An Empirical Investigation of U.K. Environmental Targets Disclosure: The Role of Environmental Governance and Performance
研究了2005-2013年英国公司环境目标披露的程度和特点，发现环境治理机制（如GRI指南、可持续发展委员会）与环境绩效好的公司更倾向于披露硬性目标，而高环境敏感公司多披露象征性目标。
Although an increasing number of companies have publicly declared environmental targets (ETs), scant research has been conducted in this area. This study, therefore, investigates the extent of corporate environmental targets disclosure (ETD) and empirically examines whether environmental governance and performance influence the ETD of companies in the U.K. during the 2005–2013 period. We find that firms show a large degree of variability and inconsistency in their reporting of ETs. The results indicate that U.K. firms, particularly those with high environmental sensitivity, tend to disclose symbolic soft or semi-hard ETs to manage stakeholder perceptions and legitimize their existence. Moreover, Global Reporting Initiative (GRI) guidelines, sustainability committees, and sustainability assurance show positive relationships with ETD. We also find that U.K. firms that perform well environmentally are likely to set and disclose hard ETs. These results support stakeholder, legitimacy, and impression management theories. We suggest that there is a need for regulations that will not only enhance the usefulness of ETD but also encourage companies to take serious proactive action to reduce negative environmental impacts, possibly creating ‘win-win’ solutions. Our findings have important implications for policy-makers and various stakeholder groups.