Biodiversity Disclosure and Analyst Forecast Accuracy: Evidence From Chinese A‐Share Firms

ABSTRACT We examine whether biodiversity‐related disclosure in annual reports is associated with analyst forecast accuracy among Chinese A‐share firms. Using 20,038 firm‐year observations from 2011 to 2023 and a dictionary‐based measure validated against independent manual coding, we find that greater disclosure intensity is associated with lower subsequent forecast error after accounting for firms' broader ESG and textual‐reporting characteristics. The negative association is evident in firm‐grouped cross‐fitted estimates and in forecasts issued within 30 days of annual‐report publication. Evidence for forecast dispersion is weaker.