Research On Agency Cost And Environmental Information Disclosure From The Perspective Of Executive Features

With the rapid development of society and economy,the problems of ecological environment crisis and environmental pollution have become increasingly serious.How to achieve green and low-carbon economic development and build a beautiful China has become an important challenge facing our current social development.As the main body of economic activities,enterprises’ production and management activities will have a significant impact on the company’s ecological environment.Based on the unique social attributes of enterprises,enterprises play an irreplaceable role in environmental governance and social responsibility.In recent years,the state has continuously promoted the construction and implementation of relevant systems for environmental information disclosure,issued a series of policies and regulations,and made it clear that listed companies in heavily polluting industries must disclose environmental information.However,for the time being,corporate environmental information disclosure still lacks unified and standardized guidelines,which are mainly based on voluntary disclosure and supplemented by mandatory disclosure.Therefore,corporate management has greater discretion in the disclosure methods,content,and quantity of environmental information,which may cause information distortion and the overall quality of environmental information disclosure is not high.Therefore,how to promote enterprises to take into account environmental benefits,carry out environmental governance,and realize green production,thereby improving the quality of environmental information disclosure,has become an important issue for current ecological construction.Therefore,this paper takes the disclosure of corporate environmental information as a starting point and explores the internal mechanism of agent behavior choice.First,this article uses the principal-agent theory,the information asymmetry theory,the signal transmission theory,the high-ranking team theory,and the convergence of interests theory as the theoretical basis for this study.It conducts logical derivation through normative research and analyzes the agency cost caused by corporate agency problems The impact of environmental information disclosure behavior choice.At the same time,based on China’s basic national conditions,from the perspective of internal characteristics and external characteristics,this paper proposes senior management’s hometown sentiment and shareholding ratio as themeasurement variables of senior management characteristics,and explores the relationship between the agency cost and the quality of environmental information disclosure.The degree of influence,and put forward the research hypothesis of this article.Secondly,conduct an empirical analysis through a panel data model,and select data from listed companies in heavy polluting industries from 2013 to 2018 as a research sample.Based on the adjustment of the hometown sentiment of senior management and the shareholding ratio of senior management,the agency cost and environmental information of the company The relationship between the quality of disclosure is empirically tested.The research results show that the agency cost of enterprises is negatively related to the quality of environmental information disclosure.The quality of environmental information disclosure will decrease with the increase of agency costs,and this effect is more significant in state-owned enterprises.Feelings and executive shareholding ratios can all reverse the relationship between agency costs and environmental information disclosure,and help curb the adverse effects of increased agency costs.Finally,according to the conclusions,the corresponding countermeasures and suggestions are proposed from the three perspectives of the government,enterprises and the market,in order to reduce the agency costs for enterprises,improve the quality of environmental information disclosure,and promote the performance of corporate social responsibility,and provide some useful references and references.