Environmental Policy Uncertainty and Corporate Environmental Information Disclosure：Evidence from the Turnover of Local Environmental Protection Directors

• DOI: 10.16538/j.cnki.jsufe.2020.02.003
• Publication Date: 2020-04-01
• Authors: Lianchao Yu; Weiguo Zhang; Bi Qian; Dong Jinting
• Keywords: Marketization; Promotion (chess); Turnover; Environmental degradation

Theoretically, the turnover of local environmental protection directors may not only make policy stricter and promote corporate information disclosure, but also cause to be broken inhibit disclosure. To this end, based on research perspective uncertainty, paper selects heavily polluting enterprises in China’s Shanghai Shenzhen Stock Exchange A-share from 2009 2017 as object, examines impact The study finds that has a significant positive is significantly different between state-owned private enterprises, declining over time. After cross-sectional analysis, it found above-mentioned mainly manifested companies with low levels marketization, close regulatory distance poor performance. In other words, when marketization level low, more significant, showing promotion can effectively compensate for lack market mechanism; long, reduced, indicating “distance attenuation effect”; performance poor, effect stronger examining influence mechanism, mechanism heterogeneity property rights, is, promotes disclosure by increasing intensity regulations subsidies, improving regulations. conclusions expand driving factors directors, provide useful enlightenment relevant government departments urge assume main responsibility governance.