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      How do Institutional Investors Influence Corporate Governance under Legal Psychology

      research-article
      Journal of Environmental and Public Health
      Hindawi

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          Abstract

          In order to give full play to the role of field research of legal psychology institutional investors in promoting enterprise environmental governance, this article puts forward the research on how legal Psychology institutional investors affect the corporate governance environment. Taking the listed companies in the A-share heavy pollution industry of Shenzhen Stock Exchange from 2018 to 2021 as a sample, this article tests the impact and action mechanism of legal Psychology institutional investors' field research on corporate environmental governance. Hypothesis 1: the field research of legal Psychology institutional investors can promote the environmental governance of enterprises. Hypothesis 2: for enterprises with poor environmental information disclosure, the impact of field research of legal Psychology institutional investors on enterprise environmental governance is more obvious. Hypothesis 3: for enterprises with more concentrated distribution, the impact of field research of legal Psychology institutional investors on enterprise environmental governance is more obvious. Leadership power has the three attributes of management, social psychology, and law, and its essence is the socialization of legal psychology. Under the perspective of legal psychology, the psychological mechanism of leadership power is mainly manifested in three aspects: increasing the social distance, activating the approach system, and inducing the control illusion. The cumulative number of field investigations conducted by the enterprise in the current year +1 is adopted, and the logarithm is taken as the measurement index of the field investigation of legal Psychology institutional investors, which is expressed by Investigate. In the robustness test part, the virtual variables are set by whether the enterprise is investigated in the field in that year. The results show that in uncontrolled years and industries, the regression coefficients of legal Psychology institutional investor investigation and enterprise environmental protection capital investment are 0.0703 and 0.2416, respectively, which are significant at the level of 5%. After controlling the year and industry, the regression results show that the field investigation of legal Psychology institutional investors and enterprise environmental capital investment are still positive, significantly at the level of 5% and 1%, respectively. The environmental capital investment of enterprises with poor environmental information disclosure (0.479 and 1.161) is higher than that of enterprises with good environmental information disclosure (0.252 and 0.618), and the mean t-test maintains the significance level of 1%, indicating that the impact of field research on enterprise environmental governance is more obvious in enterprises with poor environmental information disclosure, which preliminarily verifies Hypothesis 2 of this article. Similarly, when the distribution of enterprises is more concentrated, the environmental capital investment of enterprises is 0.536 and 1.286, which is higher than that of enterprises with a more dispersed distribution (0.315 and 0.778) and maintains a significant level of 1%. The results show that obtaining environmental information is helpful for stakeholders to supervise enterprise environmental governance. Therefore, we should formulate and issue policies and regulations that require enterprises to disclose environmental information as soon as possible, improve the standards of environmental information disclosure, establish an enterprise environmental information disclosure platform, and improve the level and quality of environmental information disclosure.

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          Most cited references25

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          The influence of energy consumption and economic growth on environmental degradation in BRICS countries: an application of the ARDL model and decoupling index

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            The nexus between corporate environment, social, and governance performance and cost of capital: evidence from top global tech leaders

            The nexus between corporate environment, social, and governance (ESG) performance and the consequent financial performance have been extensively explored in the literature. However, little is known whether the investment in ESG endeavors has any implication for the cost of capital of an enterprise. The present study investigates the impact of ESG performance of top global technology leading firms on their cost of capital. Panel data fixed effects and random effects and generalized method of moment (GMM) regression estimation techniques have been applied to ascertain this relationship during a period of eight years (2010-2017). For a deeper insight, we segregate the cost of capital into the cost of equity and cost of debt. The empirical outcomes reveal that ESG performance is positively associated with both measures of the cost of capital i.e., cost of equity and cost of debt. It suggests that socially responsible top global technology leaders bear a higher cost of capital as investors perceive ESG as an additional financial burden and do not treat ESG costs as a value-added factor. Hence, corporate managers shall rationalize investment in ESG undertakings to curtail their cost of capital. Based on these findings, the policy prescriptions are discussed for the concerned stakeholders.
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              The influence of CEO characteristics on corporate environmental performance of SMEs: Evidence from Vietnamese SMEs

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                Author and article information

                Contributors
                Journal
                J Environ Public Health
                J Environ Public Health
                jeph
                Journal of Environmental and Public Health
                Hindawi
                1687-9805
                1687-9813
                2022
                8 August 2022
                : 2022
                : 5004309
                Affiliations
                Law School, Henan University of Science and Technology, Luoyang 471000, China
                Author notes

                Academic Editor: Zhao Kaifa

                Author information
                https://orcid.org/0000-0002-0130-7755
                Article
                10.1155/2022/5004309
                9377858
                35978593
                d4e858db-2c30-471f-b30b-7fec435e5348
                Copyright © 2022 Sheng Qi.

                This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

                History
                : 27 June 2022
                : 9 July 2022
                : 19 July 2022
                Funding
                Funded by: Henan University of Science and Technology
                Categories
                Research Article

                Public health
                Public health

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