中国上市公司环境信息披露-理论与实践

TABLE OF CONTENTS 2
INTRODUCTION 4
CHAPTER TWO LITERATURE REVIEW 10
2.1 Introduction 10
2.2 Theories of CED in the Literature 13
2.3.1 Accountability 15
2.3.2 Decision-usefulness theory 16
2.3.3 Voluntary disclosure theory 17
2.3.4 Legitimacy theory 18
2.3.5 Stakeholder theory 21
2.3.6 Economics-based agency theory 22
2.4 The Driving Forces behind Environmental Disclosure 25
2.4.1 Corporate characteristics 26
2.4.1.1 Corporate size 26
2.4.1.2 Industrial membership 27
2.4.1.3 Economic performance 28
2.4.1.4 Environmental performance 30
2.4.2 General contextual factors 32
2.4.2.1 Country of origin 32
2.4.2.2 General Social-economic and Political Context 34
2.4.2.3 Regulation 35
2.4.2.4 Public concern and media attention 38
2.4.2.5 Stakeholder groups 41
2.4.2.6 Effective tax rate 43
2.4.3 Internal Contextual Factors 44
2.4.3.1 The Process of reporting 45
2.4.3.2 Views and attitudes of key corporate players to aspects of reporting 46
2.5 Corporate Governance and CED 48
2.5.1 Ownership structure 48
2.5.1.1 Ownership concentration 49
2.5.1.2 Governmental ownership 50
2.5.1.3 Foreign ownership 50
2.5.2 Board composition 51
2.5.3 Directors’ characteristics 53
2.5.4 Other corporate governance characteristics 54
2.5.4.1 Audit committee and CSR committee 54
2.5.4.2 Audit quality 55
25.4.3 Cross-listing 55
CHAPTER THREE LITERATURE REVIEW ON CED IN THE CHINESE CONTEXT 59
3.1 Introduction 59
3.2 The Current Situation of Environmental Reporting in China 59
3.3 Literature Review on CED in China 61
3.3.1 The extent and quality of CED in China 61
3.3.2 The factors influencing CED in China 63
CHAPTER FOUR THEORETICAL FRAMEWORK AND HYPOTHESES DEVELOPMENT 67
4.1 Introduction 67
4.3 Hypotheses Development 70
4.3.1 Ownership structure 71
4.3.2 Board composition 74
4.3.3 Directors’ characteristics 78
4.3.4 Board activities and other internal processes 81
CHAPTER FIVE METHODOLOGY 85
5.1 Introduction 85
5.2 Philosophical Assumptions and Methodological Choices Underpinning the Current Study 85
5.3 First Empirical Investigation: Model specifications and variables 86
5.4 Second Empirical Investigation: Qualitative One 90
CHAPTER SIX QUANTITATIVE DATA ANALYSIS AND DISCUSSION 91
6.1 Introduction 91
6.2 Results of the Descriptive Statistics 91
6.2.1 Corporate characteristics 96
6.2.2 Corporate environmental disclosure (CED) index 101
6.3 Results of Inferential Analysis 104
6.3.1 Correlation metrics and bivariate results 104
6.3.2 Hierarchical multiple regression 104
6.3.2.1 Results of hierarchical multiple regression 104
6.3.2.2 Multicollinearity, linearity and normality 111
CHAPTER SEVEN QUALITATIVE DATA ANALYSIS AND DISCUSSION 115
7.1 Introduction 115
7.2 Qualitative Data Analysis: Results and Discussion 115
7.2.2 Results and discussion 115
7.2.2.1 Accountability 115
7.2.2.2 Regulation 123
7.2.2.3 Industries 130
7.2.2.4 Government ownership 136
7.2.2.5 Economic performance 142
7.2.2.6 Stakeholder Pressure 144
7.2.2.7 Impression management 149
7.2.2.8 Role of the board of directors 153
7.2.2.9 Quality of the environmental information currently disclosed by the sampled Chinese listed companies 166
7.2.2.10 Decision-making process 175
7.2.2.11 Cross-listing 177
7.2.2.12 Peer pressure 178
CHAPTER EIGHT CONCLUSIONS OF THE STUDY 180
8.1 Introduction 180
8.2 Summary of Motivations and the Research Questions of the Study 181
8.3 Main Findings 184
8.3.1 Quantitative findings 184
8.3.2 Qualitative findings 193
8.3.3 Summary of the findings from the two stages of study 206
8.4 Implications of findings for future CED practice in China 208
BIBLIOGRAPHY 212