The Impact Of Board Composition On Corporate Carbon Information Disclosure

The climate change caused by greenhouse gas emissions is deeply affecting the survival and development of human society.Carbon disclosure is receiving more and more attention from the government,enterprises,academia and the public.In the face of the energy-saving emission reduction and low-carbon economic development policies,studying the status and influencing factors of carbon disclosure have become a relatively cutting-edge research direction.It can promote the level of carbon disclosure.It is not only helps regulators to guide enterprises to better fulfill their responsibility for energy conservation and emission reduction,but also conducive to the sustainable development of enterprises.In order to objectively evaluate the company's carbon disclosure level,explore the main factors in Chinese heavy polluting industries listed companies.This paper first uses the literature analysis method to summarize and analyze the related results of carbon disclosure at home and abroad.Secondly,in order to provide some theoretical support for empirical research,this paper describes related theories such as social responsibility,stakeholders,information asymmetry,corporate governance,and legitimacy.On the basis,this paper selects the listed companies of 336 heavily polluting enterprises in Shanghai stock A market as a sample to make statistics about the carbon information which is disclosed from 2012-2017 annual reports.We make empirical test to examines the impact of board composition on corporate carbon emission information disclosure,and further explores the impact of board composition on corporate carbon disclosure from the aspects of enterprise property rights,industry differences and environmental control intensity,which deepens the impact of board composition on corporate carbon from the aspects of company's internal and external governance.The impact analysis of the disclosure reveals the impact mechanism of board composition on corporate carbon emission information disclosure.The results show that the higher the ratio of independent directors,the higher the level of carbon disclosure;the ratio of female directors or the number of female directors has no significant relationship with the company's carbon information disclosure.Further examination of the nature of property rights,concentration of shares,industry differences and environmental control intensity found that the ratio of independent directors increased the level of carbon information disclosure of the company only exists in non-state-owned companies,heavy pollution industries and companies with weak environmental control intensity.In addition,this study found that the ratio of independent directors to female directors has a significant positive impact on the possibility of disclosure of risk and opportunity information brought about by climate change.The results of this study will help to understand the functions of female directors in China,and provide empirical data for understanding the factors influencing carbon disclosure,thus providing theoretical reference for stakeholders such as the board of directors,regulatory authorities and the public.