THE RELATIONSHIP BETWEEN TOP MANAGEMENT TEAM AGE HETEROGENEITY, ENVIRONMENTAL DISCLOSURE AND FIRM VALUE
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Environmental disclosure is an important way for firms to demonstrate their commitment to environmental responsibility. The purpose of this study is to investigate the relationship between Top Management Team (TMT) age heterogeneity, environmental disclosure, and firm value. The research method is multivariate linear regression with panel data. The data come from the listed companies of six high energy-consuming industries in China, spanning the period of 2008-2020, and the model is a mediated model with moderation. The results of the study show that TMT and age heterogeneity has a significant negative impact on environmental disclosure (R2 = 0.2433) and also on firm value (R2 = 0.342). Environmental disclosure mediates the negative effect of TMT and age heterogeneity on firm value (R2 = 0.343). The negative effect of TMT and age heterogeneity on environmental disclosure is weaker among those firms that are on the government regulatory list (R2 = 0.257). Therefore, firms should reduce TMT and age heterogeneity appropriately, and the government can put more firms on the regulatory list, and these measures can help to improve firms’ environmental disclosure.
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“ข้าพเจ้าและผู้เขียนร่วม (ถ้ามี) ขอรับรองว่า บทความที่เสนอมานี้ยังไม่เคยได้รับการตีพิมพ์และไม่ได้อยู่ระหว่างกระบวนการพิจารณาลงตีพิมพ์ในวารสารหรือแหล่งเผยแพร่อื่นใด ข้าพเจ้าและผู้เขียนร่วมยอมรับหลักเกณฑ์การพิจารณาต้นฉบับ ทั้งยินยอมให้กองบรรณาธิการมีสิทธิ์พิจารณาและตรวจแก้ต้นฉบับได้ตามที่เห็นสมควร พร้อมนี้ขอมอบลิขสิทธิ์บทความที่ได้รับการตีพิมพ์ให้แก่สถาบันการจัดการปัญญาภิวัฒน์หากมีการฟ้องร้องเรื่องการละเมิดลิขสิทธิ์เกี่ยวกับภาพ กราฟ ข้อความส่วนใดส่วนหนึ่งและ/หรือข้อคิดเห็นที่ปรากฏในบทความข้าพเจ้าและผู้เขียนร่วมยินยอมรับผิดชอบแต่เพียงฝ่ายเดียว”
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