Environmental legitimacy pressure, political connection and impression management of carbon information disclosure
Environmental legitimacy pressure, political connection and impression management of carbon information disclosure
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DOI：
10.1080/17583004.2021.2022537
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发表时间：
2022-01
影响因子：
3.1
通讯作者：
Xiying Luo;Ruimin Zhang;Wei Liu
中科院分区：
文献类型：
--
作者：
Xiying Luo;Ruimin Zhang;Wei Liu
摘要本文以《理事会关于开展2015 - 2019年碳排放权交易试点工作的通知》中的8个高耗能行业为样本，考察了环境合法性压力与碳信息披露印象管理之间的关系，并探讨了政治关联对这一关系的调节作用。基线结果表明，环境合法性压力与碳信息披露印象管理正相关，政治关联对这种关系起到调节作用，即政治关联企业的环境合法性压力与碳信息披露印象管理的正相关性强于非政治关联企业。结果对各种灵敏度测试具有稳健性。进一步的分析表明：（1）环境合法性压力与非国有企业碳信息披露的印象管理之间存在正相关关系（2）面对更高的环境合法性负压力的企业有更强的动机进行碳信息披露的印象管理，（3）面临环境合法性压力的企业会同时进行选择性披露和表达性操纵，但会有更强的动机进行表达性操纵。本研究拓展了碳信息披露印象管理的相关文献。本研究的发现不仅为中国，也为碳排放大国提供了政策启示。
Abstract Using sample firms from eight energy-intensive industries included in the State Council of China’s Notice on the Pilot Work of Carbon Emission Trading from 2015 to 2019, this study examines the relationship between environmental legitimacy pressure and impression management of carbon information disclosure, and explores the moderating effect of political connection on this relationship. The baseline results show that environmental legitimacy pressure is positively associated with impression management of carbon information disclosure, and political connection moderates this relationship, that is, the positive association between environmental legitimacy pressure and impression management of carbon information disclosure in politically-connected firms is stronger than that in non-politically-connected firms. The results are robust to various sensitivity tests. Further analyses show that (i) the positive association between environmental legitimacy pressure and impression management of carbon information disclosure in non-state owned enterprises (non-SOEs) is stronger than that in SOEs, (ii) firms facing higher negative environmental legitimacy pressure have stronger motivation to conduct impression management of carbon information disclosure, (iii) firms facing environmental legitimacy pressure conduct both selective disclosure and expressive manipulation but they have stronger motivation to conduct expressive manipulation. This study extends the literature on impression management of carbon information disclosure. The findings in this study provide policy implications not only for China but also for countries with large carbon emission.