THE IMPACT OF THE TOP MANAGEMENT TEAM FAULTLINES ON ENVIRONMENT, SOCIAL AND GOVERNANCE PERFORMANCE OF LISTED COMPANIES

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2023-12-22 DOI:10.3846/tede.2023.19547

Xiaofang Chen, Xin Chen, Ming Fang, Wenlei Xia, Yu Hu

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引用次数: 0

Abstract

At present, the research focus on Environment, Social and Governance (ESG) is mainly on the economic consequences of ESG performance, and research on the influencing factors of ESG overall performance is lacking. The top management team plays a decisive role in the decision of ESG investment. To improve ESG performance and promote sustainable development of enterprises. This research explores the influence of different types of top management team faultlines on the ESG performance by using the panel fixed effects model from 2015 to 2019 for the samples of 347 listed enterprises in China, and tests the moderating effect of management incentives. Results show that the relationship-type top management team faultlines is positively correlated with the ESG performance, whereas the task-type faultlines is negatively correlated with the ESG performance. Management compensation incentive will weaken the positive effect of the relationship-type faultlines on the ESG performance, and the moderating effect of the task-type faultlines on the ESG performance is insignificant. Management equity incentive will strengthen the positive effect of the relationship-type faultlines on the ESG performance and weaken the negative effect of the task-type faultlines. Our findings provide a new perspective for how to improve the ESG performance of listed companies by the optimization of corporate governance structure.

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高层管理团队断层对上市公司环境、社会和治理绩效的影响

目前，环境、社会和治理（ESG）的研究重点主要集中在ESG绩效的经济后果上，缺乏对ESG整体绩效影响因素的研究。高层管理团队在 ESG 投资决策中起着决定性作用。为了提高企业的ESG绩效，促进企业的可持续发展。本研究以我国347家上市企业为样本，采用面板固定效应模型探讨2015-2019年不同类型高层管理团队断层对ESG绩效的影响，并检验管理层激励的调节作用。结果表明，关系型高层管理团队断层与ESG绩效正相关，而任务型断层与ESG绩效负相关。管理层薪酬激励会削弱关系型断层对环境、社会和公司治理绩效的正向影响，而任务型断层对环境、社会和公司治理绩效的调节作用不显著。管理层股权激励会加强关系型断层对环境、社会和治理绩效的正向影响，削弱任务型断层对环境、社会和治理绩效的负向影响。我们的研究结果为如何通过优化公司治理结构提高上市公司的环境、社会和治理绩效提供了一个新的视角。

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

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.