Study On The Influence Of Management Power On The Quality Of Environmental Information Disclosure

In recent years,the problem of environmental pollution has gradually become the crux which affects the healthy development of national economy,with the publication of "the Strictest environmental protection law in history" in 2015,more stringent requirements have been put forward for the Environmental Protection work of heavily polluting enterprises,especially for the disclosure of environmental information.In addition,environmental information disclosure is a mechanism for communicating information to stakeholders in capital markets so that they can make reasonable investment decisions.Therefore,the quality of environmental information disclosure not only affects the effectiveness of financial markets,but also plays an important role in safeguarding the interests of stakeholders.As the internal manager,the management is the main executor of environmental information disclosure.Therefore,the management may use the larger decision-making power to manipulate the external environmental information,which will negatively affect the correct investment decision of the information users.Therefore,exploring the relationship between management power and the disclosure quality of listed companies in heavily polluting industries has important theoretical and research significance for safeguarding the interests of investors and promoting the healthy development of capital markets.In addition,in practical significance,this research can help the listed companies of heavy polluting industries to identify the negative impact on the quality of environmental information disclosure from the management of the various powers,and it will be conducive to these companies to distribute the management rights.On the basis of relevant theoretical research,This article takes 125 listed companies in the heavily polluting industries that released the social responsibility report from 2012 to 2016 as research objects,We scored 16 environmental information disclosure rules on four aspects of social responsibility reporting: environmental management information,environmental governance information,environmental expenditure information,and environmental punishment and benefits,then use entropy method to construct environmental information disclosure quality index.From the three dimensions of organizational power,ownership power and expert power to quantify management power indicators,use empirical analysis to explore how management power affects the quality of environmental information disclosure of Listed Companies in heavily polluting industries,and introduces the enterprise nature,marketization process two adjustment variables,to verify the influence of both of the above regulation effect.After research and analysis,the following research conclusions are drawn: General manager of situation,board size,management share ratio,senior general manager title,have significantly impact on the environmental disclosure index.The quality of environmental information disclosure will be reduced when the general manager and chairman are concurrently appointed.,The board size has significant positive effect on the quality of environmental information disclosure.,The higher share ratio,the better quality of environmental information,The senior management title will reduce the quality of environmental information and gas disclosure.Besides,the degree of marketability can strengthen the positive effect of board size on the quality of environmental information disclosure.The nature of state-owned holding enterprises can enhance the positive impact of board size on the quality of environmental information disclosure,but weaken the influence of management holding ratio and senior title on the quality of environmental information disclosure.