可持續(xù)性披露對公司治理的影響【外文翻譯】

1、外文翻譯原文TheeffectofcpategovernanceonsustainabilitydisclosureMaterialSource:SpringerScienceBusinessMedia2010Auth:GiovanMichel?AntonioAbstractDrawingonstakeholdertheythispaperexaminestherelationshipofboardcompositionleadersh

2、ipstructureonsustainabilitydisclosure.Wediscussthatgoodcpategovernancesustainabilitydisclosurecanbeseenascomplementarymechanismsoflegitimacythatcompaniesmayusetodialoguewithstakeholders.Specificallyweclaimthatasdisclosur

3、epoliciesemanatefromtheboardofdirectssustainabilitydisclosuremaybeafunctionoftheboardattributes:weinvestigatetherelationshipbetweendifferentacteristicsoftheboardsustainabilitydisclosuresamongUSEuropeancompanies.Ourresult

4、sshowthatindertoexplaintheeffectofboardcompositiononsustainabilitydisclosureweneedtogobeyondthenarrowtraditionaldistinctionbetweeninsiderindependentdirectsfocusingonthespecificacteristicsofeachdirect.KeywdsBoardcompositi

5、onSustainabilitydisclosureCommunityinfluentialganizationallegitimacyIntroductionAccdingtostakeholdertheyitiscriticalfcompaniestoenactstakeholderengagementprocessesindertoestablishenhancethefirms’legitimacytooperate.ganiz

6、ationallegitimacybesidesguaranteeingtheinflowofcapitallabcustomersnecessaryftheviabilityofthecompany(PfefferSalancik1978Neuetal1998)isalsoabletoreducepossibleproductboycottsotherdisruptiveactions(Elsbach1994).Inthiswayit

7、helpsthetopmanagementbecauseitprovidesadegreeoffreedomabouthowwherethebusinessisconducted.boardmembersinindependentexecutivedirectsfollowingHillmanetal.(2000)MarkarianParboti(2007)weclassifyindependentdirectsasbeingcommu

8、nityinfluentialwhentheyareretiredpoliticiansacademicsmembersofsocialnonprofitganizations.Thestudyexaminesthedisclosuresof57DowJonesSustainabilityIndex(DJSI)companiesacontrolgroupofcompaniesbelongingtotheDowJonesGlobalInd

9、ex(Wld1).Indertogatherasfullapictureaspossiblethedisclosureindexisobtainedperfmingcontentanalysisnotonlyonannualreptsbutalsoonotherkindsofstalonereptssuchassocialenvironmentalsustainabilityrepts.Weclassifysustainabilityd

10、isclosureintofourgroups—strategicfinancialenvironmentalsocialinfmation.Strategicfinancialinfmationhaverelevancetoinvestsshareholderswhileenvironmentalsocialdisclosuresareaimedatabroadergroupofstakeholdersthanjustsharehol

11、ders.Thusthegovernancevariablesaffectingdisclosurechoicesofacompanymayvarybytypeofinfmationaswell.Thepaperalsoexamineshowcpategovernanceaffectsthechoiceofreptingmedia.Resultswillshowthatboardcompositionmeasuredasthepropt

12、ionofcommunityinfluentialmemberspositivelyaffectssustainabilityenvironmentalstrategicdisclosurewiththechoicetodiscloseinstalonerepts.Thepapercontributestopreviousliteraturebyprovidingevidencethatcpategovernanceaffectsthe

13、rangeofsustainabilitydisclosures.Inparticularweprovideevidencethatthetraditionaldistinctionbetweenindependentnonindependentdirectsdoesnotfullydepictthevarietyofrolesservedbydirectssittingontheboard.Meoveritoffersinsights

14、alsofpractice.Resultsfromourempiricalevidencesuggestthatcontrarilytotheexpectationsmeindependentdirectsdonotimplybetterincreaseddisclosure(OECD2004).Therefecpategovernancestardsettersshouldalsoconsiderthevariouscompetenc

15、esofdirectswhenassertingpossiblebenefitsofcpategovernanceonthecompany’stransparency.Theremainderofthepaperisstructuredasfollows.1Thenextsectionreviewstheliteratureoncpategovernancedisclosureaccdingtothestakeholdertheyper