A U-shaped Relationship Between Corporate Environmental Information Disclosure and Risk Exposure in Stock Market- Empirical Evidence from Cross-sectional Data in Thermal Electricity and Metal Industries.

Abstract: Environmental information disclosure exhibits an increasing trend, and different corporate exhibit greater periodic-divergence on the quality of disclosing environmental information from 2008 to 2013. We investigate a significant causality association between environmental information disclosure, stock price risk and idiosyncratic risk exposure using Pedroni and Fisher test methodology in panel data. Our results hold the significant association between environmental information disclosure, stock price risk and idiosyncratic risk exposure exhibits a U-shaped relationship, the effect of environmental information disclosure on stock price risk and idiosyncratic risk exposure exhibits a significantly periodic-divergence from 2008 to 2013.