The Effect of Intermediate Environmental Courts on Corporate Climate-Related Disclosure: Evidence from China
中国における中級環境裁判所が企業の気候関連情報開示に与える影響 (AI 翻訳)
Ying Yang, Jingxuan Yang, Jinlei Liu, Xizhe Wang
🤖 gxceed AI 要約
日本語
本研究は、中国の中級環境裁判所の設立が企業の気候関連開示に与える影響を検証。2010～2022年の上場企業データを用いた差分の差分分析により、環境裁判所設立後にMD&Aセクションにおける気候関連開示の強度が有意に増加することを発見。アナリストカバレッジが低い企業や内部統制の質が向上した企業で効果が顕著であり、専門的な環境司法が企業報告行動を促進する制度的要因であることを示唆。
English
This study examines whether the establishment of intermediate environmental courts in China affects corporate climate-related disclosure. Using a staggered difference-in-differences design on Chinese listed firms from 2010-2022, it finds a significant increase in climate disclosure intensity in MD&A sections following court establishment. The effect is stronger for firms with lower analyst coverage and improved internal control quality, highlighting specialized environmental adjudication as an institutional driver of reporting behavior.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では環境裁判所の設置は一般的ではないが、気候開示を促す制度要因の一例として示唆に富む。SSBJ基準の策定が進む中、開示の裏付けとなる法制度の役割を考察する上で参考になる。
In the global GX context
This study provides causal evidence that judicial institutions can drive climate disclosure, relevant for global contexts like the EU's Corporate Sustainability Reporting Directive (CSRD) and SEC climate rules, where regulatory enforcement mechanisms are debated. The findings underscore that specialized courts can enhance disclosure quality, complementing disclosure standards such as ISSB.
👥 読者別の含意
🔬研究者:Provides causal evidence from China on how judicial institutions shape climate disclosure, with heterogeneous effects across firm characteristics, advancing the empirical literature on disclosure drivers.
🏢実務担当者:Highlights that regulatory enforcement mechanisms like environmental courts can influence reporting intensity, which may be relevant for firms operating in multiple jurisdictions with varying legal environments.
🏛政策担当者:Supports the idea that specialized judicial bodies can be effective in promoting corporate climate transparency, offering a policy instrument beyond mandatory disclosure rules.
📄 Abstract（原文）
Climate-related corporate disclosure is increasingly important for investors and other stakeholders when assessing firms’ exposure to climate risks. This study examines whether the establishment of intermediate environmental courts affects corporate climate-related disclosure in China. Using a staggered difference-in-differences design and a sample of Chinese listed firms from 2010 to 2022, we find that the establishment of environmental courts is associated with a significant increase in the intensity of climate-related disclosure in firms’ Management Discussion and Analysis (MD&A) sections. The effect is more pronounced among firms with lower levels of analyst coverage and research-report attention. In contrast, firms with stronger internal governance confidence and a stronger environmental orientation exhibit a more pronounced increase in disclosure. Further analysis suggests that environmental court establishment is associated with improvements in internal control quality, which helps explain the observed changes in disclosure. Overall, the findings suggest that specialized environmental adjudication constitutes an important institutional driver of firms’ climate-related reporting behavior, although the magnitude of this effect varies with firms’ external monitoring conditions and internal governance characteristics.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.3390/su18157523first seen 2026-07-24 07:40:29
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