Does Disclosure Matter? Coupling Information to Performance in Texas
研究了2019年德克萨斯州一项增加油气检查信息公开的政策变化，发现信息披露增加后，检查员发现的月均违规减少，但监管机构采取的执法行动增加，揭示了信息透明度与企业行为及执法之间的复杂关系。
ABSTRACT Policy scholars have explored various policy instruments to understand how states work toward multiple goals. However, little attention has been given to the enforcement of these policies, especially as it relates to how changes relative to the disclosure of information impact policy enforcement and performance. Enforcement, like rule formulation and adoption, involves complex regulatory processes, political dimensions, and potential place‐based disputes. Even within one state, enforcement varies significantly over time and across regions due to differences in exigency, staffing, and resources. Addressing this gap, our study focuses on a 2019 policy change in Texas that increased the disclosure of information via public access to information on the locations, frequencies, and results of oil and gas related inspections, violations, and administrative enforcement actions. In short, we ask, does information disclosure matter? Our data reveal a nuanced set of results: while greater disclosure appears to have contributed to a decrease in average monthly violations identified by inspectors, there was a notable increase in the number of enforcement actions taken by state regulators. In short, results highlight the complex relationship among information, transparency, firm behavior, and state enforcement agencies.