Common Institutional Investors and Corporate Sustainable Information Disclosure: From the Perspective of Climate Risk Disclosure

Abstract

Abstract: Using Shanghai and Shenzhen A-share listed non-financial companies from 2014 to 2023 as the sample, this paper empirically examines the impact of common institutional ownership on corporate sustainable information disclosure and the underlying mechanism from the perspective of climate risk disclosure. The study finds that common institutional ownership has a significant positive effect on corporate climate risk disclosure, which further positively influences stock liquidity, corporate reputation, and supply chain resilience. Mechanism analysis reveals that common institutional ownership's industry influence, agency costs, and information transparency play mediating roles in this relationship. Further analysis indicates that the promoting effect is more pronounced when firms are located in the eastern region, belong to heavily polluting industries, or when the common institutional investors are pressure-resistant. This study enriches the research on factors influencing corporate sustainable information disclosure and provides new empirical evidence for firms to address climate change and promote sustainable development.

Key words: common institutional investor, corporate sustainable information disclosure, climate risk disclosure

Liu Lin, Zhao Haixu, Li Bin. Common Institutional Investors and Corporate Sustainable Information Disclosure: From the Perspective of Climate Risk Disclosure[J]. Management Review, 2026, 38(3): 198-209.

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