环境信息呈现顺序与机构持股 -- 来自社会责任报告的证据.

W ith the continuous deepening of (Jhinas green environmental protection concept, the corporate social rcsponsihilitj7 (CSR) reports of listed companies have gradually become an important indicator for evaluating the future value of enterprises. Based on the order effect theory of psychology: this paper focused oil the plicnomciion of the fonvaid presentation of the environmental information chapter in (JSR reports, constnictcd the location measurement variables of the cnvironmciital inlbrmation chapter with the (JSR reports of A-share listed companies in Shanghai and Shcnzlicn Stock Exchange from 201 1 to 2021, and explored the impact of the presentation order of the environmental chapter on institutional investors through empirical research. The results showed that: (1) The forward presentation of the environmental information chapter in CSR reports led to an increase in institutional investorsf shareholding ratio, which was still valid after a series of robustness and endogeneity tests. (2) The heterogeneity analysis showed that the differential effect of the fonvard presentation of the environmental information chapter on institutional investors was mainly reflected in corporate cnvironmciital awareness, and the characteristics of institutional investors, i.c., the environmental pctformancc level, environmental information disclosure quality, and industry environmental sensitivity of listed companies, all affected the role of the environmental information chapter in institutional investorsf shareholding ratio. (Compared to non-invcstmcnt-oricntcd institutional investors, investment-oriented institutional investors were more susceptible to the impact of the fonvard presentation of the environmental information chapter, of which QFII and insurance institutional investors were more affected by the order of the environmental information chapter location.③ The economic conscquciiccs of the forward presentation of the environmental information chapter in CSR reports were mainly reflected in the improvement of the future value of enterprises. This result was tested on different value measurement variables. In low-Tohiiifs QJisted companies, the incremental effect of the fonvaid presentation of the environmental information chapter oil the future value of the enterprise was more significant. Further rcscaich showed that institutional investors could keenly perceive the economic consequences of the fonvard presentation of the environmental Liifbrmatioii chapter, and this conclusion indirectly confirmed the smart money? effect of institutional investors by favoring listed companies with low Tohinfs Q and the fonvard presentation of the environmental information chapter. This paper analyzes the impact of the order of the environmental information chapter oil institutional investorsf investment decisions, providing empirical evidence for the order effect of the environmental information chapter location in CSR reports and broadening the research field of psychological order effects in the capital market. It lias significant implications for improving the disclosure system of (JSR reports, strcngtlicning the supervision of disclosure, and increasing the usefulness of institutional investorsf dccision-making. [ABSTRACT FROM AUTHOR]