摘要
环境治理不仅受政府环境规制的影响,也受作为环境保护主体的企业环保投资行为的影响。基于董事会失败容忍这一视角,采用高管薪酬黏性作为度量董事会失败容忍的指标,并利用2010-2020年中国A股上市公司的数据,实证检验了一定的环境规制强度下,董事会失败容忍对企业环保投资的影响、以及风险承担水平在二者之间发挥的中介效应。结果表明:董事会失败容忍对企业环保投资具有正向促进作用;相对于内部控制质量低和市场竞争强度高的企业,董事会失败容忍对内部控制质量高和市场竞争强度弱的企业环保投资的促进作用更加显著;进一步的机制检验证明,董事会失败容忍可以通过提高企业的风险承担水平,从而增加企业的环保投资。
The effectiveness of environmental governance is influenced not only by government environmental regulations, but also by the environmental investment behavior of enterprises, which are the subjects of environmental protection. Based on the perspective of board failure tolerance, we adopt executive compensation stickiness as a measure of board failure tolerance and use the data of Chinese A-share listed companies from 2010 to 2020 to empirically test the impact of board failure tolerance on corporate environmental protection investment under a certain intensity of environmental regulation using a panel data analysis model, and further explore the effect of different We further investigate the heterogeneity in the degree of market competition and internal control quality and the mediating effect of risk-taking level between the two. The results of the study show that board failure tolerance has a positive effect on corporate environmental investment, and increasing board failure tolerance is conducive to motivating executives to make more environmental investments;the positive effect of board failure tolerance on environmental investment is more significant for firms with high quality internal control and low market competition intensity than in firms with low quality internal control and high market competition intensity. Further mechanistic tests demonstrate that board failure tolerance can increase firms′ environmental investment by increasing their risk-taking level. The purpose of this paper is to add empirical evidence to the failure tolerance theory in the Chinese market and to provide a useful reference for Chinese firms to design reasonable incentives for environmental protection.
作者
陈琪
刘佳宁
CHEN Qi;LIU Jianing(School of Business,Zhengzhou University,Zhengzhou 450001,China)
出处
《河南工业大学学报（社会科学版）》
2022年第5期43-52,共10页
Journal of Henan University of Technology:Social Science Edition
基金
2021年度教育部人文社会科学研究规划基金项目(21YJA630005)。
关键词
董事会失败容忍
高管薪酬黏性
风险承担水平
环保投资
board failure tolerance
executive compensation stickiness
risk-taking level
environmental investment
作者简介
陈琪(1973-),女,河南郑州人,博士,教授,研究方向:环境会计;刘佳宁(1999-),女,河南郑州人,硕士研究生,研究方向:环境会计。E-mail:chqi@zzu.edu.cn。
