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.