Does Disclosing Well Lead to Doing Good?
研究发现，中国强制企业定期披露社会责任活动后，企业绿色创新显著增加，且这种创新并非“漂绿”，而是具有高质量专利并改善了未来环境绩效；自愿披露则无此效果。
ABSTRACT Firms in China increase green innovation following a mandate that requires them to regularly disclose their corporate social responsibility (CSR) activities. This effect is primarily concentrated in firms with greater innovation capability, stronger innovation incentives, and more financial flexibility. Further analyses show that the CSR disclosure mandate increases media coverage of mandated firms’ environmental issues, driven largely by negative environmental news, suggesting that negative publicity plays a key role in motivating these firms to pursue green innovation. The green innovations following the mandate are unlikely to be greenwashing, as evidenced by their high patent quality and their positive impact on firms’ future environmental performance. In contrast, voluntary CSR disclosure does not affect corporate green innovation and increases positive, but not negative, environmental media coverage. Our findings support the Porter Hypothesis by showing that disclosure‐based environmental regulations can effectively promote meaningful corporate innovation.