Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies

CHENG Bo

Volume 34 Issue 2

May 2021

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CHENG Bo. Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(2): 74-89.

Citation:

CHENG Bo. Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(2): 74-89.

CHENG Bo. Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(2): 74-89.

Citation:

CHENG Bo. Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(2): 74-89.

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Analyst Coverage and Corporate Environmental Governance:Evidence from Chinese Listed Companies

CHENG Bo

Jiyang College, Zhejiang Agriculture and Forestry University, Hangzhou 311800, China

Received Date: 2018-11-30
Available Online: 2021-05-29
Publish Date: 2019-04-28

Abstract

Abstract

Taking the listed companies in Shanghai and shenzhen from 2007 to 2015 as samples, this study examines the function of the analysts' attention to corporate environment performance. By analyzing the mechanism of how the analyst as the capital market intermediary affects the corporate environmental performance, two competitive hypotheses are proposed: market supervision hypothesis and performance pressure hypothesis. The empirical results show that analysts' attention helps to constrain management's self-interested behavior at the expense of the environment, which urges the enterprise management to deal with the crisis of environmental legitimacy and obtain the recognition of environmental legitimacy, thus significantly improving the performance of enterprise environmental governance and supporting the hypothesis of market supervision.The conclusion of this paper not only enriches and expands the relevant literatures on analysts' attention and corporate environmental governance, but also provides some empirical evidence for the government to promote environmental governance through improving the capital market intermediary, and has some reference value for how to better motivate enterprises to fulfill their responsibilities in environmental governance.
- analyst coverage,
- corporate environmental governance,
- market supervision,
- performance pressure,
- listed company

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References(37)

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