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Does Clan Culture Promote Corporate Natural Resource Disclosure? Evidence from Chinese Natural Resource-Based Listed Companies

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Abstract

With the problems of climate warming and ecological destruction becoming more and more serious, natural risks have attracted more and more attention, and corporate natural resource disclosure has gradually become a focal topic in academia. Therefore, based on the institutional theory and the upper echelon theory, this study selects 348 Chinese natural resource-based listed companies in Shanghai and Shenzhen stock markets from 2014 to 2021 as samples to investigate the influence of clan culture on corporate natural resource disclosure and the moderating effect of natural resource endowment on the relationship between the two, and analyzes the heterogeneity from the two aspects of the workplace and growth experience of corporate executives. The results indicate that clan culture has a significant positive effect on corporate natural resource disclosure. Natural resource endowment can negatively moderate the effect of clan culture on corporate natural resource disclosure. The positive effect of clan culture on the quality of corporate natural resource disclosure is significant when executives work in their birthplace or are born before the Cultural Revolution, but it is not significant when executives do not work in their birthplace or are born after the Cultural Revolution. These findings help to extend the analysis of the influence of informal institutions on information disclosure, providing a reference for future research on natural resource disclosure and informal institutions in developing countries.

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Data Availability

The datasets generated or analyzed during this study are available from the corresponding author on reasonable request.

Notes

  1. The reasons why these studies are said to confuse natural resource disclosure with environmental information disclosure are as follows: (1) Zeng et al. (2010) directly define environmental information as “the disclosure of information about activities related to the natural environment”. (2) Zhao (2014) mentions the increasing disclosure of natural resource information by companies, but uses “green financial information” as the subject of analysis, which is more unfortunate, natural resource disclosure is not directly analyzed. (3) In China, there has been a shift from environmental information to environment, social and governance (ESG) disclosure in recent years (Li et al, Liu et al., 2021), and environmental information disclosure in China is mainly disclosed in the non-financial disclosure report of the corporate social responsibility (CSR) disclosure, and there is no separate environmental information disclosure report. However, the designation of non-financial reports represents a plurality and is not uniform, and according to statistics, a total of 1392 A-share listed companies in China disclosed non-financial reports in FY2021, including 1146 CSR disclosures (82.36%), 186 ESG reports (10.05%), 42 sustainability reports (3.94%) and 18 others (1.29%).

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Acknowledgements

We sincerely thank the editors, anonymous referees and others for their help, whose remarks and suggestions have been very constructive and inspiring in preparing the final version of the article.

Funding

This work was supported by the National Planning Office of Philosophy and Social Science [Grant Number 15BGL054]; Major Project of Philosophy and Social Science Research in Colleges and Universities of Jiangsu Province [Grant Number 21SYC-028] and Fundamental Research Funds for the central Universities [Grant Number B210207003].

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Authors and Affiliations

  1. School of Business, Hohai University, Focheng West Road 8, Nanjing, 211100, China

    Yongjun Tang, Qi Li & Mingjia Sun

  2. School of Accounting, Nanjing University of Finance & Economics, Wenyuan Road 3, Nanjing, 210023, China

    Fen Zhou

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Contributions

Conception and design of the paper was performed by YT. Material preparation, data collection and writing were performed by QL. The first draft of the manuscript was written by MS. FZ contributed to different parts of the text and at different stages of the writing process. All authors commented on previous versions of the manuscript and read and approved the final manuscript.

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Correspondence to Fen Zhou.

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Tang, Y., Li, Q., Zhou, F. et al. Does Clan Culture Promote Corporate Natural Resource Disclosure? Evidence from Chinese Natural Resource-Based Listed Companies. J Bus Ethics (2023). https://doi.org/10.1007/s10551-023-05515-9

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