The multi-level perspective (MLP) is a prominent framework for transition research. However, few studies have used bibliometrics for conducting a global picture of the MLP research. This study identifies the worldwide trends at three levels: sources, authors, and documents, and uses the bibliometrix based on 757 articles published in WOS and Scopus from 2002 to 2020. The results show that the MLP research literature is proliferating, and the number of journals and countries concerned in this field is increasing. MLP research has mainly focused on transition, sustainability transition, socio-technical transition, energy transition, innovation, and governance; and will increase focus on agency, power, and policy. MLP research will focus on multi-niche, multi-regime, and multi-landscape interactions at the hierarchy levels. The results assist scholars in systematically understanding the current research status, research frontiers, and future trends of MLP from a macro perspective.

This study examines the impact of environmental information disclosure quality on firm value for Chinese listed companies in heavily polluting industries from 2010 to 2021. By controlling for the level of leverage, growth, and corporate governance, a fixed effects model is constructed to test this relationship. Furthermore, this study analyzes the moderating effects of annual report text features, such as length, similarity, and readability, on the relationship between environmental information disclosure and firm value and the heterogeneous impact of firm ownership on this relationship. The main findings of this study are as follows: There is a positive correlation between the level of environmental information disclosure and firm value for Chinese listed companies in heavily polluting industries. Annual report text length and readability positively moderate the relationship between environmental information disclosure and firm value. Annual report text similarity negatively moderates the relationship between environmental information disclosure and firm value performance. Compared with state-owned enterprises, the impact of environmental information disclosure quality on the firm value of no-state-owned enterprises is more significant.

Environmental information disclosure (EID) of listed companies is a significant and essential reference for assessing their environmental protection commitment. However, the content and form of EID are complex, and previous assessment studies involved manual scoring mainly by the experts in this field. It is subjective and has low timeliness. Therefore, this paper proposes an automatic evaluation framework of EID quality based on text mining (TM), including the EID index system’s construction, automatic scoring of environmental information disclosure quality, and EID index calculation. Furthermore, based on the EID of 801 listed companies in China’s heavy pollution industry from 2013 to 2017, case studies are conducted. The case study results show that the overall quality of the EID of listed companies in China’s heavily polluting industries is low, and there is a gap differentiation between the 16 industries. Compared with the subjective manual scoring method, TM evaluation can evaluate the quality of EID more effectively and accurately. It has great potential and can become an essential tool for the sustainable development of society and listed companies.