Business strategy and environmental information disclosure from a Confucian cultural perspective: Evidence from China
基于社会契约理论，研究企业战略对环境信息披露的影响，发现探索型战略比防御型战略披露更多，且儒家文化起正向调节作用，但环境不确定性会削弱该调节效应。
Abstract Based on social contract theory, this study investigates the impact of business strategy on environmental information disclosure from an informal institutional perspective. Using empirical data from a panel of Chinese listed A‐share firms in Shanghai and Shenzhen from 2010 to 2020, we demonstrate that firms following prospector strategies have higher levels of environmental information disclosure compared to those following defender strategies. Our findings also reveal that Confucian culture positively moderates the relationship between business strategy and environmental information disclosure. Specifically, we find that when environmental uncertainty increases, the moderating effect of Confucian culture weakens, while effective legal supervision strengthens the positive moderating effect of Confucian culture. Additionally, our results show that business strategy affects environmental information disclosure through the dual channels of economic benefits contract and social recognition contract. Overall, this research provides valuable insights for corporate sustainable development and effective government environmental governance.