Corporate Eco-efficiency,Managers’ Stock Selling,and Environmental Investment Disclosure

In the context of ecological environment pollution problems that are still prominent and resource utilization efficiency still needs to be improved,how to coordinate the relationship between resource consumption,environmental protection and economic growth,and promote high-quality economic development with the least resource consumption and the smallest degree of environmental pollution,is an urgent problem to achieve sustainable development.The traditional evaluation of corporate efficiency focuses on the economic performance of the enterprise,ignoring the relationship between the economic value created by the enterprise and the environmental impact.Under this background,the concept of "corporate eco-efficiency" came into being.As one of the key contents of environmental information disclosure,China’s relevant laws and regulations have not clearly stipulated the collection of its costs.Therefore,companies have greater autonomy in environmental protection investment disclosure.Although some studies have focused on the impact of corporate environmental performance on environmental information disclosure,few literatures have comprehensively considered the impact of corporate environmental performance and economic performance on environmental investment disclosure from the perspective of corporate eco-efficiencyIn view of this,this article attempts to explore the impact of corporate eco-efficiency on environmental investment disclosure from both theoretical and empirical levels;and from the perspective of managers’ stock selling,examines how managers’ stock selling play a role in this impact;further,analysis the mechanism of action in the aforementioned influence process.Specifically,this article will study how corporate eco-efficiency affects environmental investment disclosure,and explore whether environmental investment disclosure can be used as a signal to discern the good or bad eco-efficiency of an enterprise.As executives of corporate environmental investment information disclosure,when there is a motivation to reduce their holdings,how do they affect the process of environmental investment disclosure by companies with different eco-efficiency performance,and what is the mechanism of this?This paper uses the literature analysis method,theoretical analysis method and empirical analysis method to study the adjustment effect of corporate eco-efficiency,environmental investment disclosure and managers’stock selling on the relationship between the two.On the basis of sorting out and summarizing related literatures,the author uses the theory of organizational legitimacy,signal transmission theory,principal-agent theory and information asymmetry theory to derive and analyze,and puts forward research hypotheses.This article takes 2014-2018 A-share listed companies in heavily polluting industries as a research sample to empirically test the impact of corporate eco-efficiency on environmental investment disclosure,and the role of managers’stock selling in regulating the relationship between corporate eco-efficiency and environmental investment disclosure,It further analyzes the mechanism by which corporate eco-efficiency affects environmental investment disclosure,and the mechanism by which managers’stock selling.The main research conclusions of this paper are:(1)there is a negative correlation between corporate eco-efficiency and environmental investment disclosure;(2)managers’stock selling have a positive regulatory effect on the relationship between corporate eco-efficiency and environmental investment disclosure,and The greater the intensity of the stock selling,the stronger the negative correlation between corporate eco-efficiency and environmental investment disclosure;(3)the impact of corporate eco-efficiency on environmental investment disclosure is a strategic disclosure behavior;(4)the regulatory role of managers’ stock selling It is an opportunistic behaviorThe innovations of this paper are as follows:First,comprehensively consider the economic performance and environmental performance of the company from the perspective of corporate eco-efficiency,study its impact on environmental investment disclosure,one of the important indicators of environmental information disclosure,and explore the managers’ stock selling on the company.The impact of the relationship between eco-efficiency and environmental investment disclosure provides a new perspective for the study of environmental information disclosure Second,use "financial indicators/environment indicators" to calculate corporate eco-efficiency,and manually collect corporate social responsibility reports,environmental reports and sustainable development reports to obtain corporate energy consumption based on the "high energy consumption and low efficiency" operating characteristics of heavily polluting industries Value indicators,and select financial indicators to calculate the company’s energy productivity and energy return rate,as a measure of the company’s eco-efficiency.It overcomes the traditional efficiency evaluation focusing only on economic activities,and traditional environmental performance evaluation only focuses on the one-sidedness of environmental activities,which provides new ideas for the measurement of corporate eco-efficiency.