Board Heterogeneity,Firm Performance And Carbon Disclosure

With economic development and population growth,climate change has risen to become a strategic issue that has attracted worldwide attention.The large amount of greenhouse gas emissions has caused global warming to increase rapidly,natural disasters to occur frequently and the number of species to drop sharply,which continues to threaten human survival.In order to effectively constrain corporate carbon emissions,the government has issued a series of response policies and prevention measures,and established a national carbon emission trading market.Carbon disclosure can fully reflect the low-carbon management construction of companies,and ensure the long-term stable operation of the trading market,which in tern attracts the attention of stakeholders.Considering that the papermaking industry is one of the heavily polluting industries and has strong social responsibility sensitivity,this paper takes the listed papermaking companies as a sample,and examines the influencing factors of carbon disclosure through the perspective of board heterogeneity and firm performance,and further tests whether firm performance has an adjustment function,expecting it can help papermaking companies adjust the board structure to improve current status of carbon disclosure,and also broaden the analysis of firm performance effect to enrich relevant empirical evidence.Firstly,this paper combs the existing literature according to the research theme,explains the basic concepts and provides important theoretical support.Secondly,this paper counts carbon information published by the listed papermaking companies to the public during 2012-2017,discusses the specific disclosure situation and points out potential problems and possible causes.Based on the above research,this paper sets explanatory variables and control variables,including board heterogeneity,firm performance,regional differences,organizational redundancy,dual-departmental status,equity concentration,operational capability and firm size,using an empirical analysis method to verify whether these variables are related to carbon disclosure.The regression results outputted by Eviews 8.0 software show that gender,tenure and educational heterogeneity significantly affect carbon disclosure,and the former two have inhibitory functions,while the latter have a promotion function;firm performance has a negative effect on carbon disclosure,but it has no significant positive adjustment effect on board heterogeneity;regional differences,dual-departmental status,operational capability and firm size all significantly affect carbon disclosure.Finally,with reference to the above analysis conclusions,this paper provides reasonable suggestions on improving the carbon disclosure system,optimizing the internal structure of the board and building a low-carbon management department and information system which can help companies coordinate economic and environmental benefits and rapidly promote the sustainable development process.