Research on the Influence Mechanism of Government Regulation and Media Attention on Corporate Water Information Disclosure

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Ming Chen

Abstract

Enterprises as an important component of modern economy and society, on the one hand is the direct creator of the social wealth, promoted the rapid development of our industrial economy. On the other hand, it is also the main producer of environmental pollution, which has caused serious ecological problems, which forces human beings to explore the road of common development of economic construction and environmental governance. The full disclosure of environmental management results is a prerequisite for environmental governance. Enterprises make selective disclosure for the purpose of satisfying external legitimacy, so external environmental supervision has become an important driving factor for corporate water information disclosure. On the basis of relevant research results, this paper combines related concepts of environmental information disclosure and basic theories such as organizational legitimacy theory, signal transmission theory, information asymmetry theory and stakeholder theory. Firstly, in the theoretical analysis part, from the perspective of government, media and enterprise utility, based on the principle of utility maximization, this paper introduces the following methods: A mixed game theoretical framework of government supervision, media reports and corporate water information disclosure was constructed to clarify the heterogeneous disclosure behavior of enterprises under the pressure of external environmental supervision. Secondly, A-share listed companies in water-sensitive industries in Shanghai and Shenzhen from 2015 to 2019 are selected as samples to construct mandatory and selective disclosure content indicators of corporate water information, and empirically analyze the influence of external pressures of government supervision and media reports on the disclosure content of heterogeneous water information of enterprises. Finally, according to the relevant theories and empirical analysis results, the research conclusions and relevant suggestions are put forward.

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