Executive Power,environmental Information Disclosure Quality And Investment Efficiency

In recent years,China’s economy has grown by leaps and bounds,and its economic situation has achieved a qualitative improvement.However,like most Western countries,along with the rapid development of the economy,it is an increasingly serious problem of ecological damage and environmental pollution.Environmental protection is closely related to the sustainable development of the economy and society.Today,it has received extensive attention from all walks of life.China’s relevant regulatory authorities have also promulgated and implemented policies on environmental information disclosure requirements of enterprises.In such a background,as one of the culprits of environmental pollution,heavy pollution industries must pay attention to environmental governance,strictly abide by the relevant environmental protection laws and regulations,constantly strengthen the environmental information disclosure,and earnestly fulfill the social responsibility of environmental protection in order to realize the long-term development of the enterprise.In addition,as an important bridge for communication between enterprises and all sectors of society,environmental information disclosure can also effectively alleviate the information asymmetry between them,which is an important factor affecting the investment efficiency of enterprises.So,can companies improve their investment efficiency by improving the quality of environmental information disclosure? At the same time,senior executives,as the makers of corporate strategy,also have decision-making power in environmental information disclosure.Will they use their own power to affect the quality of disclosure and ultimately have a negative impact on investment efficiency?This paper takes the A-share listed companies in heavily polluting industries in Shanghai and Shenzhen stock markets as a research sample,theoretically analyzed and empirically examines the effect of environmental information disclosure quality on enterprise investment efficiency,and introduces executive power as a moderator variable to study the relationship among executive power,environmental information disclosure quality and investment efficiency.It is hoped that this study will promote the rational distribution of executive power and strengthen the supervision of executive behavior,and constantly improve corporate environmental information disclosure quality,thereby improving investment efficiency and achieving long-term sustainable development of enterprises.The results show that:(1)Environmental information disclosure quality can improve investment efficiency.(2)The expansion of executive power will weaken the effect of environmental information disclosure quality on the improvement of investment efficiency.This paper further analyzed the specific ways in which environmental information disclosure quality affects corporate investment efficiency.It is found that environmental information disclosure quality mainly improves corporate investment efficiency by restraining excessive investment behavior of enterprises,which to some extent also provides a reference for the government to formulate more targeted environmental information disclosure policies.