企业环境信息披露的网络同群效应触发机制及其检验

The Triggering Mechanism of Network Peer Effect of Enterprise Environmental Information Disclosure and Its Test

环境信息披露是外界了解企业环保行为的重要途径,上市公司网络搭建了企业间的信息交流渠道。现有同群效应研究对企业所处的网络关注不足,未深入挖掘企业环境信息披露网络同群效应的触发机制。本文基于董事联结关系构建了重污染行业上市公司网络,建立了三类网络同群质量指标,揭示了企业环境信息披露网络同群效应中的“核心引领”机制和“见贤思齐”机制。研究发现:从核心引领角度,同群数量正向影响焦点企业的环境信息披露水平,在同群数量对焦点企业环境信息披露水平的影响中,竞争压力起到了调节作用;从“见贤思齐”角度,披露领先同群、规模领先同群、位置领先同群正向影响焦点企业的环境信息披露水平,且焦点企业环境信息披露的“见贤思齐”机制中存在马太效应;在非国有企业、大规模企业、分析师跟踪数量多的企业样本分组中,“核心引领”“见贤思齐”两种机制的影响程度均相对较高。据此,本文提出企业不仅要在行业互动中学习领先企业的环境信息披露行为,还要通过网络嵌入获取更多的资源从而提升自身的环境信息披露水平。

Environmental information disclosure is an important way for the outside world to understand the environmental behavior of enterprises,and the director connection network constitutes the information exchange channel of listed companies. The existing researches on the peer effect do not pay enough attention to the network in which the enterprise is located,and the triggering mechanism of the network peer effect of the enterprise environmental information disclosure is not deeply explored. Based on the relationship of directorconnection,the paper constructs the network of listed companies in heavy pollution industry and three kinds of network peer quality indicators. Meanwhile,the mechanism of“core-leading”and“emulating those better than oneself”in the network peer effect of enterprise environmental information disclosure is revealed. The results show that peer quantity has a positive impact on environmental information disclosure of focus firms from the perspective of core-leading. Competitive pressure plays a moderating role in the effect of the peer quantity on the environmental information disclosure of focus firms. From the perspective of emulating those better than oneself,the leading peer in disclosure,the leading peer insize,and the leading peer inposition positively affect the focus enterprises’ environmental information disclosure,and there is Matthew effect in the mechanism of emulating those better than oneself of enterprises’ environmental information disclosure. In non-state-owned enterprises,large-scale enterprises,and sample groups with a large number of analysts’ tracking,the influence degree of the two mechanisms are relatively higher. Therefore, this paper proposes that enterprises should not only learn the environmental information disclosure behavior of leading enterprises in the industry interaction, but also obtain more resources through network embedding to improve their own environmental information disclosure.