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Nonlinear relationship between safety investment and performance in high-risk enterprises: moderating effect of information disclosure
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Lei LIU1, Xiangning MAO2, Xueling LIU3, Jiangshi ZHANG2
China Safety Science Journal | 2025, 35(7) : 8 - 14
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China Safety Science Journal | 2025, 35(7): 8-14
• Safety social science and safety management •
Nonlinear relationship between safety investment and performance in high-risk enterprises: moderating effect of information disclosure
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Lei LIU1, Xiangning MAO2, Xueling LIU3, Jiangshi ZHANG2
Affiliations
  • 1School of Construction, Beijing City University, Beijing 101300, China
  • 2School of Emergency Management and Safety Engineering, China University of Mining and Technology-Beijing, Beijing 100083, China
  • 3College of Chemical Engineering, Qingdao University of Science and Technology, Qingdao Shandong 266042, China
Published: 2025-07-28 doi: 10.16265/j.cnki.issn1003-3033.2025.07.1250
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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.

high-risk enterprises  /  safety investment  /  corporate performance  /  nonlinear relationship  /  safety information disclosure  /  moderating effect
Lei LIU, Xiangning MAO, Xueling LIU, Jiangshi ZHANG. 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 . DOI: 10.16265/j.cnki.issn1003-3033.2025.07.1250
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Year 2025 volume 35 Issue 7
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Article Info
doi: 10.16265/j.cnki.issn1003-3033.2025.07.1250
  • Receive Date：2025-03-01
  • Online Date：2026-07-09
  • Published：2025-07-28
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  • Received：2025-03-01
  • Revised：2025-05-10
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Affiliations
    1School of Construction, Beijing City University, Beijing 101300, China
    2School of Emergency Management and Safety Engineering, China University of Mining and Technology-Beijing, Beijing 100083, China
    3College of Chemical Engineering, Qingdao University of Science and Technology, Qingdao Shandong 266042, China
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Number of
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Number of
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小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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