外籍董事、语言和企业环境信息透明度
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摘要
根据合法性理论,环境信息披露有助于企业合法化其经营活动。以2008—2014年沪深两市A股国有上市公司为样本,考察外籍董事对上市公司环境信息披露的影响。实证结果显示:(1)外籍董事的存在及其在董事会成员中的占比都和企业环境信息透明度显著正相关;(2)当外籍董事来自官方语言属于弱将来时态表述的国家(或地区)时,外籍董事和企业环境信息透明度的正关系更突出。一方面,外籍董事可以有效监督企业的环境问题;另一方面,语言通过影响人们对未来的重视程度,可以促使个人乃至企业更多地关注未来导向的活动(例如环境保护)。
According to legitimacy theory, environmental information disclosure plays an important role in legitimizing a firm's operating activities. Based on a sample of Chinese state-owned enterprises in the period of 2008—2014, empirical results show that(1) the existence(ratio) of foreign directors is significantly positively associated with corporate environmental information transparency; and(2) the positive influence of foreign directors on corporate environmental information transparency is more pronounced for foreign directors from countries(regions) with official languages of weak future-time reference(FTR). On the one hand, foreign directors can effectively supervise a firm's environmental issues. On the other hand, language can prompt individuals and even firms to pay more attention to future-oriented activities(e.g., environmental protection) by affecting individuals' perception of the future. The above findings enhance the scholarly understanding of environmental issues and provide insights for regulators to formulate environmental policies.
According to legitimacy theory, environmental information disclosure plays an important role in legitimizing a firm's operating activities. Based on a sample of Chinese state-owned enterprises in the period of 2008—2014, empirical results show that(1) the existence(ratio) of foreign directors is significantly positively associated with corporate environmental information transparency; and(2) the positive influence of foreign directors on corporate environmental information transparency is more pronounced for foreign directors from countries(regions) with official languages of weak future-time reference(FTR). On the one hand, foreign directors can effectively supervise a firm's environmental issues. On the other hand, language can prompt individuals and even firms to pay more attention to future-oriented activities(e.g., environmental protection) by affecting individuals' perception of the future. The above findings enhance the scholarly understanding of environmental issues and provide insights for regulators to formulate environmental policies.
引文
[1]王霞、徐晓东、王宸:《公共压力、社会声誉、内部治理与企业环境信息披露——来自中国制造业上市公司的证据》,《南开管理评论》2013年第2期;Wei Z,Shen H,Zhou K Z,Li J J.“How Does Environmental Corporate Social Responsibility Matter in a Dysfunctional Institutional Environment?Evidence from China”,Journal of Business Ethics,2017,140(2),pp.209-223.
[2][21]毕茜、彭珏、左永彦:《环境信息披露制度、公司治理和环境信息披露》,《会计研究》2012年第7期;沈洪涛、冯杰:《舆论监督、政府监管与企业环境信息披露》,《会计研究》2012年第2期。
[3]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136.
[4]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136;Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311.
[5][30]McWilliams A,Siegel D.“Corporate Social Responsibility:A Theory of the Firm Perspective”,Academy of Management Review,2001,26(1),pp.117-127;Walley N,Whitehead B.“It’s Not Easy Being Green”,Harvard Business Review,1994,72(3),pp.46-52.
[6][14]毕茜、彭珏、左永彦:《环境信息披露制度、公司治理和环境信息披露》,《会计研究》2012年第7期;杨熠、李余晓璐、沈洪涛:《绿色金融政策、公司治理与企业环境信息披露——以502家重污染行业上市公司为例》,《财贸研究》2011年第5期;Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp.207-223.
[7][40]Ruigrok W,Peck S,Tacheva S.,“Nationality and Gender Diversity on Swiss Corporate Boards”,Corporate Governance:An International Review,2007,15(4),pp.546-557.
[8][16][41]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management?Evidence from China”,The International Journal of Accounting,2017,52(2),pp.142-177.
[9][45]Whorf B L,Carroll J B,Chase S.,Language,Thought and Reality:Selected Writings of Benjamin Lee Whorf,Cambridge:MIT Press,1956.
[10][46]Dahl ?.,Tense and Aspect in the Languages of Europe,Berlin:Mouton de Gruyter,2000.
[11][49]Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp.690-731.
[12][53]Pérez E O,Tavits M.,“Language Shapes People’s Time Perspective and Support for Future-Oriented Policies”,American Journal of Political Science,2017,61(3),pp.715-727.
[13][54]Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp.303-327;Du X,Jian W,Zeng Q,Du Y.“Corporate Environmental Responsibility in Polluting Industries:Does Religion Matter?”,Journal of Business Ethics,2014,124(3),pp.485-507.
[15][56][57]Masulis R.W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp.527-554.
[17][34]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311.
[18][26][28]Wei Z,Shen H,Zhou K Z,Li J J.,“How Does Environmental Corporate Social Responsibility Matter in a Dysfunctional Institutional Environment?Evidence from China”,Journal of Business Ethics,2017,140(2),pp.209-223.
[19]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136;沈洪涛、黄珍、郭肪汝:《告白还是辩白:企业环境表现与环境信息披露关系研究》,《南开管理评论》2014年第2期。
[20][50]Gray R,Owen D,Adams C.,Accounting and Accountability:Changes and Challenges in Corporate and Social Reporting,London:Prentice Hall,1996.
[22]Deegan C,Rankin M.,“Do Australian Companies Report Environmental News Objectively?An Analysis of Environmental Disclosures by Firms Prosecuted Successfully by the Environmental Protection Authority”,Accounting,Auditing & Accountability Journal,1996,9(2),pp.50-67.
[23]肖华、张国清:《公共压力与公司环境信息披露——基于“松花江事件”的经验研究》,《会计研究》2008年第5期。
[24][25][31]Du X.,“How the Market Values Greenwashing?Evidence from China”,Journal of Business Ethics,2015,128(3),pp.547-574.
[27]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311;Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136.
[29]Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp.303-327.
[32]Jaggi B,Freedman M.,“An Examination of the Impact of Pollution Performance on Economic and Market Performance:Pulp and Paper Firms”,Journal of Business Finance & Accounting,1992,19,pp.697-713;Walker K,Wan F.“The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications”,Journal of Business Ethics,2012,109(2),pp.227-242.
[33]Wilmshurst T D,Frost G R.,“Corporate Environmental Reporting:A Test of Legitimacy Theory”,Accounting,Auditing & Accountability Journal,2000,13(1),pp.10-26.
[35][36]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management?Evidence from China”,The International Journal of Accounting,2017,52(2),pp.142-177;Masulis R.W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp.527-554.
[37]Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp.207-223.
[38]陆瑶、胡江燕:《CEO与董事间的“老乡”关系对我国上市公司风险水平的影响》,《管理世界》2014年第3期。
[39]Du X.,“Does CEO-Auditor Dialect Sharing Impair Pre-IPO Audit Quality?Evidence from China”,Journal of Business Ethics,2017,DOI:http://doi. org/10. 1007/s10551-017-3571-x.
[42]Srinivasan S.,“Consequences of Financial Reporting Failure for Outside Directors:Evidence from Accounting Restatements and Audit Committee Members”,Journal of Accounting Research,2005,43(2),pp. 291-334.
[43]Ibrahim N A,Howard D P,Angelidis J P.,“Board Members in the Service Industry:An Empirical Examination of the Relationship between Corporate Social Responsibility Orientation and Directorial Type”,Journal of Business Ethics,2003,47(4),pp. 393-401.
[44]Post C,Rahman N,Rubow E.,“Green Governance:Boards of Directors’Composition and Environmental Corporate Social Responsibility”,Business&Society,2011,50(1),pp. 189-223.
[47]Winawer J,Witthoft N,Frank M C,Wu L,Wade A R,Boroditsky L.,“Russian Blues Reveal Effects of Language on Color Discrimination”,Proceedings of the National Academy of Sciences,2007,104(19),pp. 7780-7785.
[48]Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp. 690-731; Pérez E O,Tavits M.,“Language Shapes People’s Time Perspective and Support for Future-Oriented Policies”,American Journal of Political Science,2017,61(3),pp. 715-727; Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341; Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
[50]Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341.
[51]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing&Accountability Journal,2002,15(3),pp. 282-311; McWilliams A,Siegel D.,“Corporate Social Responsibility:A Theory of the Firm Perspective”,Academy of Management Review,2001,26(1),pp.117-127.
[52]Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
[55]Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp. 207-223; Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp. 303-327; Du X,Jian W,Zeng Q,Du Y.,“Corporate Environmental Responsibility in Polluting Industries:Does Religion Matter?”,Journal of Business Ethics,2014,124(3),pp. 485-507.
[58]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management? Evidence from China”,The International Journal of Accounting,2017,52(2),pp. 142-177; Masulis R. W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp. 527-554.
[59]La Porta R,Lopez-de-Silanes F,Shleifer A,Vishny R W.,“Law and Finance”,Journal of Political Economy,1998,106(6),pp. 1113-1155.
[60]习近平:《决胜全面建成小康社会夺取新时代中国特色社会主义伟大胜利——在中国共产党第十九次全国代表大会上的报告》,北京:人民出版社,2017年,第23-24页。
[61]Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341; Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
(1)董事的监督职能受到多种因素共同影响,包括独立性、专业能力以及语言等文化因素。中国董事作为弱未来时态表述语言(中文)的使用者无法对环境问题形成有效监督的可能原因在于,中国董事的独立性和专业能力相对较差,语言对环境问题的积极影响不足以弥补独立性和专业能力缺乏产生的消极作用。
(2)参见以下网页:http://www.gov.cn/zwgk/2008-01/04/content_850589.htm,www.bjnews.com.cn/opinion/2010/04/04/22949.html。
(3)本文直接采用Chen、Chen等对各个国家官方语言的划分,详见Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp.690-731;Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp.320-341。具体地,官方语言属于弱将来时态表述的10个国家(或地区)是巴西、奥地利、比利时、丹麦、德国、日本、新加坡、中国香港、中国澳门、中国台湾;官方语言属于强将来时态表述的9个国家包括美国、加拿大、英国、法国、意大利、西班牙、印度、韩国、澳大利亚。
(4)限于篇幅,t/z测试与Pearson 相关系数表格从略,但备索。
[2][21]毕茜、彭珏、左永彦:《环境信息披露制度、公司治理和环境信息披露》,《会计研究》2012年第7期;沈洪涛、冯杰:《舆论监督、政府监管与企业环境信息披露》,《会计研究》2012年第2期。
[3]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136.
[4]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136;Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311.
[5][30]McWilliams A,Siegel D.“Corporate Social Responsibility:A Theory of the Firm Perspective”,Academy of Management Review,2001,26(1),pp.117-127;Walley N,Whitehead B.“It’s Not Easy Being Green”,Harvard Business Review,1994,72(3),pp.46-52.
[6][14]毕茜、彭珏、左永彦:《环境信息披露制度、公司治理和环境信息披露》,《会计研究》2012年第7期;杨熠、李余晓璐、沈洪涛:《绿色金融政策、公司治理与企业环境信息披露——以502家重污染行业上市公司为例》,《财贸研究》2011年第5期;Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp.207-223.
[7][40]Ruigrok W,Peck S,Tacheva S.,“Nationality and Gender Diversity on Swiss Corporate Boards”,Corporate Governance:An International Review,2007,15(4),pp.546-557.
[8][16][41]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management?Evidence from China”,The International Journal of Accounting,2017,52(2),pp.142-177.
[9][45]Whorf B L,Carroll J B,Chase S.,Language,Thought and Reality:Selected Writings of Benjamin Lee Whorf,Cambridge:MIT Press,1956.
[10][46]Dahl ?.,Tense and Aspect in the Languages of Europe,Berlin:Mouton de Gruyter,2000.
[11][49]Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp.690-731.
[12][53]Pérez E O,Tavits M.,“Language Shapes People’s Time Perspective and Support for Future-Oriented Policies”,American Journal of Political Science,2017,61(3),pp.715-727.
[13][54]Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp.303-327;Du X,Jian W,Zeng Q,Du Y.“Corporate Environmental Responsibility in Polluting Industries:Does Religion Matter?”,Journal of Business Ethics,2014,124(3),pp.485-507.
[15][56][57]Masulis R.W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp.527-554.
[17][34]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311.
[18][26][28]Wei Z,Shen H,Zhou K Z,Li J J.,“How Does Environmental Corporate Social Responsibility Matter in a Dysfunctional Institutional Environment?Evidence from China”,Journal of Business Ethics,2017,140(2),pp.209-223.
[19]Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136;沈洪涛、黄珍、郭肪汝:《告白还是辩白:企业环境表现与环境信息披露关系研究》,《南开管理评论》2014年第2期。
[20][50]Gray R,Owen D,Adams C.,Accounting and Accountability:Changes and Challenges in Corporate and Social Reporting,London:Prentice Hall,1996.
[22]Deegan C,Rankin M.,“Do Australian Companies Report Environmental News Objectively?An Analysis of Environmental Disclosures by Firms Prosecuted Successfully by the Environmental Protection Authority”,Accounting,Auditing & Accountability Journal,1996,9(2),pp.50-67.
[23]肖华、张国清:《公共压力与公司环境信息披露——基于“松花江事件”的经验研究》,《会计研究》2008年第5期。
[24][25][31]Du X.,“How the Market Values Greenwashing?Evidence from China”,Journal of Business Ethics,2015,128(3),pp.547-574.
[27]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing & Accountability Journal,2002,15(3),pp.282-311;Dowling J,Pfeffer J.,“Organizational Legitimacy:Social Values and Organizational Behavior”,Pacific Sociological Review,1975,18(1),pp.122-136.
[29]Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp.303-327.
[32]Jaggi B,Freedman M.,“An Examination of the Impact of Pollution Performance on Economic and Market Performance:Pulp and Paper Firms”,Journal of Business Finance & Accounting,1992,19,pp.697-713;Walker K,Wan F.“The Harm of Symbolic Actions and Green-washing:Corporate Actions and Communications on Environmental Performance and Their Financial Implications”,Journal of Business Ethics,2012,109(2),pp.227-242.
[33]Wilmshurst T D,Frost G R.,“Corporate Environmental Reporting:A Test of Legitimacy Theory”,Accounting,Auditing & Accountability Journal,2000,13(1),pp.10-26.
[35][36]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management?Evidence from China”,The International Journal of Accounting,2017,52(2),pp.142-177;Masulis R.W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp.527-554.
[37]Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp.207-223.
[38]陆瑶、胡江燕:《CEO与董事间的“老乡”关系对我国上市公司风险水平的影响》,《管理世界》2014年第3期。
[39]Du X.,“Does CEO-Auditor Dialect Sharing Impair Pre-IPO Audit Quality?Evidence from China”,Journal of Business Ethics,2017,DOI:http://doi. org/10. 1007/s10551-017-3571-x.
[42]Srinivasan S.,“Consequences of Financial Reporting Failure for Outside Directors:Evidence from Accounting Restatements and Audit Committee Members”,Journal of Accounting Research,2005,43(2),pp. 291-334.
[43]Ibrahim N A,Howard D P,Angelidis J P.,“Board Members in the Service Industry:An Empirical Examination of the Relationship between Corporate Social Responsibility Orientation and Directorial Type”,Journal of Business Ethics,2003,47(4),pp. 393-401.
[44]Post C,Rahman N,Rubow E.,“Green Governance:Boards of Directors’Composition and Environmental Corporate Social Responsibility”,Business&Society,2011,50(1),pp. 189-223.
[47]Winawer J,Witthoft N,Frank M C,Wu L,Wade A R,Boroditsky L.,“Russian Blues Reveal Effects of Language on Color Discrimination”,Proceedings of the National Academy of Sciences,2007,104(19),pp. 7780-7785.
[48]Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp. 690-731; Pérez E O,Tavits M.,“Language Shapes People’s Time Perspective and Support for Future-Oriented Policies”,American Journal of Political Science,2017,61(3),pp. 715-727; Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341; Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
[50]Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341.
[51]Deegan C.,“Introduction:The Legitimizing Effect of Social and Environmental Disclosures:A Theoretical Foundation”,Accounting,Auditing&Accountability Journal,2002,15(3),pp. 282-311; McWilliams A,Siegel D.,“Corporate Social Responsibility:A Theory of the Firm Perspective”,Academy of Management Review,2001,26(1),pp.117-127.
[52]Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
[55]Khan A,Muttakin M B,Siddiqui J.,“Corporate Governance and Corporate Social Responsibility Disclosures:Evidence from an Emerging Economy”,Journal of Business Ethics,2013,114(2),pp. 207-223; Clarkson P M,Li Y,Richardson G D,Vasvari F P.,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,2008,33(4-5),pp. 303-327; Du X,Jian W,Zeng Q,Du Y.,“Corporate Environmental Responsibility in Polluting Industries:Does Religion Matter?”,Journal of Business Ethics,2014,124(3),pp. 485-507.
[58]Du X,Jian W,Lai S.,“Do Foreign Directors Mitigate Earnings Management? Evidence from China”,The International Journal of Accounting,2017,52(2),pp. 142-177; Masulis R. W,Wang C,Xie F.,“Globalizing the Boardroom—The Effects of Foreign Directors on Corporate Governance and Firm Performance”,Journal of Accounting and Economics,2012,53(3),pp. 527-554.
[59]La Porta R,Lopez-de-Silanes F,Shleifer A,Vishny R W.,“Law and Finance”,Journal of Political Economy,1998,106(6),pp. 1113-1155.
[60]习近平:《决胜全面建成小康社会夺取新时代中国特色社会主义伟大胜利——在中国共产党第十九次全国代表大会上的报告》,北京:人民出版社,2017年,第23-24页。
[61]Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp. 320-341; Liang H,Marquis C,Renneboog L,Sun S L.,“Speaking of Corporate Social Responsibility”,Working paper,2014,Available at SSRN:https://ssrn. com/abstract=2411482.
(1)董事的监督职能受到多种因素共同影响,包括独立性、专业能力以及语言等文化因素。中国董事作为弱未来时态表述语言(中文)的使用者无法对环境问题形成有效监督的可能原因在于,中国董事的独立性和专业能力相对较差,语言对环境问题的积极影响不足以弥补独立性和专业能力缺乏产生的消极作用。
(2)参见以下网页:http://www.gov.cn/zwgk/2008-01/04/content_850589.htm,www.bjnews.com.cn/opinion/2010/04/04/22949.html。
(3)本文直接采用Chen、Chen等对各个国家官方语言的划分,详见Chen M K.,“The Effect of Language on Economic Behavior:Evidence from Saving Rates”,The American Economic Review,2013,103(2),pp.690-731;Chen S,Cronqvist H,Ni S,Zhang F.,“Languages and Corporate Savings Behavior”,Journal of Corporate Finance,2017,46,pp.320-341。具体地,官方语言属于弱将来时态表述的10个国家(或地区)是巴西、奥地利、比利时、丹麦、德国、日本、新加坡、中国香港、中国澳门、中国台湾;官方语言属于强将来时态表述的9个国家包括美国、加拿大、英国、法国、意大利、西班牙、印度、韩国、澳大利亚。
(4)限于篇幅,t/z测试与Pearson 相关系数表格从略,但备索。