How does CEO green experience affect green innovation of energy firms? Evidence from China

IF 4 4区环境科学与生态学 Q2 ENVIRONMENTAL STUDIES

Energy & Environment Pub Date : 2023-10-29 DOI:10.1177/0958305x231207057

Jingxue Zhang, Kun Zhang

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Abstract

CEO characteristics influence their strategic preferences, which are crucial for promoting corporate green innovation (GI). However, the influence and its mechanisms of CEO green experience (GreCEO) on GI of energy firms, especially when comparing different firm types holistically, remain understudied. This study used a moderated mediation model with fixed effects to examine the relationship between GreCEO and GI of energy firms, based on the unbalanced panel data of 821 listed Chinese energy firms during 2004–2021. We find that: (1) GreCEO positively affects energy firms’ GI. (2) Heterogeneity exists in the GI effect of GreCEO regarding business ownership and industry characteristics, and this effect is more prominent in non-state-owned energy firms and high-tech energy firms. (3) Green management (GM) and debt-to-asset ratio (DAR) partially mediate GreCEO's impact on GI of energy firms. (4) Renewable energy policy (REP) moderates the relationship between GreCEO and GI of energy firms, and its influencing mechanisms. In contrast to studies that focus on the direct effect of CEO characteristics on GI, this study identifies the potential influencing mechanisms through which GreCEO affects GI of energy firms. In addition, the moderation analysis reveals the boundary condition that GreCEO affects GI, enriching our understanding of GreCEO's effect on GI from the perspective of a firm's internal conditions and external policy environment. Regarding green development, CEOs’ early experience should be included in the management system and evaluation criteria of energy firms. The Chinese government should continue to implement the REP and accelerate energy firms’ green transition.

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CEO绿色经验如何影响能源企业的绿色创新?来自中国的证据

CEO特征影响其战略偏好，而战略偏好对促进企业绿色创新至关重要。然而，CEO绿色经验(greeo)对能源企业GI的影响及其机制，特别是在不同企业类型的整体比较中，仍未得到充分的研究。本研究基于2004-2021年821家中国能源上市公司的不平衡面板数据，采用具有固定效应的调节中介模型，对能源企业greeo与GI之间的关系进行了实证研究。研究发现:(1)greeo正向影响能源企业的GI。(2)在企业所有制和行业特征上，绿色能源的GI效应存在异质性，且这种效应在非国有能源企业和高新技术能源企业中更为突出。(3)绿色管理(GM)和资产负债率(DAR)在一定程度上中介了greeo对能源企业GI的影响。(4)可再生能源政策调节能源企业GreCEO与GI之间的关系及其影响机制。与关注CEO特征对GI的直接影响的研究不同，本研究确定了greeo影响能源公司GI的潜在影响机制。此外，适度性分析揭示了greeo影响GI的边界条件，丰富了我们从企业内部条件和外部政策环境的角度来理解greeo对GI的影响。在绿色发展方面，应将ceo的早期经验纳入能源企业的管理体系和评价标准。中国政府应继续实施可再生能源，加快能源企业的绿色转型。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy & Environment ENVIRONMENTAL STUDIES-

CiteScore

7.60

自引率

7.10%

发文量

157

期刊介绍： Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.