董事会连锁关系与企业环境信息披露——基于沪深A股上市公司的证据

Board Interlocks and Enterprise Environmental Information Disclosure:Evidence Based on Shanghai and Shenzhen A-share Listed Companies

文章在绿色治理理念指导下,以2008—2019年沪深A股上市公司为样本,实证考察了董事会连锁关系对企业环境信息披露的影响。结果表明,随着董事会连锁关系数量的增多,企业环境信息披露水平明显提高,且董事会连锁关系影响企业披露的环境信息多为非财务类环境信息;异质性检验结果显示,在管理层持股比例较高、市场发展程度健全及非重污染行业情境下,董事会连锁关系对企业环境信息披露水平的促进效应越显著。从微观董事会连锁关系视角对企业环境信息披露驱动力的剖析,可为董事会成员的选聘、企业环境信息披露水平的提高、监管结构环境信息披露制度的完善提供新的参考依据。

Under the guidance of the concept of green governance,this paper empirically examines the impact of the board interlocks on enterprise environmental information disclosure,taking Shanghai and Shenzhen A-share listed companies from 2008 to 2019 as a sample.The results show that with the increase of the number of board interlocks,the level of enterprise environmental information disclosure is significantly improved,and the environmental information that the board interlocks affect the enterprise disclosure is mostly non-financial environmental information;heterogeneity test shows that under the circumstances of high management shareholding ratio,sound market development,and non heavily polluting industries,the more significant the promotion effect of board interlocks on the level of enterprise environmental information disclosure.The analysis of the driving force of enterprise environmental information disclosure from the perspective of micro board interlocks can provide new reference for the selection of board members,the improvement of enterprise environmental information disclosure level,and the improvement of environmental information disclosure system of regulatory structure.