Abstract：Based on the external impact of creating social credit system construction demonstration cities, this study takes China’s A-share listed companies from 2010 to 2020 as a sample to investigate the driving factors of enterprise environmental information disclosure quality from an informal institutions perspective. The research finds that: The social credit system construction improves enterprise environmental information disclosure quality, and has a greater effect on the enterprise hard environmental information disclosure. The mechanism is to improve environmental performance, increase the availability of financing and enhance the stability of supply chain. In the improvement of enterprise environmental information disclosure quality, the social credit system construction has a more significant impact on heavily polluting enterprises, which forms a substitution effect with formal institutions such as environmental regulation and marketization level, and a synergistic effect with informal institutions such as analyst and media attention. Furthermore, it also can increase the financial value and reduce the stock price crash risk.
张欣琦，杨胜刚，王芍. 社会信用体系建设对企业环境信息披露质量的影响研究[J]. 管理学报, 2025, 22(2): 251-.
ZHANG Xinqi，YANG Shenggang，WANG Shao. Research on the Influence of Social Credit System Construction on Enterprise Environmental Information Disclosure Quality. Chinese Journal of Management, 2025, 22(2): 251-.
