Near and dear: the role of geographical proximity to tourist attractions in corporate environmental information disclosure quality

The enterprise’s geographic location may influence its environmental information disclosure behavior. This study investigates a novel yet underexplored factor affecting environmental information disclosure quality: a firm’s geographic proximity to tourism attractions. Stakeholder theory suggests proximity brings scrutiny (the deterrent effect), whereas regulatory leniency implies it may shield firms (the masking effect). Panel regression using Chinese data from 2015 to 2022 offer overall support for the deterrent effect, particularly for mature, high-polluting enterprises within 5 km of 3A or 4A-rated attractions. Mechanism analyzes indicate that internal capital-oriented green investment and external attraction of green investors serve as key pathways. External scrutiny from government, public, and media acts as a spotlight amplifier, with a synergistic effect between government and media attention. Notably, the masking effect is observed for firms within 10–15 km of attractions and those near 5A-rated sites, offering nuanced insights into the spatial externalities of tourism resources.