Management Power,Party Organization Governance And Environmental Information Disclosure

In the process of market-oriented reform of state-owned enterprises,shareholders have been absent for a long time,and the management has gained independent management power and began to have control of the enterprise.In the case of ineffective internal governance and weak external supervision,management began to use power to pursue private interests,resulting in opportunistic behavior.State-owned enterprises occupy a very important position in my country’s national economic system.State-owned enterprises in my country have been closely linked to the leadership of the party since their inception.The participation of party organizations in the governance of state-owned enterprises is an important and unique issue of socialism with Chinese characteristics.At present,it has become an important feature in the corporate governance structure of our country,and it mainly plays a supervisory check and balance function in enterprises.Will the power of management have an adverse effect on the environmental information disclosure? Does the party organization’s participation in corporate governance benefit the company’s environmental information disclosure? Can the party organization’s participation in corporate governance restrain the management’s opportunistic behavior and improve the level of environmental information disclosure?This article uses the Shanghai and Shenzhen A-share state-owned listed companies as a sample from 2008 to 2019 to empirically test the relationship between state-owned enterprise management power,party organization governance,and environmental information disclosure.The research results show that: management power has a negative impact on environmental information disclosure;party organizations can improve the level of environmental information disclosure when they participate in corporate governance,but party organizations participating in corporate governance by entering the board of supervisors cannot improve the level of environmental information disclosure;party organizations participating in corporate governance can suppress the adverse effects of management’s power on environmental information disclosure,and this inhibitory effect is even more pronounced in companies with high internal control quality,non-heavy polluting companies,commercial competitive stateowned companies,and companies with high debt levels.The innovation of this article is that in addition to the research on the relationship between management power and environmental information disclosure,it also introduces the political intervention perspective of party organizations participating in corporate governance to test whether it can suppress the disadvantages of state-owned enterprise management power to environmental information disclosure.The research in this article has enriched the related research on the impact of management power on environmental information disclosure and the related research on the impact of political intervention on environmental information disclosure,and has reference significance for strengthening and perfecting the construction of party organizations in enterprises,and giving full play to the role of party organizations in promoting environmental information disclosure.