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Empirical studies of the impact of the corporate governance structure of the Environmental Information Disclosure

Author: ShuYue From: www.yourpaper.net Posted: 2010-04-01 02:46:22 Read:
[Abstract] corporate governance structure is the most important factor in deciding the behavior, the microscopic foundation of environmental information disclosure. Article 139 randomly selected 2008 listed on the Shanghai Stock Exchange A share companies as research samples, empirical research on the corporate governance of listed companies structure their environment information disclosure level. The results showed that: a high proportion of independent directors, the chairman of the board does not serve as general manager of the company, a relatively high level of disclosure of environmental information, the governance structure of other factors did not affect the level of disclosure of environmental information.
[Keywords] Environmental Information Disclosure; corporate governance; ownership structure; Board of Directors

First, the research background and significance

Establish a sound corporate governance structure is the core of the modern corporate system. Most of China's listed companies from the restructuring of state-owned enterprises, corporate governance structure in the form of change did not bring about a new management mechanism inherent in the concept of governance of the company operations also filled with short-term behavior, leading to many businesses still do not pay attention to the listing environmental effects. Many corporate environmental accounting information is made under the requirements of the regulations selection, limited disclosure, there is evasive phenomenon. After the split share structure reform, the transparency of the Company to become the core of the securities regulators, listed companies as the expansion of the disclosure of accounting information and in-depth, environmental information disclosure reflect the company's transparency, it needs to carry out in-depth study of the theoretical.
Domestic environmental information disclosure only some normative research results influential empirical research is still rare. The research is divided into two main aspects, one is mainly related to the disclosure of environmental information, content and mode, as well as the status of environmental information disclosure, the second is empirical research reveals the impact factors of environmental information disclosure. Tang Yali, CHEN Zi (2006) studied the size of listed companies, the relationship between company performance and environmental disclosure; Wang Jianming (2008) to study the impact of industry differences and external system pressure on the level of environmental information disclosure.
The corporate governance structure and disclosure of environmental information in the country is still blank. Corporate governance structure is to determine the most important factor in corporate behavior, corporate governance structure is the microscopic foundation of environmental information disclosure. I believe that only start from the corporate governance structure in order to fundamentally improve the level of environmental information disclosure.
This paper attempts to build environmental accounting information disclosure based on the relevant environmental information disclosed in the 2008 annual report of the Shanghai A-share listed companies based on the measurement of environmental information disclosure level, through empirical analysis in order to identify the Chinese listed provide some actual basis for the link between the corporate governance structure and corporate disclosure of environmental information for the Chinese enterprises to improve the state of governance and environmental disclosure.

Second, the research hypothesis

Present, both foreign and domestic, corporate environmental information belonging to the company's voluntary disclosure of information. Some mainstream literature suggests that the impact on voluntary information disclosure, corporate governance structure factors roughly the degree of dispersion of ownership concentration, board size and the proportion of independent directors, the chairman of the board is also the CEO, executives stake.
(A) the controlling shareholder stake
Is generally believed that the higher the degree of ownership concentration, the stronger the controlling shareholder of the company's ability to control, manipulation information generated and disclosure of the operation or governance space the greater level of environmental information disclosure may be lower. But the theory is that ownership concentration can be the largest shareholder of the financial reporting process management generate enough incentive to collect information and effective oversight of management, in order to avoid "free rider" problem under the equity highly fragmented, this oversight contain supervision, so that the concentration of ownership may increase the level of information disclosure. The resulting Assumption 1: The stake of the controlling shareholder disclosure of environmental information relating to the Index.
(B) equity balance degree
Supervision due to the presence of other large shareholders holding interests of shareholders against the interests of listed companies to obtain unfair control over the cost and risk will increase and thereby contribute to the suppression of violations of the controlling shareholder. In Therefore, Shareholdres inhibition of the expropriation, the positive role of maintaining the value of the company, including the promotion of corporate environmental information disclosure. The resulting Assumption 2: The equity balance degree with environmental information disclosure index positive correlation.
(C) the size of the board
The Board of Directors of the Company is the company's highest decision-making body, with rewards and punishments and hiring the right senior management, senior management employed by the board of directors, composed of the executive body of the implementation of the decisions of the Board authorized by the Board within enterprises. So, if the relatively large size of the board, that the number of directors more generally believed to reduce the possibility of the control of the Board, CEO, and also avoid nepotism, have the ability to appoint outside directors leading the company, thus contributing to the company's management to disclose more information. Thus, we come to the Assumption 3: the size of the Board and the Environmental Information Disclosure index positive correlation.
(D) the proportion of independent directors
The board of directors, has a higher proportion of independent directors will help to enhance the objectivity and independence of the board of directors can better monitor the behavior of the executive director, also will be better to limit the opportunistic behavior of operators. Chen and Jaggi through empirical studies found a positive correlation between the proportion of independent directors and the level of information disclosure. In this paper, therefore Hypothesis 4: The proportion of independent directors with environmental information disclosure index positive correlation.
(E) two hats-one or separate
Agency theory seems natural lazy and opportunistic motives, in order to prevent the agent of "moral hazard" and "adverse selection", the need for an effective supervision mechanism. Two hats-one meant to be general manager to monitor themselves, in this case, the general manager tend foreign conceal adverse information, which can be expected to assume 5: The two jobs concurrently will reduce the level of environmental information disclosure.
(F) the proportion of executive stock ownership
Xuezu Yun, Huang Tong's research shows that the Directors modest holdings can inspire truly fulfill their oversight responsibilities, shareholding directors of large number of smaller non-standard unqualified opinion on the possibility of a higher proportion of shareholding directors of the company, the financial report was issued . This indicates that the director, manager holdings conducive to inspire the enthusiasm of its oversight, thus improving the quality of accounting information. This article assumes 6: the executives stake and the environment positively correlated with the level of information disclosure.

Third, research methods

(A) sample selection and data sources
This article is divided industry randomly selected 20% of the A-share listed companies in 2008, the Shanghai Stock Exchange a total of 139 as the object of study, the number of samples taken from each industry broadly that the total number of companies in the industry with the proportion of the product (rounded). Process samples, perform the following screening procedures: (1) Taking into account the newly listed companies might be interested in the listed company information disclosure, especially environmental information disclosure policy can not accurately tell, can better reflect the information disclosed authenticity, so be removed. (2) taking into account the adverse effects of the extreme values ??of the statistical results, excluding the ST, PT. (3) taking into account the particularity of the financial and insurance industry, the impact of environmental information, to the exclusion of the listed companies of the financial and insurance industry.
I use environmental information disclosure index to measure the level of disclosure of environmental information, the indicator is measured by the disclosure of environmental information in the 2008 annual report of listed companies and calculated. Adopt the annual report because the annual report is one of the very important way for outside investors to obtain information of listed companies, and the annual report information disclosure level is positively correlated with the level of disclosure in other ways. The sample 2008 Annual Report to Download from CHINF, 2008 financial data of the data from the days of soft database. This article uses data processing statistical analysis software SPSS13.0.
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