CEO Power,External Supervision And Environmental Accounting Information Disclosure

In recent years,China’s economic development has shifted from high-speed growth to high-quality development.During the stage of rapid economic growth,heavy polluting industries and enterprises have made significant contributions and were the main driving force behind economic growth.However,at the same time,the rapid development has also led to increasingly severe environmental problems caused by heavy polluting enterprises,which have had a certain impact on the ecological environment and quality of life for many areas and the general public.Nowadays,the form of economic development has changed,and various industries are seeking high-quality development models to address problems that were not emphasized during the high-speed development stage.Many issues have been improved as a result.However,the environmental accounting disclosures of listed companies in heavily polluting industries have always been mediocre.As the ultimate achievement of corporate environmental work,the level of environmental accounting information disclosure urgently needs to be improved.Of course,the issues related to environmental accounting information disclosure are influenced by many factors.This article starts from the perspective of external supervisors,selects media that can exert public opinion pressure on companies,and analysts who are skilled in using their professional skills to dig out and interpret corporate information.It studies the impact of these two important external supervisory roles on the environmental accounting information disclosure of heavily polluting enterprises.The article also introduces the internal factor of CEO power and analyzes its moderating effect.In addition,this article considers the heterogeneous effects of property rights and the level of legal institutionalization,and studies the disclosure of environmental accounting information from multiple levels and perspectives of enterprises.This article summarizes and synthesizes domestic and foreign literature,based on the theory of information asymmetry,agency theory,and stakeholder theory,and proposes research hypotheses.Referring to the relevant research conducted by authoritative scholars and policy regulations issued by government departments,establish a quality evaluation system for enterprise environmental accounting information disclosure.The sample is selected from heavily polluting listed companies in the Shanghai and Shenzhen stock markets from 2012 to 2021.This study empirically analyzes the roles of analyst attention,media attention,and CEO power in environmental accounting information disclosure,while also testing the robustness and endogeneity of the regression results.This article finds that media and analyst attention,two external factors,will significantly promote the level of environmental accounting information disclosure of heavily polluting listed companies;CEO power can weaken the positive impact of media and analyst attention on the quality of corporate environmental accounting information disclosure;Compared with non-stateowned enterprises,media attention and analysts’ attention have more obvious promotion for state-owned enterprises’ environmental accounting information disclosure quality;Compared with regions with low legalization level,the promotion of the quality of environmental accounting information disclosure by media attention and analysts’ attention is more significant in regions with high legalization level.Finally,combined with the above analysis,this paper puts forward policy recommendations for external supervisors,enterprises and government departments,summarizes the limitations of the study and expresses the outlook for the future.