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Biodiversity Disclosure and Analyst Forecast Accuracy: Evidence From Chinese A‐Share Firms

Year: 2026

Type: article

Abstract: ABSTRACT We examine whether biodiversity‐related disclosure in annual reports is associated with analyst forecast accuracy among Chinese A‐share firms. Using 20,038 firm‐year observations from 2011 to 2023 and a dictionary‐based measure validated against independent manual coding, we find that greater disclosure intensity is associated with lower subsequent forecast error after accounting for firms' broader ESG and textual‐reporting characteristics. The negative association is evident in firm‐grouped cross‐fitted estimates and in forecasts issued within 30 days of annual‐report publication. Evidence for forecast dispersion is weaker.

Source: Corporate Social Responsibility and Environmental Management

DOI: 10.1002/csr.71056

Authors: Han Sun, Hyoung‐Goo Kang, Jaeho Lee, Doojin Ryu

Institutions: Sungkyunkwan University, Hanyang University

Language: English

Topic: Corporate Social Responsibility Reporting

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: bronze

OpenAlex ID: W7221613857

FWCI:

Cites: 34

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