{"id":"https://openalex.org/W2909585274","doi":"https://doi.org/10.3390/su11020300","title":"Analyst Following, Environmental Disclosure and Cost of Equity: Research Based on Industry Classification","display_name":"Analyst Following, Environmental Disclosure and Cost of Equity: Research Based on Industry Classification","publication_year":2019,"publication_date":"2019-01-09","ids":{"openalex":"https://openalex.org/W2909585274","doi":"https://doi.org/10.3390/su11020300","mag":"2909585274"},"language":"en","primary_location":{"id":"doi:10.3390/su11020300","doi":"https://doi.org/10.3390/su11020300","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/su11020300","pdf_url":"https://www.mdpi.com/2071-1050/11/2/300/pdf?version=1547018998","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2071-1050/11/2/300/pdf?version=1547018998","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5002155089","display_name":"Sheng Yao","orcid":"https://orcid.org/0000-0002-8927-7983","observed_orcids":["https://orcid.org/0000-0002-8927-7983"]},"institutions":[{"id":"https://openalex.org/I25757504","display_name":"China University of Mining and Technology","ror":"https://ror.org/01xt2dr21","country_code":"CN","type":"education","lineage":["https://openalex.org/I25757504"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Sheng Yao","raw_affiliation_strings":["School of Management, China University of Mining and Technology, Xuzhou 221116, China"],"raw_orcid":"https://orcid.org/0000-0002-8927-7983","affiliations":[{"raw_affiliation_string":"School of Management, China University of Mining and Technology, Xuzhou 221116, China","institution_ids":["https://openalex.org/I25757504"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101082182","display_name":"Haotian Liang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I25757504","display_name":"China University of Mining and Technology","ror":"https://ror.org/01xt2dr21","country_code":"CN","type":"education","lineage":["https://openalex.org/I25757504"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Haotian Liang","raw_affiliation_strings":["School of Management, China University of Mining and Technology, Xuzhou 221116, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Management, China University of Mining and Technology, Xuzhou 221116, China","institution_ids":["https://openalex.org/I25757504"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5002155089"],"corresponding_institution_ids":["https://openalex.org/I25757504"],"apc_list":{"value":1700,"currency":"CHF","value_usd":1722},"apc_paid":{"value":1700,"currency":"CHF","value_usd":1722},"fwci":5.7696,"has_fulltext":true,"cited_by_count":29,"citation_normalized_percentile":{"value":0.95354784,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"11","issue":"2","first_page":"300","last_page":"300"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.01979999989271164,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0015999999595806003,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/analyst-coverage","display_name":"analyst coverage","score":1.0},{"id":"https://openalex.org/keywords/environmental-disclosure","display_name":"environmental disclosure","score":0.9810000061988831},{"id":"https://openalex.org/keywords/cost-of-equity","display_name":"cost of equity","score":0.9950000047683716},{"id":"https://openalex.org/keywords/heavily-polluting-industries","display_name":"heavily polluting industries","score":0.8159999847412109},{"id":"https://openalex.org/keywords/environmental-policy","display_name":"environmental policy","score":0.8989999890327454},{"id":"https://openalex.org/keywords/mediating-effect","display_name":"mediating effect","score":0.7450000047683716},{"id":"https://openalex.org/keywords/chinese-listed-companies","display_name":"Chinese listed companies","score":0.6579999923706055},{"id":"https://openalex.org/keywords/industry-classification","display_name":"industry classification","score":0.4880000054836273}],"concepts":[{"id":"https://openalex.org/C99656134","wikidata":"https://www.wikidata.org/wiki/Q2912993","display_name":"Ordinary least squares","level":2,"score":0.7035335302352905},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6798428893089294},{"id":"https://openalex.org/C2781032883","wikidata":"https://www.wikidata.org/wiki/Q3695774","display_name":"Cost of equity","level":4,"score":0.5428751111030579},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5078199505805969},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4363614320755005},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.41875773668289185},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.4129982590675354},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4073244333267212},{"id":"https://openalex.org/C134560507","wikidata":"https://www.wikidata.org/wiki/Q753291","display_name":"Environmental economics","level":1,"score":0.3677878975868225},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.21293142437934875},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.2042972445487976},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0809812843799591},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/su11020300","doi":"https://doi.org/10.3390/su11020300","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/su11020300","pdf_url":"https://www.mdpi.com/2071-1050/11/2/300/pdf?version=1547018998","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jsusta:v:11:y:2019:i:2:p:300-:d:196044","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/2071-1050/11/2/300/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:1f1cbb8ea52843c5b316fdb7fa692bcd","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/1f1cbb8ea52843c5b316fdb7fa692bcd","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Sustainability, Vol 11, Iss 2, p 300 (2019)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/su11020300","doi":"https://doi.org/10.3390/su11020300","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/su11020300","pdf_url":"https://www.mdpi.com/2071-1050/11/2/300/pdf?version=1547018998","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G4203986921","display_name":null,"funder_award_id":"2017XKQY086","funder_id":"https://openalex.org/F4320335787","funder_display_name":"Fundamental Research Funds for the Central Universities"}],"funders":[{"id":"https://openalex.org/F4320335787","display_name":"Fundamental Research Funds for the Central Universities","ror":null}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2909585274.pdf","grobid_xml":"https://content.openalex.org/works/W2909585274.grobid-xml"},"referenced_works_count":25,"referenced_works":["https://openalex.org/W1515806544","https://openalex.org/W1593455549","https://openalex.org/W1964206504","https://openalex.org/W1968326491","https://openalex.org/W1994045858","https://openalex.org/W2015207267","https://openalex.org/W2016264827","https://openalex.org/W2033832725","https://openalex.org/W2047155746","https://openalex.org/W2054965424","https://openalex.org/W2088831988","https://openalex.org/W2092439851","https://openalex.org/W2099173780","https://openalex.org/W2137934460","https://openalex.org/W2145167324","https://openalex.org/W2319569535","https://openalex.org/W2353594859","https://openalex.org/W3121279693","https://openalex.org/W3122389139","https://openalex.org/W3122755721","https://openalex.org/W3123009431","https://openalex.org/W3123397465","https://openalex.org/W3123952594","https://openalex.org/W3124625647","https://openalex.org/W3125512896"],"related_works":["https://openalex.org/W4200069992","https://openalex.org/W2999651102","https://openalex.org/W2997123146","https://openalex.org/W2792584248","https://openalex.org/W3124016030","https://openalex.org/W3094933151","https://openalex.org/W4285491504","https://openalex.org/W2373318823","https://openalex.org/W2976440187","https://openalex.org/W3209237233"],"abstract_inverted_index":{"Prior":[0],"studies":[1],"argue":[2],"that":[3,102,135],"an":[4,7],"analyst":[5,27,56,103,145],"is":[6,118,130],"important":[8],"mediator":[9],"between":[10],"a":[11,17,139],"firm":[12],"and":[13,15,61,75,110,125,161],"investors,":[14],"has":[16,34,47,138],"significant":[18,120],"influence":[19],"on":[20,157],"the":[21,30,41,53,85,112,122,148,155],"cost":[22,31,62,113,149],"of":[23,32,63,70,114,150],"equity.":[24,64,115,151],"However,":[25],"how":[26,144],"following":[28,104,146],"influences":[29,147],"equity":[33],"not":[35],"been":[36],"studied":[37],"in":[38,97,121],"depth.":[39],"In":[40],"Chinese":[42],"setting,":[43],"where":[44],"environmental":[45,58,107,128,136,158],"information":[46,59,108],"attracted":[48],"much":[49],"attention,":[50],"we":[51,80],"explore":[52],"interaction":[54,117],"among":[55,87],"following,":[57],"disclosure,":[60],"With":[65],"two":[66],"linear":[67],"regression":[68],"methods":[69],"ordinary":[71],"least":[72,77],"squares":[73,78],"(OLS)":[74],"two-Stage":[76],"(2SLS),":[79],"establish":[81],"regressions":[82],"to":[83,95],"verify":[84],"relationships":[86],"them":[88],"by":[89],"using":[90],"empirical":[91],"data":[92],"from":[93],"2004":[94],"2011":[96],"China.":[98],"The":[99,152],"results":[100,153],"show":[101],"can":[105],"improve":[106],"disclosure":[109,137],"lower":[111],"This":[116],"more":[119],"heavy-pollution":[123],"industry":[124],"after":[126],"new":[127],"policy":[129],"issued.":[131],"We":[132],"also":[133],"find":[134],"mediating":[140],"effect,":[141],"which":[142],"determines":[143],"expand":[154],"research":[156],"information\u2019s":[159],"motivations":[160],"economic":[162],"consequences.":[163]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":1}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2019-01-25T00:00:00"}
