| The adjustment of stock index constituents is an information event,causing stock price fluctuations,and making an important impact on corporate economic behavior.But related research lacks attention to corporate environmental behavior.As a tool for enterpirises to communicate their environmental performance to the outside,the disclosure of ennvironmental information is an important way for the government and the public to supervise corporate environmental behaviors.Although China has issued many environmental laws and policies to promote the disclosure of corporate environmental information,the quality of environmental information disclosure of listed companies is currently low,and there is an obvious selective disclosure.In recent years,how to improve the quality of corporate environmental information disclosure has become a hot topic.Therefore,based on the perspective of capital market system design,this paper studies the impact of CSI 300 index additions on corporate environmental information disclosure,and explores whether the agency cost affects the relationship between CSI 300 index additions and environmental information disclosure.First,this paper reviews the background of CSI 300 index system and the policies of corporate environmental information disclosure in China,and constructs a theoretical analysis framework of CSI 300 index additions and corporate environmental information disclosure quality based on legitimacy theory,incentive theory,signal transmission theory,short-sightedness theory,and agency theory.Secondly,using the CSI 300 index as a natural experimental environment and taking the listed companies of Shanghai and Shenzhen A-shares heavily polluting industries from 2008 to 2017 as research samples,this paper uses PSM and DID to test empirically the relationship between CSI 300 index additions and the quality of environmental information disclosure quality and its mechanism,and the moderating role of corporate agency cost on the relationship.This paper finds:(1)corporate environmental information disclosure quality has significantly improved after the additions to CSI 300 index,supporting the "governance effect" hypothesis;(2)the test of the mechanism shows that suppress management shortsightedness plays a significantly partial mediating effect;moreover,the quality of corporate environmental information disclosure decreased significantly after the deletions to CSI 300 index;(3)compared with the companies with high agency costs,the positive effect of CSI 300 index additions on the quality of corporate environmental information disclosure is more significant in companies with low agency costs;However,this situation is no longer significant in the samples of CEO duality.Finally,in order to improve the environmental information disclosure quality in China,this paper proposes that environmental factors should be considered in the design of stock market system,strengthen governance effect of reputational incentives,design long-term incentives policy to suppress opportunism,improve the corporate governance environment and set up reasonable supervision mechanisms,and so on.This paper provides evidence for the ‘governance effect’ of the stock index constituent system from the perspective of corporate environmental behavior,not only enriching related research on the changes of stock index constituents,but also providing a new perspective for improving the quality of corporate environmental information disclosure in China. |
