The Influence Mechanism and Contingency Thinking of Subsidiaries’ Green Governance Within the Framework of Group – Based on Disclosure of Environmental and Sustainable Development Information

Abstract

Listed companies in China's Shanghai and Shenzhen stock markets are selected as research objects, the influence of executives' synergy allocation of parent and subsidiary companies on green governance level of subsidiaries is investigated. Using the 3100 sets of sample data formed from 2014 to 2017, then tested the hypothesis empirically through multiple regression analysis using STATA 15.1. The results show: (1) Executives' synergy allocation of parent and subsidiary companies has a positive impact on green governance level of subsidiaries; (2) The moderating effect of equity checks and balances and the property rights nature of enterprise groups is verified, the specific performance is: the lower the equity checks and balances, the stronger the positive influence of the executives' synergy allocation of parent and subsidiary companies on green governance level of subsidiaries; (3) Compared with state-owned enterprise groups, the influence of executives' synergy allocation of parent and subsidiary companies has a stronger impact on green governance level of subsidiaries in private enterprise groups; (4) Further analysis shows that part of the reason for the positive impact of executives' synergy allocation in parentsubsidiary companies on the green governance level of the subsidiaries is that executives' synergy allocation has alleviated the first type of agency costs to some extent.