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      Monitoring or Colluding? Institutional Investors' Heterogeneity and Environmental Information Disclosure Behavior

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          Abstract

          High-quality environmental information disclosure is not only an effective way for the firm to fulfill its environmental responsibility and promote green development, but also an important governance mechanism to reduce the degree of information asymmetry between the firm's management and shareholders and alleviate the agency conflict. As an important shareholder of a firm, there are two different hypotheses about the influence of institutional investors on firm decision-making and behavior: monitor and collusion. Institutional investors are not homogeneous, and there are significant differences in the impact of different types of institutional investors on firm decision-making and behavior. We divide institutional investors into the stable institutional investors and the unstable institutional investors, using the data of listed firms in China's A-share heavy pollution industry between 2008 and 2020, and this study explores the effect of institutional investors' heterogeneity on environmental information disclosure behavior from the perspective of environmental information disclosure quality. Empirical evidence shows that institutional investors as a whole have a positively significant impact on environmental information disclosure quality. Further analysis shows that the stable institutional investors have positive impact on environmental information disclosure quality compared with the unstable institutional investors. After a series of robustness tests, the conclusion is still valid. The results of this paper show that institutional investors, especially the stable institutional investors, can effectively reduce the degree of information asymmetry, alleviate the agency conflict of the firm, play an active role in corporate governance, strengthen the main responsibility of firm ecological environment protection, and promote the green development of firm. The conclusion of this paper has important reference significance for the regulators to formulate policies to improve environmental information disclosure quality and promote green development according to the heterogeneity of institutional investors.

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                Author and article information

                Contributors
                Journal
                Front Psychol
                Front Psychol
                Front. Psychol.
                Frontiers in Psychology
                Frontiers Media S.A.
                1664-1078
                16 June 2022
                2022
                : 13
                : 911901
                Affiliations
                [1] 1School of Economics and Management, Yancheng Institute of Technology , Yancheng, China
                [2] 2Center for Economic Development Research, Anhui University of Finance and Economics , Bengbu, China
                [3] 3School of Business, Renmin University of China , Beijing, China
                Author notes

                Edited by: Xingwei Li, Sichuan Agricultural University, China

                Reviewed by: Isac De Freitas Brandão, Instituto Federal de Educação, Ciência e Tecnologia Do Ceará (IFCE), Brazil; Maria Gutierrez, Universidad Carlos III de Madrid, Spain; Qiang Li, China University of Mining and Technology, China

                *Correspondence: Zhengguang Li lzglpycit@ 123456163.com

                This article was submitted to Organizational Psychology, a section of the journal Frontiers in Psychology

                Article
                10.3389/fpsyg.2022.911901
                9243639
                c1c3ad64-5251-45c5-8eb2-bfc8615de8e0
                Copyright © 2022 Li, Zhang, Zhao and Zhu.

                This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

                History
                : 03 April 2022
                : 10 May 2022
                Page count
                Figures: 0, Tables: 13, Equations: 5, References: 58, Pages: 16, Words: 11483
                Funding
                Funded by: National Planning Office of Philosophy and Social Science, doi 10.13039/501100010240;
                Award ID: 20BJY030
                Categories
                Psychology
                Original Research

                Clinical Psychology & Psychiatry
                environmental information disclosure behavior,environmental information disclosure quality,institutional investors' heterogeneity,china,the stable institutional investors,the unstable institutional investors

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