Top Management Team Characteristics, Corporate Environmental Information Disclosure And Corporate Value

The theory of upper echclon points out that the strategic choices of enterprises reflect the selfcognition and values of the senior managers who hold the decision-making power to some extent,and the psychological characteristics such as self-cognition and values are often passed through their demographic characteristics such as age and education level.The proportion of terms of office,tenure,and shareholdings reflected that the interaction between the top management personnel's demographic characteristics and internal members will affect the strategic choices of the company,which in turn will affect the value of the company.Does the characteristics of the top management team directly change the value of the company? Previous studies suggest that the team characteristics of senior managers are significantly related to corporate environmental information disclosure,and that corporate environmental information reporting will influence the strategic decision-making of enterprises to a certain extent,thus affecting the value of the company.Therefore,we have reason to believe that the characteristics of high-level management teams affect companies.The disclosure of environmental information in turn affects the value of the company.Therefore,the influence of the demographic characteristics of senior management team such as age and tenure on the quality of corporate environmental information disclosure and corporate value is positive or negative,which will make our exploration very meaningful.This article selects 175 heavily polluting listed companies in the A-shares in Shenzhen as samples,collects sample data for the past eight years from 2008 to 2015,and refers to previous studies,using the three-step regression analysis method of Wen Zhonglin,a scholar,to introduce multiple linearity.The regression mathematical model explores the correlation between the demographic characteristics of senior management teams and the disclosure of corporate bad environment information and corporate value.The study found that:(1)The higher the knowledge management level of the senior management team,the more favorable it is to provide high quality corporate environmental information disclosure reports and improve corporate performance.(2)Compared to male executives,as the age of the female executive team increases,the quality of corporate environmental disclosure increases.(3)The share of executive team shares is positively related to corporate value and disclosure of environmental information,but not significant.Therefore,this paper suggests that human capital of enterprises should pay more attention to the population characteristics of senior management personnel such as age and education,constantly optimize the structure of corporate employment,and improve corporate performance;the government and relevant agencies and agencies should continuously improve corporate environmental information disclosure laws and regulations,so that enterprises can have laws and regulations.According to the promotion of a highly efficient,energy-saving and environmentally friendly society,the company itself should consciously disclose its social responsibility report,continuously improve its own social image and corporate status,and gain investor attention and government support.