Nonlinear relationship between safety investment and performance in high-risk enterprises: moderating effect of information disclosure

doi:10.16265/j.cnki.issn1003-3033.2025.07.1250

Abstract

Abstract:

To reduce the incidence of accidents in high-risk enterprises and enhance enterprise value, based on the panel data of 1 016 listed companies in high-risk sectors from 2010 to 2022, this paper empirically examined the nonlinear mechanism of safety investment on corporate performance with the safety information disclosure after text analysis as the moderating variable. The results reveal that there is an inverted U-shaped relationship between safety investment and corporate performance. When safety investment is lower than the critical threshold of 12.203 8, it has a positive effect on performance. Furthermore, safety information disclosure positively moderates this relationship. The effects of both safety investment and safety disclosure on corporate performance are more pronounced in non-state-owned enterprises. In the short term, a virtuous cycle of "safety investment-safety information disclosure-corporate performance improvement" can effectively support safety governance in high-risk enterprises and achieve a dual goal of improving safety management and economic performance.

Key words: high-risk enterprises, safety investment, corporate performance, nonlinear relationship, safety information disclosure, moderating effect

CLC Number:

X915.4安全经济学

LIU Lei, MAO Xiangning, LIU Xueling, ZHANG Jiangshi. Nonlinear relationship between safety investment and performance in high-risk enterprises: moderating effect of information disclosure[J]. China Safety Science Journal, 2025, 35(7): 8-14.

Figures/Tables 8

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References 16

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主题	披露类别	披露内容	w_j/%
安全事故风险	事故发生率	公司主营业务可能存在安全生产等风险等表述,具体涉及安全生产、事故、死亡率、演练等关键词	18.80
	事故死亡情况
	应急预案配备情况
安全管理战略	安全生产相关制度	公司发展规划中出现智能化、平安、预防为主等表述,反映其对安全生产理念的重视。	33.71
安全管理战略	安全生产战略	公司发展规划中出现智能化、平安、预防为主等表述,反映其对安全生产理念的重视。	33.71
安全生产措施	安全生产风险	业务分析板块披露高温、人身安全、无人、劳动保护等信息。	21.14
	安全设备检查
	安全措施
安全文化建设	安全教育培训	年报内容体现企业建设安全文化的决心,涉及安全培训、安全意识、安全文化等关键词。	20.31
安全文化建设	安全生产文化建设	年报内容体现企业建设安全文化的决心,涉及安全培训、安全意识、安全文化等关键词。	20.31
安全生产费用	政府补助与奖励	明确披露安全生产费用的提取比例、核算方法,以及政府专项补助和惩罚措施,相关内容包括补助、惩罚、工伤保险等关键词。	6.04
	未受安全事故处罚
	安全生产费计提

变量	均值	中位数	标准差	最小值	最大值
T	1.777	1.406	1.275	0.625	26.63
lnR	15.57	15.764	2.530	1.099	23.44
P	1.289	1.232	0.486	0.000	5.269
A	12.76	12.00	7.170	2	30
L	0.477	0.474	0.196	0.010 3	0.996
O	36.41	34.54	15.20	3.620	87.70

变量	国有企业			非国有企业			均值差异	t检验统计量
变量	样本量	均值	标准差	样本量	均值	标准差	均值差异	t检验统计量
T	3 272	1.241	0.440	2 523	1.352	0.533	0.488^***	14.614
P	3 272	16.01	2.684	2 522	15.01	2.193	0.111^***	8.638
lnR	3 272	23.39	1.486	2 523	22.26	1.107	-1.001^***	-15.213
A	3 272	0.524	0.194	2 523	0.415	0.182	-6.302^***	-36.860
L	3 272	40.61	15.38	2 523	30.96	13.08	-0.108^***	-21.637
O	3 272	1.241	0.440	2 523	1.352	0.533	-9.645^***	-25.236

模型	1	2	3	4
因变量	T	T	T	T
lnR	0.213^*** (5.03)	0.217^*** (5.15)	-0.074^*** (-5.51)	0.114 (0.97)
lnR²	-0.009^*** (-6.66)	-0.009^*** (-6.77)	—	-0.006^* (-1.69)
P	—	-0.123^*** (-3.93)	-0.362^** (-2.36)	-0.882 (-1.38)
L	-1.322^*** (-16.95)	-1.313^*** (-16.88)	-1.336^*** (-17.14)	-1.310^*** (-16.84)
A	-0.007^*** (-3.70)	-0.008^*** (-4.12)	-0.009^*** (-4.65)	-0.008^*** (-4.19)
O	-0.006^*** (-7.30)	-0.006^*** (-7.37)	-0.007^*** (-9.13)	-0.006^*** (-7.39)
R_i_,_t×P_i_,_t	—	—	0.016^* (1.69)	0.084 (1.02)
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	-0.002
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	(-0.85)
_cons	1.481^*** (0.000)	1.566^*** (0.000)	3.886^*** (0.000)	2.510^*** (0.007)
F	78.74	74.79	61.53	68.30
R²	0.187	0.190	0.185	0.191
n	5 719	5 719	5 719	5 719

属性	非国企	国企	非国企	国企
模型	5	6	7	8
实证分析	主效应	调节效应	主效应	调节效应
lnR	0.404^*** (4.09)	-0.115^*** (-3.84)	0.191^*** (3.96)	-0.041^** (-2.40)
lnR²	-0.016^*** (-4.71)	—	-0.008^*** (-4.82)	—
P	—	-0.817^** (-2.57)	—	-0.069 (-0.32)
L	-0.877^*** (-7.18)	-0.867^*** (-7.08)	-1.531^*** (-20.66)	-1.542^*** (-20.75)
A	-0.001 (-0.25)	-0.005 (-1.48)	-0.000 282 (-0.12)	-0.000 830 (-0.34)
O	-0.003^* (-1.94)	-0.003^** (-2.03)	-0.006^*** (-5.51)	-0.007^*** (-7.19)
R_i_,_t×P_i_,_t	—	0.042^** (1.99)	—	0.001 (0.04)
$R_{i, t}{ }^{2} \times P_{i, t}$	—	—	—	—
_cons	-0.617	3.668^***	1.610^***	3.418^***
R²	0.125	0.124	0.208	0.203
N	2487	2487	3232	3232