How does air pollution affect corporate information environment?
研究发现，位于空气污染严重城市的企业信息不对称程度更高，原因在于污染损害了公司治理和管理层人力资本；公司治理强、管理能力好的企业受影响较小。
Abstract In this article I examine the causal impact of air pollution on the corporate information environment. My empirical findings indicate that firms located in cities with severe air pollution tend to experience higher information asymmetry. The economic mechanisms behind this casual association come from the negative impact of air pollution on corporate governance and managerial human capital. Specifically, the positive causal association between air pollution and corporate information asymmetry is less pronounced for firms with stronger corporate governance and better managerial ability. In addition, firms exposed to more severe air pollution tend to have fewer board meetings. All main empirical findings are robust to a system generalized method of moments estimation, two‐stage least squares tests using thermal inversions as an instrumental variable, regression discontinuity tests based on the Huai River policy, and difference‐in‐difference estimations based on the 2013 Clean Air Action Plan in China. Furthermore, all main findings are confirmed by robustness tests, such as alternative proxies of air pollution and information asymmetry, and the exclusion of first‐tier cities.