Replication Data for: Does Disclosing Well Lead to Doing Good?

Firms in China increase green innovation following a mandate that requires them to regularly disclose their corporate social responsibility (CSR) activities. This effect is primarily concentrated in firms with greater innovation capability, stronger innovation incentives, and more financial flexibility. Further analyses show that the CSR disclosure mandate increases media coverage of mandated firms’ environmental issues, driven largely by negative environmental news, suggesting that negative publicity plays a key role in motivating these firms to pursue green innovation. The green innovations following the mandate are unlikely to be greenwashing, as evidenced by their high patent quality and their positive impact on firms’ future environmental performance. In contrast, voluntary CSR disclosure does not affect corporate green innovation, and increases positive, but not negative, environmental media coverage. Our findings support the Porter Hypothesis by showing that disclosure-based environmental regulations can effectively promote meaningful corporate innovation.中国境内企业在被要求定期披露企业社会责任（Corporate Social Responsibility，CSR）活动的强制性规定出台后，会提升绿色创新水平。该效应主要集中在创新能力更强、创新激励更充足且财务灵活性更高的企业中。进一步分析表明，CSR披露强制性规定提升了媒体对受规制企业环境议题的报道量，且该增长主要由负面环境新闻推动，这意味着负面舆论在激励企业开展绿色创新方面发挥了关键作用。该强制性规定催生的绿色创新不太可能是漂绿行为，证据在于这些创新拥有较高的专利质量，且对企业未来的环境绩效具有积极影响。与之形成对比的是，自愿性CSR披露并不会影响企业的绿色创新，且仅会增加正面而非负面的环境媒体报道量。本研究结果验证了波特假说，表明基于披露要求的环境规制能够有效推动具有实质意义的企业创新活动。