Clearing the Air on a Bad Air Day: Air Pollution and Interactive Corporate Communication

Clearing the Air on a Bad Air Day: Air Pollution and Interactive Corporate Communication

拨开雾霾：空气污染与企业互动沟通

Authors: Yawen Jiao, Longfangzhou Li, Fujing Xue, and Xiaofeng Zhao^*

Project Description

This project investigates the impact of air pollution on corporate disclosure and interactive communication behaviors, with a particular focus on how pollution influences board secretaries’ responses to investor inquiries on the Information Interaction Platform (IIP). Using data from companies listed on the Shenzhen Stock Exchange from 2014 to 2020, combined with real-time air quality data, the project examines the relationship between air quality on specific dates and the likelihood and quality of board secretaries’ responses. Additionally, it explores the mechanisms by which air pollution constrains decision-making through cognitive and behavioral factors, particularly affecting responses when secretaries face more complex, challenging, or negatively framed inquiries. The project also assesses how the stock market reacts to these responses. By examining these relationships, this study aims to deepen the understanding of how environmental factors impact corporate transparency and information quality, providing insights to support policies that enhance air quality and improve corporate communication practices.

项目描述

本项目研究空气污染对企业信息披露和互动沟通行为的影响，特别关注污染如何影响董秘在信息互动平台（IIP）上对投资者提问的回应。项目利用2014年至2020年深圳证券交易所上市公司数据，并结合实时空气质量数据，分析特定日期的空气质量与公司董秘的回应可能性及回应质量之间的关系。同时，深入探讨空气污染通过认知和行为机制对决策的限制，尤其是在董秘面对更复杂、具有挑战性或负面的提问时对其回应的影响。此外，项目还评估了股票市场对这些回复的反应。通过探索这种关系，本项目旨在增进对环境因素对企业透明度和信息质量影响的理解，为改善空气质量和企业沟通实践的政策提供参考。

Objectives

l  Assess the Impact of Air Pollution on Corporate Interactive Communication and Its Mechanisms: Analyze how air quality influences board secretaries’ response rate, detail, and relevance to investor inquiries on the IIP, and explore the cognitive constraints imposed by pollution on board secretaries.

l  Expand Research on Environmental Factors in Corporate Communication: Position air pollution as a significant environmental factor influencing corporate interactions on the IIP, broadening the scope of influencing factors in corporate communication.

l  Investigate Market Reactions to Firms’ Responses under Varying Pollution Levels: Use intra-day trading data to analyze how stock prices react to firms' actions, with a focus on price changes around firms' response times on days with different air quality levels.

l  Provide Empirical Evidence for Policymakers: Supply policymakers with empirical data highlighting the importance of addressing environmental issues for public health and enhancing corporate transparency.

l  Enhance Corporate Adaptation Strategies: Identify and recommend adaptive strategies to help companies mitigate the impact of air pollution on the effectiveness of investor communications.

研究目标

Ø  评估空气污染对企业互动沟通的影响及作用机制：分析空气质量如何影响董秘在IIP上对投资者提问的回应率、详细程度和相关性，探讨污染对公司董秘的认知制约影响。

Ø  拓展公司沟通中环境因素的研究：将空气污染视为影响公司在 IIP 上沟通的重要环境因素，拓展对公司沟通影响因素的研究范畴。

Ø  研究在不同污染水平下市场对公司回应的反应：利用日内交易数据分析股票价格对公司行为的反应，重点考察在不同空气质量的日期公司回应时间附近的价格变化。

Ø  为政策制定者提供实证依据：为政策制定者提供实证数据，展示解决环境问题对于公共健康和提升公司透明度的重要性。

Ø  提升公司适应性策略：识别并推荐适应性策略，帮助公司减轻空气污染对投资者沟通效果的影响。

Expected Outcomes

l  Present evidence on how air pollution impacts firms' decision-making processes, particularly their responsiveness to investor-initiated communications.

l  Identify the mechanisms through which air pollution affects corporate communication and information disclosure.

l  Demonstrate how air pollution influences the informativeness of stock prices by affecting firms' communication with external investors.

l  Provide policy insights to improve air quality in support of corporate governance transparency.

预期成果

Ø  提供证据显示空气污染如何影响公司决策过程，尤其是公司对投资者发起的沟通的响应性。

Ø  识别空气污染影响企业沟通与信息披露的机制。

Ø  展示空气污染通过影响公司与外部投资者的沟通，如何影响股票价格的信息含量。

Ø  提供政策建议，以改善空气质量，支持公司治理透明度。