Environmental information disclosure and energy efficiency: empirical evidence from China.

This paper uses the exogenous shock of China's formal implementation of the environmental information disclosure system in 2008 to construct a quasi-natural experiment. Based on the panel data of prefecture-level cities from 2003 to 2019, the propensity score matching and difference in difference (PSM-DID) approach was used to systematically evaluate the impact of environmental information disclosure on energy efficiency. Overcoming the difficulties in measuring environmental information disclosure and the endogenous problem, this paper investigates the energy-saving effect of environmental information disclosure and illustrates its mechanism for the first time. The results show that environmental information disclosure significantly improved energy efficiency, and public participation played an important role in energy conservation, a conclusion that remained true after a series of robustness tests. The test of the impact mechanism shows that environmental information disclosure can achieve the goal of improving energy efficiency by promoting industrial structure upgrading and technological innovation. This paper enriches the discussion on the relationship between environmental information disclosure and energy efficiency, and provides useful policy inspiration for improving the level of energy efficiency and achieving sustainable economic development. [ABSTRACT FROM AUTHOR]