A Study of the Impact of Environmental Information Disclosure on R&D Input-Output Efficiency

Abstract

Abstract: From the perspective of resource dependence theory, this paper empirically analyzes the influence and the mechanism of corporate environmental information disclosure on R&D input-output efficiency by using the data of listed companies with heavy pollution from 2009 to 2018. The findings show that enterprise environmental information disclosure has a significant promoting effect on R&D input-output efficiency. Compared with monetary environmental information disclosure, non-monetary environmental information disclosure plays an even more significant role in promoting R&D input-output efficiency. The results of further study show that the intermediate mechanism of the impact of environmental information disclosure on R&D input-output efficiency is that environmental information disclosure can relieve the financing constrains and the agency problem. The interaction of environmental information disclosure and R&D input-output can keep the continuity of R&D input and improve the conversion rate of R&D input.

Key words: environmental information disclosure, R&D input-output efficiency, financing constrains, agency problem

CLC Number:

F272.5

XU Hui, ZHOU Xiao-hua, ZHOU Bing. A Study of the Impact of Environmental Information Disclosure on R&D Input-Output Efficiency[J]. Contemporary Finance & Economics, 2020, 0(8): 139-149.

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