环境之痛,企业之伤:高管早期环境污染经历对企业盈余管理影响研究

The Pain of the Environment,the Injury of the Enterprise:Study on the Early Experience of Executives Environmental Pollution and Corporate Earnings Management

借鉴环境心理学的研究成果,运用高阶理论和烙印理论,本文手工搜集整理了2003—2021年中国沪深A股上市公司CEO环境污染经历独特数据集,研究了CEO的环境污染经历与企业盈余管理行为之间的关系,以及两者关系如何受到董事会的规模、成员任期和平均年龄三种结构特征的影响。研究结果表明,CEO的环境污染经历会塑造CEO一系列的隐性心理特质,导致企业的盈余管理行为的发生,而董事会成员的平均年龄越大,越能抑制有环境污染经历的CEO所在企业的盈余管理行为;董事会规模越大、成员的任期越长,CEO的环境污染经历对企业盈余管理行为的影响会越加剧。研究结论为盈余管理行为研究提供了新的视角,同时,对提高上市公司会计信息质量、完善公司治理机制和促进资本市场健康发展具有一定的启示意义。

Drawing on the research results of environmental psychology,using upper echelons theory and imprinting theory,based on manually a unique dataset of environmental pollution experience of senior executives of listed companies in Shanghai and Shenzhen A-share companies from 2003 to 2020,this paper explores the relationship between the experience of executives environmental pollution and corporate earnings management and how the relationship is affected by three structural characteristics of board,namely board size,member tenure,and age.The results of the study show that the environmental pollution experience of executives will shape a series of implicit psychological traits of executives,leading to corporate earnings management behaviors.The average age of board members suppresses the earnings management,while the size of the board and the tenure of directors will aggravate the impact of environmental pollution experience on corporate earnings management.This paper provides a new perspective for the study of earnings management.At the same time,it enlightens us on improving the quality of accounting information of listed companies,improving the corporate governance mechanism and promoting the sustainable development of the capital market.