The export of Chinese firms is facing problems of low added value and high energy consumption. Various environmental control methods have emerged to promote the sustainable development of exports. Environmental information disclosure has an important impact on the development of enterprises in recent years. Can it promote exports? Based on the Heckman model, this study uses matched data from the China Industry Business Performance Data and China Stock Market and Accounting Research Database to investigate whether environmental information disclosure can influence the export of enterprises. Findings show that environmental information disclosure can promote decision-making for exports. Nonlinear results show that environmental information disclosure and hard environmental information disclosure showed a U-shaped relationship to export scale, whereas EIDS displayed an inverted U-relationship with export scale. To further verify the impact paths, the cost effect of environmental information disclosure is unconducive to export, whereas innovation, financing, and subsidy effects can increase export scale. However, the social trust effect of environmental information disclosure remains unclear.

Introduction

In recent years, “Made in China” has become a common phrase around the world. An explosive growth in exports has made China one of the world’s largest exporter. However, the competitive advantage of manufacturing in China is the high consumption of cheap labor and energy rather than relying on technological innovation. This context partly explains why China’s exports show great vulnerability when faced with external shocks and even experience continued deterioration amid the boom of exports. Departing from high consumption, high pollution, and cheap exports is urgent if China wants to upgrade from the context of “Made in China” to “Created in China.” Environmental information disclosure, as a new type of environmental supervision mode, is significant in achieving the coordinated control of environmental pollution. This mode is not only beneficial to the harmonious coexistence in society, the government, and enterprises, but also has an important strategic significance for the future development of enterprises. In recent years, environmental information disclosure has received increased attention. The publication of the “governance guidelines for listed companies” in 2002 provided the top-listed enterprises in China with increased environmental and social responsibility with emphasis on disclosing environmental information behavior. Environmental information disclosure can not only strengthen the government’s supervision of enterprise environmental governance, but also aggravate the pressure of enterprise cost and technological innovation, which may be unconducive to the accumulation of profits and export behavior (Zeng et al., 2010).