2. Research Framework and Hypothesis
2.1. Literature review Some companies have begun to implement proactive environmental protection measures, such as reporting environmental information that go beyond the basic commitments to achieve higher environmental goals (Liu & Anbumozhi, 2009). However, the environmental behavior of Chinese companies has not only been affected by government, it has also influenced by other stakeholders such as investors, surrounding residents, industry associations and employees (Clark, 2005). Therefore, other methods should be used, such as economic incentives to business-led voluntary initiatives and environmental information disclosure strategies, to enhance the interaction between companies and investors for higher environmental goals (Henriques & Sadorsky, 1996