可持续性披露对公司治理的影响外文翻译.docVIP

外文翻译 原文 The effect of corporate governance on sustainability disclosure Material Source: Springer Science Business Media, 2010 Author: Giovan Michel ? Antonio Abstract Drawing on stakeholder theory, this paper examines the relationship of board composition, leadership and structure on sustainability disclosure. We discuss that good corporate governance and sustainability disclosure can be seen as complementary mechanisms of legitimacy that companies may use to dialogue with stakeholders. Specifically we claim that, as disclosure policies emanate from the board of directors, sustainability disclosure may be a function of the board attributes:we investigate the relationship between different characteristics of the board and sustainability disclosures among US and European companies. Our results show that in order to explain the effect of board composition on sustainability disclosure we need to go beyond the narrow and traditional distinction between insider and independent directors, focusing on the specific characteristics of each director. Keywords Board composition Sustainability disclosure Community influential Organizational legitimacy Introduction According to stakeholder theory, it is critical for companies to enact stakeholder engagement processes in order to establish and enhance the firms’ legitimacy to operate. Organizational legitimacy, besides guaranteeing the inflow of capital, labor and customers necessary for the viability of the company (Pfeffer and Salancik 1978; Neu et al 1998), is also able to reduce possible product boycotts and other disruptive actions (Elsbach 1994). In this way, it helps the top management because it provides a degree of freedom about how and where the business is conducted. According to stakeholder theory, the disclosure of financial, social and environmental information (i.e., corporate sustainability disclosure—CSD) is part of the dialogue between a company and its stakeholders and it provides information on a c