Environmental Information Disclosure, Executive Characteristics And Corporate Financial Performance

While China's economy is developing rapidly,environmental problems are becoming increasingly serious.The Nineteenth National Congress of the Communist Party of China adhered to the concept that green mountains and green mountains are the golden mountains and the silver mountains,and made every effort to solve the problem of environmental pollution.Many enterprises in the heavily polluting industry not only constitute an important part of the national economy,but also cause very serious pollution to the environment.According to statistics,80% of natural environment pollution comes from heavily polluting enterprises.Therefore,in the context of green development,how to reduce environmental pollution and disclose environmental information is a question worthy of study.Based on Chinese and foreign literature that studies the relationship between corporate environmental disclosure and corporate financial performance,combining sustainable development theory,high-ranking team theory,stakeholder theory,and information asymmetry theory.As a research sample,734 listed companies in 16 heavily polluting industries collected 4,712 observations,and studied the impact of corporate environmental disclosure on financial performance.The content analysis method is used to construct the environmental information disclosure scoring system,and the environmental information disclosure index EID is manually collected and calculated to quantify environmental information disclosure.Using Tobin's Q value as a measure of corporate financial performance,research the correlation between environmental information disclosure and corporate financial performance;and add background features of executives(including the average age of executives,average tenure of executives,and the proportion of politically-linked executives),explore whether the different background characteristics of the executive team have a moderating effect on environmental information disclosure and corporate financial performance.The research results show that corporate environmental information disclosure has a positive impact on financial performance at a significant level of 1%,that is,the higher the quality of environmental information disclosure,the better the financial performance of the company;the impact of environmental information disclosure on financialperformance has two periods Time lag effect,and this effect weakens year by year;the effect of this effect is different in companies with different equity properties,and it has a more significant impact on state-owned enterprises than non-state-owned enterprises.As a moderator,the characteristics of senior executives,the average age of senior executives,the tenure of senior executives,and the proportion of executives' politically related backgrounds positively regulate the relationship between environmental information disclosure and financial performance.Finally,put forward suggestions based on empirical research results to build an efficient and excellent senior management team;establish and improve environmental laws and regulations related to environmental information disclosure,and actively encourage companies to disclose;improve environmental information disclosure mechanisms,and build an enterprise environmental responsibility evaluation system;improve enterprises The enthusiasm and success of fulfilling environmental responsibility,optimizing the corporate governance structure,and realizing the long-term development of the company.