“合规”还是“合群”:中小股东积极主义与碳信息披露  

"Compliance"or"Conformity":Retail Shareholder Activism and Carbon Disclosure

作　　者：吴超[1] 马新蕊 WU Chao;MA Xinrui(School of Economics and Management,Hebei University of Technology,Tianjin 300130,China)

机构地区：[1]河北工业大学经济管理学院,天津300130

出　　处：《科学与管理》2025年第1期66-74,共9页Science and Management

基　　金：国家自然科学基金青年项目(72002064)。

摘　　要：低碳经济背景下,企业披露的碳信息受到更多利益相关者的关注。以2016—2021年化工企业为研究样本,实证检验中小股东积极主义与碳信息披露水平的关系。研究发现:(1)中小股东积极主义可以显著推动企业碳信息披露水平提升;(2)从“合规”和“合群”两个视角进行动机分析,发现“不合群”企业中小股东积极主义对碳信息披露的推动作用效果更显著;(3)机制检验结果表明,媒体关注在中小股东积极主义对碳信息披露水平的影响过程中发挥中介效应,这种效应只在大规模企业中存在,从媒体报道的倾向来看,正面报道和负面报道均可以发挥中介效应,中性报道不可以;(4)调节效应检验结果表明,中小股东积极主义对碳信息披露水平的推动作用在代理成本较低的企业以及非国有企业更显著。In the context of low-carbon economy,stakeholder are increasingly concerned about the carbon information.This paper discusses and empirically examines the influence of retail shareholder activism on carbon disclosure by taking Chinese companies in the chemical industry from 2016 to 2021 as research samples.The results show that:(1)Retail shareholder activism helps to improve the quality of carbon disclosure.(2)From the perspectives of"compliance"and"conformity",retail shareholder in enterprises with greater pressure on normative legitimacy has a more significant role in promoting carbon disclosure,which verifies the explanation path from the perspective of"conformity".(3)In terms of mechanism,retail shareholder activism raises the quality of carbon disclosure through"grabbing media attention mechanism",which only exists in large-scale companies.Both positive and negative reports have mediating effect(neutral reports do not)after distinguish media sentiment.(4)In terms of effect,retail shareholder activism has a more significant improve effect on carbon disclosure in companies with low agency costs and non-state-owned companies.

关 键 词：中小股东 股东积极主义 碳信息披露 媒体报道 合法性 

分 类 号：F270[经济管理—企业管理]