Peer effect of environmental information disclosure behavior in China:Empirical test based on "Real green" and "Fake green"

The quality of corporate environmental information disclosure is concerned by all sectors of society. Using data on Chinese listed A-share companies in heavy polluting industries from 2015 to 2022, this study examines whether the "quantity" and "quality" dimensions of corporate environmental information disclosure have peer effects in the same region. Further, it compares the mechanism and economic consequences of the "real green" and "fake green" behaviors. The empirical results show that environmental information disclosure has peer effect in both "quantity" and "quality", and the "real green" behavior and "fake green" behavior also exist. Two underlying mechanisms are identified: social learning and competitive imitation mechanisms. Further analysis reveals that the peer effect of "Real green" behavior is derived from the competitive imitation mechanism, and that of "Fake green" behavior is derived from the social learning mechanism. Overall, the peer effect of environmental information disclosure quality weakens the green innovation ability. Further, shows that the peer effect of "Real green" behavior has a positive U-shaped impact on green innovation. Research attention and environmental regulation play a certain role in regulating the peer effect on the quality of environmental information disclosure.