董事会特征对环境信息披露的影响研究

The Impact of Board Characteristics on Environmental Information Disclosure

本文以2010—2014年连续五年发布的企业社会责任报告的重污染行业上市公司为研究样本,实证分析董事会特征对企业环境信息披露水平的影响,研究发现:董事会规模显著影响环境信息披露水平,二者之间呈倒"U"型关系;董事会独立性、女性董事、董事长与总经理的两职分离、董事会持股比例与企业环境信息披露水平都存在显著的正相关关系;而董事会会议次数与企业环境信息披露水平不存在相关性。研究结果为从董事会治理途径角度来提高企业环境信息披露水平提供了理论依据及经验证据。

This paper selects Chinese listed companies from heavy pollution industries who continuously release corporate social responsibility report during the periods of 2010-2014 as the research sample ,and empirically analyses the influences of board characteristics on the level of corporate environmental information disclosure. The results are as follows：first, there is an inverted U-shaped relationship between board size and corporate environmental information disclosure. Second, board independ- ence, female directors, separation of board chairman and CEO, and share proportion of board have significant correlations with corporate environmental information disclosure. Third, board meeting frequency has no effect on it. This Paper can provide the theoretical basis and empirical evidence for improving the level of corporate environmental information disclosure from the way of board governance.