Identification of Peer Effect in ESG Information Disclosure of Tourism Enterprises and Its Impact on Enterprise Value

Abstract

Under the guidance of the "dual carbon" strategy, promoting ESG information disclosure to achieve the green and low-carbon transformation of enterprises has become a hot topic. This paper takes A-share tourism listed companies from 2011 to 2021 as the research object, identifies the peer effect of ESG information disclosure in tourism enterprises, and empirically examines its impact on enterprise value. The research finds that there is a peer effect in ESG information disclosure of tourism enterprises, and this effect can significantly enhance enterprise value. Further research shows that information transparency is an important transmission channel. Heterogeneity analysis indicates that the positive effect of ESG information disclosure peer effect on enterprise value is more obvious in tourism enterprises with a high level of inbound tourism development, high industry competition, high marketization degree, and non-state-owned enterprises. The research conclusion enriches the relevant results and provides empirical evidence for enhancing the value of tourism enterprises.