Abstract：With the increasing popularity of the concept of sustainable development， listed companies are paying more and more attention to ESG information disclosure， but the research on the influence of discourse and stakeholder behavior in their information disclosure is still insufficient. This paper delves into the organizational discourse analysis， combines situational characteristics， introduces the micro-interaction investigation of participating subjects， to propose a new theoretical explanation for manipulative behaviors and their mechanisms in the ESG information disclosures of listed companies. It also uses new variables for empirical testing and obtains new findings. The results show that under the current institutional environment， there may be an institutional decoupling behavior in ESG information disclosure that has not been discovered by existing research， that is， listed companies will adjust the degree of subjectivity and objectivity of the disclosure text according to the quarterly growth performance close to the ESG disclosure time. The worse the near-term growth performance， the more the degree of subjectivity of the disclosure text increases compared with the previous period； the greater the pressure from stakeholders， the more obvious the strategy； this decoupling manifested as the “near-term effect” stems from the self-interest and short-sightedness of management； the implementation of the strategy will bring about a positive market reaction. It is suggested that in addition to improving the ability to discern market information， the prevention of this strategy be solved by optimizing the internal governance structure of listed companies and intervening in the micro-interaction process of ESG disclosure decisions.
2024, Vol. 63 
