The Effect Mechanisms Of Public Pressure On Environmental Information Disclosure Quality Of Listed Company

High quality environmental information disclosure can meet the legitimacy of government regulation and promote companies to consciously fulfill their social environmental responsibility.However,in recent years,Chinese listed companies have frequently violated the "warning line of environmental information disclosure".San wei Co.,Ltd of Shanxi province environmental reports have repeatedly concealed environmental penalties and disclosed illegal emissions that are inconsistent with the facts.Hui feng Co.,Ltd of Yan cheng city was placed on file for investigation because of fabricating hazardous waste management ledger and suspecting of false statement.These problems have aroused great concern and anxiety from the government,the media and the public.Improving the quality of disclosure has become an important proposition to promote the green governance of companies in the new era.The existing research on the factors affecting the quality of environmental information disclosure mainly focuses on the ownership structure and internal control,but seldom from the external perspective of public pressure.Based on the data of listed companies in A-share heavily pollution industries from 2010 to 2016,this paper constructs a mediated moderation model,and focuses on the mechanism and path of public pressure affecting the quality of environmental information disclosure.Major initiatives and innovations include:(1)Reveals the internal mechanism of public pressure affecting environmental information disclosure.Firstly,public pressure is deconstructed from three dimensions:government supervision,media supervision and public concern.Secondly,from the perspectives of legitimacy,agenda setting and signal transmission theory,this paper analyzes the influence path of public pressure on the quality of disclosure.On this basis,internal control mediating variables are introduced to construct the "mediated moderation effect model",so as to realize the systematic analysis of the transmission chain of "public pressure-internal control-disclosure quality",and enrich the theoretical perspective of the research on the influencing factors of environmental information disclosure quality.(2)Verifies the governance effect of public pressure on the quality of environmental information disclosure and the mediating effect of internal control.The results show that the public pressure has a significant positive effect on the quality of environmental information disclosure,and the internal control has a mediating effect.Specifically,the "governance effect" of government regulation is dominant fator,which is stronger than media supervision and public concern.Compared with non-state-owned companies,government supervision and media supervision have a more significant effect on the quality governance of "hard disclosure" of state-owned companies,and the mediating effect of internal control is more prominent.The conclusion provides empirical evidence for the quality improvement of environmental information disclosure from the perspective of public pressure.(3)Aims at the three kinds of public pressure,it further verifies the moderating effect of media supervision and public concern on government regulation in the disclosure quality governance.Regulating effect of build a mediation model,regression found that media supervision and public concern two variables interact with government regulation coefficient were significantly negative,suggests that the government regulation has positive effect on internal control,disclosure quality regulation,media supervision and public attention more fully,more conducive to the government regulation on disclosure quality management effect.This finding provides empirical support for improving the quality of disclosure from the collaborative perspective of public pressure sources.(4)Based on the perspective of public pressure,the paper proposes the path to improve the quality of environmental information disclosure by means of pressure source collaborative driving,internal control interlocking and circular improvement.First of all,pressure sources should be driven in a coordinated way.We should strengthen government supervision,media supervision,and encourage the public to participate in a wide range of activities,so as to promote joint prevention and governance,and form a collaborative governance effect.Secondly,companies should take pressure as the driving force,take public pressure as the front main ring,improve the quality of information disclosure to the end of the hard ring,strengthen the internal control and the link,and strengthen the public pressure transmission effect.Finally,the circular improvement is emphasized to form a long-term mechanism of quality improvement.