The Impact of Environmental Disclosure on Market Added Value Considering the Moderating Role of Corporate Governance
Authors
Zahra Mohammadi Asl
Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
Soghra Barari Nokashti
Assistant Professor, Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
Keywords:
Environmental Disclosure, Market Added Value, Corporate Governance, Panel Data Regression
Abstract
This study examined the impact of environmental disclosure on market added value, considering the moderating role of corporate governance. The main objective of the research was to analyze the relationship between environmental disclosure and market added value of companies and to investigate the role of corporate governance in moderating this relationship. To achieve this objective, financial and environmental data from 167 companies listed on the Tehran Stock Exchange from 2018 to 2022 were collected and analyzed using panel data regression models. The results revealed that environmental disclosure has a positive and significant effect on market added value, meaning that companies that disclose more information about their environmental activities typically achieve higher market value. Additionally, the results of the second hypothesis test indicated that corporate governance, as a moderating variable, enhances the relationship between environmental disclosure and market added value. In other words, the quality and structure of corporate governance can amplify the positive impact of environmental disclosure on companies' market value. Finally, the study emphasizes that improving the quality of environmental disclosure and enhancing corporate governance structures can contribute to increasing market added value, and it is recommended that companies pay closer attention to these aspects.
