10.59413/eafj/v4.i1.2
Park, K. S., & Jung, C. S. (2023). The effects of capital structure on investment, dividend, and firm value : focusing on the interactions with management overconfidence. Asian Review of Financial Research, 36(1), 31–65. https://doi.org/10.37197/ARFR.2023.36.1.2
Piccioni, C. A., Bastos, S. B., & Cajueiro, D. O. (2024). Stock price reaction to environmental, social, and governance news: evidence from Brazil and financial materiality. Sustainability, 16(7), 2839. https://doi.org/10.3390/su16072839
Putri, A., & Tanno, A. (2024). Exploring market dynamics: a qualitative study on asset price behavior, market efficiency, and information role in investment decisions in the capital market. Atestasi : Jurnal Ilmiah Akuntansi, 7(2), 810–827. https://doi.org/10.57178/atestasi.v7i2.884
Said, M. T., & Elbannan, M. A. (2023). Do ESG ratings and COVID-19 severity score predict stock behavior and market perception? Evidence from emerging markets. Review of Accounting and Finance, 23(2), 222–255. https://doi.org/10.1108/raf-03-2023-0083
Sun, G., & Li, Y. (2025). Intraday and post-market investor sentiment for stock price prediction: a deep learning framework with explainability and quantitative trading strategy. Systems, 13(5), 390. https://doi.org/10.3390/systems13050390
Suto, M., & Takehara, H. (2020). Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan. Corporate Social Responsibility and Environmental Management, 27(6), 3047–3059. https://doi.org/10.1002/csr.2022
Tawfiq, T. T., Tawaha, H., Tahtamouni, A., & Almasria, N. A. (2024). The influence of environmental, social, and governance disclosure on capital structure: an investigation of leverage and WACC. Journal of Risk and Financial Management, 17(12), 570. https://doi.org/10.3390/jrfm17120570
Ugurlu‐Yildirim, E., Kocaarslan, B., & Ordu‐Akkaya, B. M. (2020). Monetary policy uncertainty, investor sentiment, and US stock market performance: New evidence from nonlinear cointegration analysis. International Journal of Finance & Economics, 26(2), 1724–1738. https://doi.org/10.1002/ijfe.1874
Vakhovych, I., Kryvovyazyuk, I., Kovalchuk, N., Kovalska, L., Dorosh, V., & Burban, O. (2024). Assessment of the impact of financial and non-financial instruments on equity and cash flows as the basis for decision-making to increase enterprise market capitalization. Financial and Credit Activity Problems of Theory and Practice, 4(57), 218–232. https://doi.org/10.55643/fcaptp.4.57.2024.4439
Vázquez‐Brust, D., Jabbour, C. J. C., Plaza‐Úbeda, J. A., Perez‐Valls, M., De Sousa Jabbour, A. B. L., & Renwick, D. W. S. (2022). The role of green human resource management in the translation of greening pressures into environmental protection practices. Business Strategy and the Environment, 32(6), 3628–3648. https://doi.org/10.1002/bse.3319
Vinodkumar, N., & Alarifi, G. (2022). Environmental social governance: a core value to responsible stakeholders and stock market sustainability in the Kingdom of Saudi Arabia. Journal of Sustainable Finance & Investment, 12(4), 1085–1101. https://doi.org/10.1080/20430795.2020.1827602
Yu, D., Meng, T., Zheng, M., & Ma, R. (2024). ESG uncertainty, investor attention and stock price crash risk in China: evidence from PVAR model analysis. Humanities and Social Sciences Communications, 11(1). https://doi.org/10.1057/s41599-024-03621-1
Yuan, S., Huang, W., & Goodell, J. W. (2025). The facade of accountability: symbolic assurance and earnings management. Journal of Accounting Literature, 1–19. https://doi.org/10.1108/JAL-04-2025-0188
Zhou, Y., Chen, L., Zhang, Y., & Li, W. (2023). “Environmental disclosure greenwashing” and corporate value: The premium effect and premium devalue of environmental information. Corporate Social Responsibility and Environmental Management, 31(3), 2424–2438. https://doi.org/10.1002/csr.2698
Zhou, Y., Luo, L., & Tang, T. (2025). Share pledging and environmental investment: evidence from China. Journal of Business Finance & Accounting, 52(4), 1687–1712. https://doi.org/10.1111/jbfa.12856
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