The impact of biodiversity information disclosure on supply chain resilience of A-share listed companies

doi:10.17520/biods.2025342

Abstract

Abstract:

Background & Aim: In the context of biodiversity loss posing a serious threat to the global economy, whether corporate biodiversity information disclosure can improve the resilience of supply chains has become one of the focuses of academic attention. By analyzing the theoretical mechanism of the impact of corporate biodiversity information disclosure on supply chain resilience, this paper constructs enterprise biodiversity indicators based on text analysis methods, and uses the data of China’s manufacturing A-share listed companies from 2011 to 2023 for empirical testing.

Results: The results showed that corporate biodiversity information disclosure can significantly improve supply chain resilience, and this conclusion was still valid after the endogeneity and robustness tests. Heterogeneity analysis showed that corporate biodiversity information disclosure had a stronger effect on the improvement of supply chain resilience of enterprises with high supply chain bargaining power and short-sighted managers. The mechanism test showed that improving corporate environmental, social, and governance performance, improving supply chain transparency and improving supply chain stability were important ways for corporate biodiversity information disclosure to enhance supply chain resilience.

Suggestions & Perspectives: This paper provides an important reference for promoting sustainable development of enterprises and improving the resilience and security of supply chains.

Key words: corporate biodiversity information disclosure, supply chain resilience, text analysis methods

Yang Qin, Aishan Wumaierjiang, Wentao Wei, Shamushake Diliniga. The impact of biodiversity information disclosure on supply chain resilience of A-share listed companies[J]. Biodiv Sci, 2026, 34(1): 25342.

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URL: https://www.biodiversity-science.net/EN/10.17520/biods.2025342

https://www.biodiversity-science.net/EN/Y2026/V34/I1/25342

Figures/Tables 6

References 40

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Box 1 企业生物多样性信息披露对供应链韧性影响的变量定义
变量类型	变量名称	变量符号	变量度量
被解释变量	供应链韧性	SCR	熵值法对5个维度的测算
解释变量	生物多样性信息披露	BD	文本分析法统计的关键词词频占比
控制变量	企业规模	Size	总资产取对数
	企业年龄	Age	当年年份 - 公司上市年份+ 1取自然对数
	资产负债率	Lev	总负债/总资产
	现金流比率	CF	经营活动产生的现金流量净额/总资产
	营业收入增长率	Growth	本年营业收入总额/上一年营业收入总额
	股权集中度	Top	第一大股东持股数量/总股数
	两职合一	Dual	董事长与总经理是否同一人
	董事会规模	Board	年末董事人数 + 1取对数
	审计水平	Big4	是否经由四大会计师事务所审计

Box 1 企业生物多样性信息披露对供应链韧性影响的变量定义
变量类型	变量名称	变量符号	变量度量
被解释变量	供应链韧性	SCR	熵值法对5个维度的测算
解释变量	生物多样性信息披露	BD	文本分析法统计的关键词词频占比
控制变量	企业规模	Size	总资产取对数
	企业年龄	Age	当年年份 - 公司上市年份+ 1取自然对数
	资产负债率	Lev	总负债/总资产
	现金流比率	CF	经营活动产生的现金流量净额/总资产
	营业收入增长率	Growth	本年营业收入总额/上一年营业收入总额
	股权集中度	Top	第一大股东持股数量/总股数
	两职合一	Dual	董事长与总经理是否同一人
	董事会规模	Board	年末董事人数 + 1取对数
	审计水平	Big4	是否经由四大会计师事务所审计

变量 Variables	样本量 Sample size	平均值 Mean	标准差 SD	最小值 Minimum	最大值 Maximum
SCR	23,908	0.1702	0.0424	0.0767	0.6648
BD	23,908	0.0002	0.0006	0.0000	0.0158
Size	23,392	22.1127	1.1325	19.9313	26.2203
Age	23,137	2.9396	0.3018	1.9459	3.5264
Lev	23,221	0.3907	0.1844	0.0533	0.8875
CF	23,238	0.0509	0.0617	‒0.1569	0.2473
Growth	23,283	0.1366	0.2847	‒0.5218	2.1005
Top	21,180	35.6378	13.8408	8.0800	75.0000
Dual	23,136	0.3320	0.4709	0.0000	1.0000
Board	22,495	2.1271	0.1600	1.7918	2.7081
Big4	23,596	0.0507	0.2194	0.0000	1.0000

变量 Variables	样本量 Sample size	平均值 Mean	标准差 SD	最小值 Minimum	最大值 Maximum
SCR	23,908	0.1702	0.0424	0.0767	0.6648
BD	23,908	0.0002	0.0006	0.0000	0.0158
Size	23,392	22.1127	1.1325	19.9313	26.2203
Age	23,137	2.9396	0.3018	1.9459	3.5264
Lev	23,221	0.3907	0.1844	0.0533	0.8875
CF	23,238	0.0509	0.0617	‒0.1569	0.2473
Growth	23,283	0.1366	0.2847	‒0.5218	2.1005
Top	21,180	35.6378	13.8408	8.0800	75.0000
Dual	23,136	0.3320	0.4709	0.0000	1.0000
Board	22,495	2.1271	0.1600	1.7918	2.7081
Big4	23,596	0.0507	0.2194	0.0000	1.0000

变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3	模型4 Model 4	模型5 Model 5
被解释变量 DV	SCR	SCR	SCR	SCR	SCR
BD	7.8110^***	4.6669^***	3.2630^**	3.8238^***	4.7584^***
	(1.5777)	(1.4298)	(1.4033)	(1.4698)	(1.5950)
Size			0.0162^***	0.0164^***	0.0166^***
			(0.0009)	(0.0010)	(0.0010)
Age			‒0.0007	0.0035	0.0051
			(0.0064)	(0.0067)	(0.0067)
Lev			‒0.0205^***	‒0.0202^***	‒0.0198^***
			(0.0029)	(0.0031)	(0.0032)
CF				0.0246^***	0.0223^***
				(0.0040)	(0.0041)
Growth				0.0028^***	0.0026^***
				(0.0007)	(0.0007)
Top				0.0001^***	0.0002^***
				(0.0001)	(0.0001)
Dual					0.0003
					(0.0008)
Board					0.0023
					(0.0032)
Big4					‒0.0039
					(0.0032)
固定效应Fixed effect	否 No	是 Yes	是 Yes	是 Yes	是 Yes
常数项Constant	0.1687^***	0.1693^***	‒0.1778^***	‒0.2022^***	‒0.2177^***
	(0.0007)	(0.0003)	(0.0260)	(0.0276)	(0.0286)
样本量 Sample size	23,908	23,672	22,345	19,521	18,252
R²	0.011	0.688	0.697	0.712	0.713