Does charitable donation affect corporate environmental information disclosure? -- Moderating effect based on institutional investors' shareholding

In the context of ecological civilization construction, this paper takes China's Ashare listed companies from 2010 to 2021 as the research sample to study the impact of listed companies' charitable donations on environmental information disclosure, and analyzes the moderating role played by institutional investors. The results show that the larger the scale of charitable donation of listed companies is, the higher the level of environmental information disclosure is, and the improvement of non-monetary environmental information disclosure is more obvious, and there is a masking phenomenon. Institutional investors' shareholding has an inhibitory effect on the relationship between charitable donation and environmental information disclosure, and the inhibitory effect of pressure resistant institutional investors is more significant. Further research shows that the moderating effect of institutional investors is different in the internal and external characteristics of enterprises. Based on the internal characteristics of enterprises, the moderating effect of institutional investors is stronger in non-state-owned enterprises and heavy pollution industries. At the same time, it is found that in the external characteristics of enterprises, the inhibition effect of institutional investors on the positive correlation between charitable donation and environmental information disclosure quality is more obvious for enterprises with lower competition degree and enterprises located in the eastern or western regions.