Environmental information disclosure and firms? green innovation: Evidence from China

Environmental information regulation has attracted growing attention from policymakers and scholars. We conduct a quasi-natural experiment based on the pollution information transparency index (PITI) assessment for Chinese cities in 2008, applying the difference-in-difference-indifferences estimation to identify the impact of PITI disclosure on firms' green innovation. Our results demonstrate that environmental information disclosure increases the green patenting activity of high-polluting firms. This positive effect is greater for firms with state ownership, nonforeign ownership, high-tech certification experience, and large firm size. We also find that increased corporate social responsibility following PITI disclosure is the main driving force for increased green patenting.

环境信息监管日益受到政策制定者和学者的关注。我们基于2008年中国城市的污染信息透明度指数（PITI）评估进行了一项准自然实验，运用三重差分估计来确定PITI披露对企业绿色创新的影响。我们的研究结果表明，环境信息披露增加了高污染企业的绿色专利活动。对于国有性质、非外资性质、有高新技术认证经验以及规模较大的企业，这种积极影响更为显著。我们还发现，PITI披露后企业社会责任的增强是绿色专利增加的主要驱动力。