ISSN 2096-2533

CN 42-1881/F



  • 2020.5(4)


发布时间:2020-12-31作者:周志方 刘金豪 曾辉祥浏览次数:215


周志方 刘金豪 曾辉祥


Impact of Water Information Disclosure on Corporate Risk-taking level Evidence from High Water-risk Industry

Zhou ZhifangLiu Jinhao  and  Zeng Huixiang




Abstract: With the increasing climate change and environmental pollution, the water resources crisis is becoming more and more serious. How to manage water resources and effectively resolve water risks has become the focus of the government, investors, and other corporate stakeholders. Based on signaling theory and legitimacy theory, this paper examines the impact of water disclosure on corporate risk-taking and the moderating effect of organizational legitimacy. The study selects 334 listed companies in Chinese high water-risk industries and uses the companies’ data from 2010 to 2015 as samples. The results show that water disclosure is negatively related to corporate risk-taking, and the relationship between the two with the difference in property rights and the relative level of water information disclosure. A further study finds that, organizational legitimacy plays a significant moderating role on the impact of water disclosure on corporate risk-taking. The study reveals the impact mechanism of water disclosure on corporate risk-taking, shedding light on water-related disclosure and the enhancement of corporate risk-taking.

Keywords: Water Disclosure; Corporate Risk-taking; Organizational Legitimacy; High Water-risk Industries






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