Research On The Factors In The Environmental Information Disclosure From The Perspective Of Stakeholders

<Enterprise Environmental Information Disclosure Measures> is enacted in2008, afterthat, departments and regulatory agencies issued more regulations and guidelines whichadvocates the listed companies to enhance environmental information disclosure,take moresocial responsibility and pay attention to the common interests of stakeholders. These sets oflaws and regulations in crease the pressure on environmental information disclosure. GoldenBee Research on Corporate Social Responsibility Reporting in China2013shows that thequality of CSR reports released by listed companies improves, substantive disclosureenhanced but the disclosure of core performance data is still insufficient. Those reports showthe respect to the evaluation of stakeholders but miss the negative information. The trustdegree of the disclosed information needs improvement and the information disclosure ofnon-traditional stakeholders is obviously insufficient. Therefore, research on the factors in theenvironmental information disclosures from the perspective of stakeholders has both theorysignificance and practical significance.Based on <Index for Environmental Information Disclosure> Article3&6issued byShanghai Stock Exchange, whether disclose estimated liabilities or not is chosen as theexplained variable, while stakeholder factors as explanatory variables and control variables.This article adopts the data of107environment-harmful listed companies from2011to2013and builds2logistic regression models for empirical research via the deductive method. Onthe theoretical basis of stakeholder theory, sustainable development theory, informationasymmetry theory, corporate social responsibilities and signal transmission theory, aiming todiscuss impact profile of different interest parties on environmental information disclosure.Finding out that creditors, employees and the public had a significant effect on environmentalinformation disclosure while shareholders, government, consumers have no significantinfluence on it. According to the conclusion, making suggestions on improving consumerawareness of environmental protection, consummating the legal system of disclosurestandards and norms and enhancing enterprise internal environmental policies. The resultsmay not completely reflect the domestic corporate environmental information disclosurestatus because of the limited sample size and out-of-time data. The chose of explainedvariable defects as there are other non environmental factors may affect the confirmation ofestimated liabilities, such as estimated lawsuits. In order to find out the relationship betweenstakeholders and environmental information disclosure more work needs to be done to remove those non environmental information.