媒体监督、高管过度自信与企业环境投资

Media Supervision、Overconfidence of Top Managers and Corporate Environmental Investment

【目的/意义】企业是生态环境保护的重要主体,推动企业增加环境投入、主动承担绿色治理的责任是有效实现碳达峰、碳中和宏伟目标的关键。【设计/方法】以2008~2017年中国A股上市公司为研究样本,利用线性回归方法考察高管过度自信对企业环境投资的影响,并检验了媒体监督的调节作用。【结论/发现】(1)高管过度自信有利于提高企业的环境投资水平。(2)媒体监督对企业环境投资具有显著的正向作用,并能强化高管过度自信与企业环境投资之间的正相关性,即高管过度自信和媒体监督之间存在协同效应。(3)传统媒体监督的调节作用因行业属性的不同而具有异质性,即与非重污染行业样本相比,在重污染行业样本中,传统媒体监督对高管过度自信与环境投资间关系的调节作用减弱。

[Purpose/Significance]Corporates are the important part of environmental protection.Promoting corporates to increase environmental investment and actively undertake the responsibility of green governance is the key to effectively achieve the great goal of carbon emission peak and carbon neutrality.[Design/Methodology]This paper uses linear regression method to examine the impact of overconfidence of top managers on corporate environmental investment,and test the moderating role of media supervision by taking A-share listed corporates from 2007 to 2018 as samples.[Conclusions/Findings]The results show that overconfidence of top managers can improve corporate environmental investment.Media supervision has a significant positive effect on corporate environmental investment,and can strengthen the positive correlation between overconfidence of top managers and corporate environmental investment.that is to say,there is synergy effect between overconfidence of top managers and media supervision.The moderating role of traditional media supervision is heterogeneous due to different industry attributes.In other words,compared with the non-heavy polluting industry samples,the moderating effect of traditional media supervision on the relationship between overconfidence of top managers and environmental investment is weakened in the heavy polluting industry samples.