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This study examines the relationship between corporate environmental policy disclosures and firms' environmental investments. Using an endogenous switching probit (ESP) model to mitigate potential endogeneity issues, this study serves two purposes. Initially, it estimates the influence of six organizational characteristics--size, age, manager gender, export orientation, family ownership, and corporate group affiliation--on the probability of firms declaring pro-environmental policies. Subsequently, we test whether such policy disclosures are reliable predictors of environmental investment. We use the retail sector as a case study because of its pivotal role as an intermediary between primary producers, manufacturers, and consumers, thereby holding a uniquely influential position in driving sustainable consumption and production. Our results show a positive relationship between size, manager gender, export orientation, family ownership, and corporate group affiliation. In addition, we find that declaring an environmental policy positively affects the likelihood of businesses investing in environmental protection. This study contributes to the existing literature in three significant ways: it increases the evidence supporting a causal relationship between environmental policy disclosure and environmental investments; it is the first to explore this relationship within the retail industry; and it broadens our understanding of this dynamic in the context of developing countries. [ABSTRACT FROM AUTHOR]

This study uses a choice experiment to characterize market segments (consumer preferences heterogeneity) based on three attributes of seafood (mussels) that are affected by ocean acidification: shell appearance, meat color, and nutritional composition. Using a sample of 1,257 individuals from two main cities in Chile, we estimate both the Mixed Logit model and the Latent Class model. We use the individual-specific posterior (ISP) parameters' distribution to categorize consumers' heterogeneity based on the signs and intensity (i.e., like or dislike dimension) of these ISPs. We compare the pattern of preferences and whether people are classified within the same preference pattern in both models. In general, we observed that the models identify a different number of segments with various patterns of preferences. Moreover, the models classify the same people into different groups. Since the segmentation is sensitive to the chosen model, we discuss strengths, inconsistencies, biases, and best practices regarding methodological approaches to establishing market segments in choice experiments and future ocean acidification conditions. [ABSTRACT FROM AUTHOR]