Price pressure effects of short selling on environmental disclosure

References

• Aerts, W., D. Cormier,and, and M. Magnan. 2008. “Corporate Environmental Disclosure, Financial Markets and the Media: An International Perspective.” Ecological Economics 64 (3): 643–659. doi:10.1016/j.ecolecon.2007.04.012.
   Web of Science ®Google Scholar
• Allen, F., and D. Gale. 1991. “Arbitrage, Short Sales, and Financial Innovation.” Econometrica 59 (4): 1041–1068. doi:10.2307/2938173.
   Web of Science ®Google Scholar
• Altamuro, J., and A. Beatty. 2010. “How Does Internal Control Regulation Affect Financial Reporting?” Journal of Accounting and Economics 49 (1–2): 58–74. doi:10.1016/j.jacceco.2009.07.002.
   Web of Science ®Google Scholar
• Beyer, A., D. A. Cohen, T. Z. Lys, and B. R. Walther. 2010. “The Financial Reporting Environment: Review of the Recent Literature.” Journal of Accounting and Economics 50 (2): 296–343.
   Web of Science ®Google Scholar
• Brammer, S., and S. Pavelin. 2006. “Voluntary Environmental Disclosures by Large UK Companies.” Journal of Business Finance and Accounting 33 (7–8): 1168–1188. doi:10.1111/j.1468-5957.2006.00598.x.
   Web of Science ®Google Scholar
• Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. “Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis.” Accounting, Organizations and Society 33 (4–5): 303–327. doi:10.1016/j.aos.2007.05.003.
   Web of Science ®Google Scholar
• Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2011. “Does It Really Pay to Be Green? Determinants and Consequences of Proactive Environmental Strategies.” Journal of Accounting and Public Policy 30 (2): 122–144. doi:10.1016/j.jaccpubpol.2010.09.013.
   Web of Science ®Google Scholar
• Cormier, D., and M. Magnan. 1999. “Corporate Environmental Disclosure Strategies: Determinants, Costs and Benefits.” Journal of Accounting, Auditing and Finance 14 (4): 429–451. doi:10.1177/0148558X9901400403.
   Google Scholar
• Darrell, W., and B. N. Schwartz. 1997. “Environmental Disclosures and Public Policy Pressure.” Journal of Accounting and Public Policy 16 (2): 125–154. doi:10.1016/S0278-4254(96)00015-4.
   Google Scholar
• Degeorge, F., Y. Ding, T. Jeanjean, and H. Stolowy. 2005. Does Analyst following Curb Earnings Management? International Evidence. Chambre de Commerce et d’Industrie de Paris.
   Google Scholar
• Fang, V. W., A. H. Huang, and J. M. Karpoff. 2016. “Short Selling and Earnings Management: A Controlled Experiment.” The Journal of Finance 71 (3): 1251–1294. doi:10.1111/jofi.12369.
   Web of Science ®Google Scholar
• Fosu, S., A. Danso, W. Ahmad, and W. Coffie. 2016. “Information Asymmetry, Leverage and Firm Value: Do Crisis and Growth Matter?” International Review of Financial Analysis 46 (7): 140–150. doi:10.1016/j.irfa.2016.05.002.
   Google Scholar
• Gamble, G. O., K. Hsu, D. Kite, and R. R. Radtke. 1995. “Environmental Disclosures in Annual Reports and 10Ks: An Examination.” Accounting Horizons 9 (3): 34–54.
   Google Scholar
• Goldstein, I., and A. Guembel. 2008. “Manipulation and the Allocational Role of Prices.” The Review of Economic Studies 75 (1): 133–164. doi:10.1111/j.1467-937X.2007.00467.x.
   Web of Science ®Google Scholar
• Gormley, T. A., and D. A. Matsa. 2016. “Playing It Safe? Managerial Preferences, Risk, and Agency Conflicts.” Journal of Financial Economics 122 (3): 431–455. doi:10.1016/j.jfineco.2016.08.002.
   Web of Science ®Google Scholar
• Gray, R., M. Javad, D. M. Power, and C. D. Sinclair. 2001. “Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension.” Journal of Business Finance and Accounting 28 (3‐4): 327–356. doi:10.1111/1468-5957.00376.
   Google Scholar
• Healy, P. M., and K. G. Palepu. 2001. “Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature.” Journal of Accounting and Economics 31 (1–3): 405–440. doi:10.1016/S0165-4101(01)00018-0.
   Web of Science ®Google Scholar
• Hirshleifer, D., S. H. Teoh, and J. J. Yu. 2011. “Short Arbitrage, Return Asymmetry, and the Accrual Anomaly.” The Review of Financial Studies 24 (7): 2429–2461. doi:10.1093/rfs/hhr012.
   Web of Science ®Google Scholar
• Hooghiemstra, R. 2000. “Corporate Communication and Impression Management–new Perspectives Why Companies Engage in Corporate Social Reporting.” Journal of Business Ethics 27 (1–2): 55–68. doi:10.1023/A:1006400707757.
   Web of Science ®Google Scholar
• Iatridis, G. E. 2013. “Environmental Disclosure Quality: Evidence on Environmental Performance, Corporate Governance and Value Relevance.” Emerging Markets Review 14 (3): 55–75. doi:10.1016/j.ememar.2012.11.003.
   Google Scholar
• Jin, Z., B. Lin, X. Yang, and T. Zhang. 2018. “Accounting Conservatism and Short Selling: Evidence from China.” Journal of Business Finance and Accounting 45 (3–4): 352–394. doi:10.1111/jbfa.12302.
   Web of Science ®Google Scholar
• Jorgensen, B. N., and N. S. Soderstrom. 2007. Environmental Disclosure within Legal and Accounting Contexts: An International Perspective. New York: Columbia Business School/Chazen Web Journal.
   Google Scholar
• Karpoff, J. M., and X. Lou. 2010. “Short Sellers and Financial Misconduct.” The Journal of Finance 65 (5): 1879–1913. doi:10.1111/j.1540-6261.2010.01597.x.
   Web of Science ®Google Scholar
• Katmon, N., and O. Al Farooque. 2017. “Exploring the Impact of Internal Corporate Governance on the Relation between Disclosure Quality and Earnings Management in the UK Listed Companies.” Journal of Business Ethics 142 (2): 345–367. doi:10.1007/s10551-015-2752-8.
   Web of Science ®Google Scholar
• Krishnan, G. V. 2003. “Does Big 6 Auditor Industry Expertise Constrain Earnings Management?” Accounting Horizons 17: 1–16. doi:10.2308/acch.2003.17.s-1.1.
   Google Scholar
• Lawrence, A., M. Minutti-Meza, and P. Zhang. 2011. “Can Big 4 versus non-Big 4 Differences in Audit-quality Proxies Be Attributed to Client Characteristics?” The Accounting Review 86 (1): 259–286. doi:10.2308/accr.00000009.
   Web of Science ®Google Scholar
• Lewis, B. W., J. L. Walls, and G. W. Dowell. 2014. “Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure.” Strategic Management Journal 35 (5): 712–722. doi:10.1002/smj.2127.
   Web of Science ®Google Scholar
• Li, C., B. Liu, and P. Zhou. 2017. “Short Selling and Corporate Information Disclosure: Evidence from a Quasi-nature Experiment on Margin Trading in China.” Journal of Financial Research 9: 130–145. (in Chinese).
   Google Scholar
• Li, Y., and L. Zhang. 2015. “Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision: Evidence from a Natural Experiment.” Journal of Accounting Research 53 (1): 79–117. doi:10.1111/1475-679X.12068.
   Web of Science ®Google Scholar
• Longhofer, W., and E. Schofer. 2010. “National and Global Origins of Environmental Association.” American Sociological Review 75 (4): 505–533. doi:10.1177/0003122410374084.
   Web of Science ®Google Scholar
• Massa, M., B. Zhang, and H. Zhang. 2015. “The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?” The Review of Financial Studies 28 (6): 1701–1736. doi:10.1093/rfs/hhu147.
   Web of Science ®Google Scholar
• Merkl-Davies, D. M., and N. Brennan. 2007. “Discretionary Disclosure Strategies in Corporate Narratives: Incremental Information or Impression Management?” Journal of Accounting Literature 26: 116–196.
   Google Scholar
• Morris, S., and H. S. Shin. 1998. “Unique Equilibrium in a Model of Self-fulfilling Currency Attacks.” American Economic Review 88 (3): 587–597.
   Web of Science ®Google Scholar
• Patten, D. M. 1992. “Intra-industry Environmental Disclosures in Response to the Alaskan Oil Spill: A Note on Legitimacy Theory.” Accounting, Organizations and Society 17 (5): 471–475. doi:10.1016/0361-3682(92)90042-Q.
   Web of Science ®Google Scholar
• Wilmshurst, T. D., and G. R. Frost. 2000. “Corporate Environmental Reporting: A Test of Legitimacy Theory.” Accounting, Auditing and Accountability Journal 13 (1): 10–26. doi:10.1108/09513570010316126.
   Google Scholar
• Yao, S., and S. Li. 2018. “Distance and Government Resource Allocation: From the Perspective of Environmental Information Disclosure Policy Change.” Applied Economics 50 (54): 5893–5902. doi:10.1080/00036846.2018.1488072.
   Web of Science ®Google Scholar
• Yao, S., and J. Yang. 2017. “Geographical Distance and Environmental Information Disclosure: The Perspective of Public Pressure Transmission Efficiency.” Asia-Pacific Journal of Financial Studies 46 (3): 445–462. doi:10.1111/ajfs.12176.
   Web of Science ®Google Scholar
• Zhu, B., and F. Niu. 2016. “Investor Sentiment, Accounting Information and Stock Price: Evidence from China.” Pacific-Basin Finance Journal 38: 125–134. doi:10.1016/j.pacfin.2016.03.010.
   Web of Science ®Google Scholar