Environmental Information Disclosure Effect of A+H Cross-listing: A Study on Enhancement Mechanism and Path of Action

Yao Sheng, Zhao Yao

Foreign Economics & Management Vol. 46, Issue 08, pp. 53 - 68 (2024)  DOI:10.16538/j.cnki.fem.20240209.201

Summary

By using the data of China’s A+H cross-listed enterprises from 2012 to 2020 as the sample, this paper examines the impact of A+H cross-listing on corporate environmental information disclosure. The findings suggest that A+H cross-listing can significantly enhance corporate environmental information disclosure. Also, the promotion effect of cross-listing on environmental information disclosure is more pronounced in enterprises with more gender-diverse boards of directors, state-owned enterprises, and enterprises located in regions with a higher level of economic development, and in industries with a higher degree of competition. Furthermore, it is found that cross-listing primarily improves corporate governance through the paths of optimizing board composition and increasing board diligence, and then enhances corporate environmental information disclosure. These findings offer some policy guidance for improving corporate governance mechanisms and enhancing corporate environmental information disclosure.

Keywords

cross-listing; environmental information disclosure; corporate governance; regulatory environment