How Firms Respond to Mandatory Information Disclosure

摘要: Mandatory information disclosure regulations seek to create institutional pressure spur performance improvement. By examining how organizational characteristics moderate establishments’ responses a prominent environmental program, we provide among the first empirical evidence characterizing heterogeneous by those mandated disclose information. We find particularly rapid improvement establishments located close their headquarters and with proximate siblings, especially when siblings are in same industry. Large improve more slowly than small sparse regions, but both groups similarly dense suggesting that density mitigates power of large resist pressures. Finally, privately held firms’ outperform owned public firms. highlight implications for theory, managers, policymakers.