{"title":"高管团队异质性对环境、社会和公司治理绩效的影响研究","authors":"Kexin Li","doi":"10.62051/qyqftg38","DOIUrl":null,"url":null,"abstract":"In recent years, the ESG performance of firms has attracted considerable attention from both academia and the practical field. Enhancing firms' ESG performance not only serves as a “wind vane” for sustainable development but also injects new vitality into the high-quality growth of China’s economy. As the core actors within the corporate power hierarchy, the heterogeneity characteristics of the executive team are significant determinants of corporate behavior and may influence firms' ESG performance. Based on Corporate Life Cycle Theory and Upper Echelons Theory, this paper empirically tests the relationship between executive team heterogeneity and firms' ESG performance using the data from Chinese A-share listed companies for the period 2009-2021. The empirical results reveal that age heterogeneity and financial background heterogeneity in the executive team have significant negative effects on firms' ESG performance; in contrast, executive team academic background heterogeneity significantly enhances firms' ESG performance.The mechanism test indicates that the quality of accounting information disclosure plays a partial mediating role in the relationship between executive team heterogeneity and firms' ESG performance. Further analysis shows that the effect of executive team heterogeneity on firms' ESG performance is more pronounced in corporates that are in the mature and decline stages. This study enriches the research on the economic consequences of executive team heterogeneity and the influencing factors of firms' ESG performance, providing theoretical support and empirical evidence for promoting sustainable development and deeply implementing the \"Dual Carbon\" goals.","PeriodicalId":515906,"journal":{"name":"Transactions on Economics, Business and Management Research","volume":"57 11","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Research on the Effect of Executive Team Heterogeneity on ESG Performance\",\"authors\":\"Kexin Li\",\"doi\":\"10.62051/qyqftg38\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In recent years, the ESG performance of firms has attracted considerable attention from both academia and the practical field. Enhancing firms' ESG performance not only serves as a “wind vane” for sustainable development but also injects new vitality into the high-quality growth of China’s economy. As the core actors within the corporate power hierarchy, the heterogeneity characteristics of the executive team are significant determinants of corporate behavior and may influence firms' ESG performance. Based on Corporate Life Cycle Theory and Upper Echelons Theory, this paper empirically tests the relationship between executive team heterogeneity and firms' ESG performance using the data from Chinese A-share listed companies for the period 2009-2021. The empirical results reveal that age heterogeneity and financial background heterogeneity in the executive team have significant negative effects on firms' ESG performance; in contrast, executive team academic background heterogeneity significantly enhances firms' ESG performance.The mechanism test indicates that the quality of accounting information disclosure plays a partial mediating role in the relationship between executive team heterogeneity and firms' ESG performance. Further analysis shows that the effect of executive team heterogeneity on firms' ESG performance is more pronounced in corporates that are in the mature and decline stages. This study enriches the research on the economic consequences of executive team heterogeneity and the influencing factors of firms' ESG performance, providing theoretical support and empirical evidence for promoting sustainable development and deeply implementing the \\\"Dual Carbon\\\" goals.\",\"PeriodicalId\":515906,\"journal\":{\"name\":\"Transactions on Economics, Business and Management Research\",\"volume\":\"57 11\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-06-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Transactions on Economics, Business and Management Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.62051/qyqftg38\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Transactions on Economics, Business and Management Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.62051/qyqftg38","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
近年来,企业的环境、社会和治理绩效受到学术界和实务界的广泛关注。提升企业的环境、社会和治理绩效不仅是可持续发展的 "风向标",也为中国经济的高质量增长注入了新的活力。作为企业权力层级中的核心行为主体,高管团队的异质性特征是企业行为的重要决定因素,并可能影响企业的ESG绩效。基于企业生命周期理论和高层理论,本文利用 2009-2021 年中国 A 股上市公司的数据,实证检验了高管团队异质性与企业环境、社会和公司治理绩效之间的关系。实证结果表明,高管团队的年龄异质性和财务背景异质性对企业的环境、社会和公司治理绩效有显著的负向影响;相反,高管团队的学历背景异质性能显著提升企业的环境、社会和公司治理绩效。进一步分析表明,高管团队异质性对企业环境、社会和公司治理绩效的影响在处于成熟期和衰退期的企业中更为明显。本研究丰富了对高管团队异质性的经济后果和企业环境、社会和治理绩效影响因素的研究,为促进可持续发展和深入实施 "双碳 "目标提供了理论支持和实证依据。
Research on the Effect of Executive Team Heterogeneity on ESG Performance
In recent years, the ESG performance of firms has attracted considerable attention from both academia and the practical field. Enhancing firms' ESG performance not only serves as a “wind vane” for sustainable development but also injects new vitality into the high-quality growth of China’s economy. As the core actors within the corporate power hierarchy, the heterogeneity characteristics of the executive team are significant determinants of corporate behavior and may influence firms' ESG performance. Based on Corporate Life Cycle Theory and Upper Echelons Theory, this paper empirically tests the relationship between executive team heterogeneity and firms' ESG performance using the data from Chinese A-share listed companies for the period 2009-2021. The empirical results reveal that age heterogeneity and financial background heterogeneity in the executive team have significant negative effects on firms' ESG performance; in contrast, executive team academic background heterogeneity significantly enhances firms' ESG performance.The mechanism test indicates that the quality of accounting information disclosure plays a partial mediating role in the relationship between executive team heterogeneity and firms' ESG performance. Further analysis shows that the effect of executive team heterogeneity on firms' ESG performance is more pronounced in corporates that are in the mature and decline stages. This study enriches the research on the economic consequences of executive team heterogeneity and the influencing factors of firms' ESG performance, providing theoretical support and empirical evidence for promoting sustainable development and deeply implementing the "Dual Carbon" goals.