Performance Pressure of Listed Companies and Environmental Information Disclosure: An Empirical Research on Chinese Enterprise Groups

Abstract

As a non-productive activity, environmental information disclosure is not only a prerequisite for environmental governance and sustainable development of listed companies, but also an effective means for executives to relieve pressure on business performance. Taking Shanghai and Shenzhen A-share listed companies as research samples, the authors have carried out an empirical study to test the relationship between subsidiary performance pressure and environmental information disclosure in enterprise groups, and examines the moderating effect of the parent company's shareholding on the main effect, as well as the differentiation of the moderating effect between high and low degree of executives' synergy allocation level in parent-subsidiary corporations. The results show that: firstly, the performance pressure of listed companies has a positive impact on environmental information disclosure; secondly, the parent company's shareholding will weaken the positive impact of listed company's performance pressure on environmental information disclosure. The higher the parent company's shareholding ratio, the weaker the positive impact of subsidiary company's performance pressure on environmental information disclosure. Thirdly, when the degree of executives' synergy allocation level in parent-subsidiary corporations is low, the negative moderating effect of parent's shareholding ratio is stronger.

Are scholar-type CEOs more conducive to promoting industrial AI transformation of manufacturing companies?

“…The moderating effect of parent-subsidiary corporations executives' ties As a governance structure with unified coordination and centralized allocation for executives within the framework of the enterprise group, the parent-subsidiary corporations executives' ties mainly refers to a state in which executives, including the board of directors and managers, serve in both the parent company and the subsidiary, which is an important way and arrangement for enterprise groups to gain competitive advantages and improve the efficiency of group operations (Opie et al, 2019;Xu et al, 2021). In this study, it is believed that the parent-subsidiary corporations executives' ties can strengthen the role of scholar-type CEOs in promoting industrial AI transformation through a synergy mechanism.…”

“…3.2.3 Parent-subsidiary corporations executives' ties (ET). Refers to the measurement method of Xu et al (2021), this paper adopts the ratio of the number of subsidiary executives concurrently serving as executives in the parent company to the total number of subsidiary executives to measure the degree of executive connection between the parent and subsidiary. Further, grouped by the "year-industry" mean of ratio, with the value of 1 for those above the mean and 0 otherwise.…”

Facilitation or inhibition? Impact of CEO’s financial background on industrial AI transformation of manufacturing companies

“…Reference to the research of Xu et al (2021), this article makes a preliminary sample selection of A-share manufacturing companies (1) exclude financial listed companies;…”

The Impact of Environmental Information Disclosure on Water Quality

“…Experts are more concerned about the influence of tight environmental rules on economic growth as ecological and environmental restrictions become more severe [13]. Substantial restrictions shift a portion of production value from polluting enterprises to polluting enterprises, boosting the upgrading of regional industrial structure [14].…”