Ownership Concentration and Environmental Information Disclosures

DOI

10.2991/jahp-18.2018.73How to use a DOI?

Keywords

environmental information disclosure; institutional investors; ownership concentration; tradable share; added value

Abstract

In order to investigate the ownership concentration of influence environmental information disclosure and market reactions, this paper use Chinese all A-share listed companies of main board market in 2012 as samples, and the research conclusion indicate that: (1) The higher tradable shares, and the higher the institutional investor shareholding of listed companies will be more and better disclosure of environmental information. (2) The controlling shareholder concentration suppresses the disclosure of the environmental information in the listed company. The particularity of not all of China's stock are in circulation, which is the reason why the former scholars cannot find out the significant influence of the shareholding structure on China's environmental information disclosure. (3) The first major shareholder has no significant impact on environmental information disclosure. In short, institutional investors and equity circulation are conducive to environmental information disclosure, while control concentration is the opposite. (4) The listed companies environmental information disclosure behavior index and disclosure quality index are all significantly positive with the company's next seasonal added value. In short, the capital market responses strongly to the environmental information disclosure.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Tangmei Yuan
AU  - Guirong Wang
PY  - 2018/08
DA  - 2018/08
TI  - Ownership Concentration and Environmental Information Disclosures
BT  - Proceedings of the 3rd International Conference on Judicial, Administrative and Humanitarian Problems of State Structures and Economic Subjects (JAHP 2018)
PB  - Atlantis Press
SP  - 361
EP  - 367
SN  - 2352-5398
UR  - https://doi.org/10.2991/jahp-18.2018.73
DO  - 10.2991/jahp-18.2018.73
ID  - Yuan2018/08
ER  -