The development of rural tourism serves as a crucial strategy for achieving rural revitalization and common prosperity in China. However, the uneven distribution of interests caused by the imperfect tourism destination system is common, and its economic and social impacts have become a major problem and obstacle to the sustainable development of rural tourism. Tourism empowerment and community participation are important for balancing community interests and promoting the sustainable development of tourism. Therefore, from the perspective of tourism empowerment and community participation, this paper takes the Wuzhen scenic area as a case study and considers tourism empowerment as a mediating variable between system construction and community participation, with participation ability serving as a moderating variable. Employing a structural equation model, this paper investigates the interactions among system construction, tourism empowerment, community participation, and participation ability in a rural destination context. The results indicate that system construction significantly benefits tourism empowerment and community participation. Tourism empowerment exerts a significant positive impact on community participation while also serving as a partial mediator between system construction and community participation. Additionally, participation ability positively moderates the impact of system construction on tourism empowerment. This study recommends the creation of an interest linkage mechanism grounded in the property rights of tourism attractions, the introduction of oversight mechanisms for rural tourism enterprises, and the fortification of community participation through educational and informational support as strategies to ensure the sustainable development of rural tourism destinations.

Environmental information disclosure has attracted the attention of the capital market because it can convey corporate characteristic information. But there needs to be direct evidence that environmental information disclosure can improve the market's overall efficiency. This study examines whether corporate environmental information disclosure can improve the information efficiency of the capital market. This study takes Chinese listed companies from 2008 to 2021 as samples, constructs a panel fixed effect model, and adopts multiple linear, instrumental variable method and Heckman sample selection model. We find that the disclosure of environmental information in the Chinese market reduces the information efficiency of the capital market represented by the synchronicity of stock prices. The reason is that the information after greenwashing by enterprises needs to be of better quality and more obscure, which disrupts market information. Environmental information disclosure by enterprises prone to greenwashing significantly affects stock price synchronicity, such as low institutional ownership, non-state-owned, growth, and manufacturing firms. Finally, this paper discusses the impact mechanism and confirms that stock liquidity and analyst coverage are the two paths through which environmental information disclosure impacts stock price synchronicity. This study is significant in encouraging the government to strengthen market supervision, promoting enterprises to disclose high-quality environmental information, and improving the pricing efficiency of the capital market.

In the last decade, the public concern over environmental problems has led to the emergence of environmental regulations in firms’ information disclosure on environmental practice, especially in some developing countries such as China. Based on a panel dataset composed of the listed manufacturing firms in China during 2006–2016, this paper uses the difference-in-differences (DID) model and the propensity score matching (PSM) method to investigate whether the Environmental Information Disclosure Measure (for Trial Implementation; EIDMT) affects the firm value. The results show that EIDMT exerts a significant impact on the listed manufacturing firms’ value. In consideration of the firm’s ownership, EIDMT plays a more important role in the firm value of non-state-owned firms than state-owned firms. Furthermore, using a PSM–DID model for eastern, central, and western China, we find that EIDMT significantly affects the firm value in eastern and western China but has little impact on central China.

Green innovation has been identified as a viable strategy to mitigate the tension between industrial change and pollutant emissions. Relevant research should focus more on the impact of eco-friendly innovations on carbon emissions. Consequently, using a panel data set that covers 30 Chinese provinces from 2005 to 2020, we examine whether there is a carbon-abatement effect of green innovation in the construction sector. According to the findings of a two-way fixed-effects model, green innovation substantially positively influences reduction in dioxide emissions in the Chinese construction industry. The results of a panel threshold model show a significant non-linear relationship between green innovation and carbon emissions when the environmental regulation intensity is used as the threshold variable. Furthermore, we discovered that green innovation cuts carbon emissions considerably through environmental regulation. Finally, the impact of abatement varies significantly between regions, innovation elements, and types of development.