School of Business, Gachon University, Seongnam 13120, Republic of Korea.
Major in Accounting/Taxation, Division of Business Administration, Kyonggi University, Suwon 16227, Republic of Korea.
Int J Environ Res Public Health. 2022 Dec 5;19(23):16272. doi: 10.3390/ijerph192316272.
This study investigates the relationship between industry competition and managers' voluntary disclosure policies and examined how the corporate governance structure affects this relationship in South Korean companies. The fiercer the competition within the industry to which the company belongs, the higher the incentive for managers to perform strategic actions to improve their competition status. This increase in the strategic incentives of managers can be seen through voluntary disclosure policies. The empirical results of this study are as follows. First, it was found that there was a negative relationship between the degree of industry competition and the level of voluntary disclosure of greenhouse gas emissions information. This means that managers perform less disclosure to maximize the value of the company because the more competition within the industry intensifies, the higher the proprietary cost of disclosing information on greenhouse gas emissions information. Second, it was found that the corporate governance structure weakened the relationship between the degree of industry competition and the level of corporate voluntary disclosure. These results can be interpreted as that a good governance structure supports such managers' disclosure decisions because managers are more likely to choose disclosure policies to maximize the value of the company than personal benefits even in the fierce industry competition.
本研究考察了行业竞争与管理者自愿披露政策之间的关系，并检验了韩国公司的公司治理结构如何影响这种关系。公司所属行业的竞争越激烈，管理者为提高竞争地位而采取战略行动的动机就越强。管理者的战略激励可以通过自愿披露政策来体现。本研究的实证结果如下。首先，发现行业竞争程度与温室气体排放信息自愿披露水平之间存在负相关关系。这意味着管理者为了使公司价值最大化而进行较少的披露，因为行业内竞争越激烈，披露温室气体排放信息的专有成本就越高。其次，发现公司治理结构削弱了行业竞争程度与公司自愿披露水平之间的关系。这些结果可以解释为，良好的治理结构支持这样的管理者披露决策，因为即使在激烈的行业竞争中，管理者也更有可能选择披露政策来最大化公司价值，而不是个人利益。
