Managing Biodiversity Disclosure in Global Firms: How Culture, Institutions and Risk Shape Corporate Reporting
研究了全球4703家企业2013-2022年生物多样性信息披露的驱动因素，发现环境创新、高管激励与气候意识促进披露，而腐败和能源强度抑制披露；外部地缘政治风险增加披露，国内政治风险则降低披露，且高质量披露依赖于国家能力、市场效率和文化个人主义。
ABSTRACT This study examines the drivers of biodiversity disclosure and the interplay between firm strategies and national institutions in shaping transparency. Using a global panel of 4703 firms across 40 economies from 2013 to 2022, we integrate differentiation, signalling and institutional perspectives to explain variation in reporting behaviour. Biodiversity disclosure is higher among firms engaged in environmental innovation, aligning executive incentives with sustainability and exhibiting greater climate awareness. In contrast, disclosure declines in environments with higher corruption and energy intensity. External geopolitical risk increases reporting, consistent with legitimacy‐seeking, whereas domestic political risk suppresses transparency. Results are robust across specifications and samples. High‐quality disclosure is most prevalent where strong state capacity, efficient markets and supportive cultural norms reinforce transparency, with cultural individualism acting as an enabling condition and formal regulation playing a stronger role in developing economies.