Study on the Relevance of Environmental Information Disclosure and Enterprise Value: An Empirical Study in Pharmaceutical Industry

Abstract

This paper selects 130 listed companies in pharmaceutical industry from 2014 to 2016 as samples to study the relationship between environmental information disclosure and enterprise value, and further analyzes the impact of regional differences on environmental information disclosure and enterprise value. High levels of environmental information disclosure (EID) have become pressing issues due to environmental protection around the world. The regional differences are introduced as the adjustment variable by the per capita GDP of each province. The results of the empirical analysis showed: the level of environmental information disclosure in pharmaceutical industry is increasing year by year, but the overall disclosure level is pretty low. The environmental information disclosure has a positive impact on enterprise value. In regions with high level of economic development, the positive correlation between environmental information disclosure and enterprise value is more significant.