东京证券交易所上市汽车公司董事会治理与ESG绩效：实证分析

IF 5.5 Q1 MANAGEMENT

Asia Pacific Management Review Pub Date : 2024-12-01 DOI:10.1016/j.apmrv.2024.11.001

Richard Arhinful, Leviticus Mensah, Jerry Seth Owusu-Sarfo

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引用次数: 0

摘要

本研究考察了董事会特征对东京证券交易所上市汽车公司ESG（环境、社会和治理）绩效的影响。它的目的是辨别公司治理如何影响这些公司，重点关注中型和大型公司。研究的核心问题是：董事会特征如何影响汽车公司的ESG绩效？汤森路透Eikon对32家汽车公司2005年至2021年的数据进行了分析，将这些公司分为中型（15家）和大型（17家）两类。本研究采用随机效应模型和固定效应模型，并利用Hausman规格检验验证固定效应模型与随机效应模型的一致性和有效性。为了解决内生性问题，采用了两步稳健的GMM方法。结果显示了有趣的发现：董事会性别多样性和会议对ESG绩效有负面且不显著的影响，而非执行董事则有不利且显著的影响。相反，董事会规模、教育背景、CEO双重角色和独立董事会成员对这些汽车公司的ESG绩效有显著的正向影响。鉴于已确定的重大影响，建议重新考虑非执行董事的组成。更为平衡的方法可以减轻已观察到的对ESG绩效的不利影响。

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Board governance and ESG performance in Tokyo stock exchange-listed automobile companies: An empirical analysis

The study investigated the impact of board characteristics on the ESG (Environmental, Social, and Governance) performance of automobile companies listed on the Tokyo Stock Exchange. It aimed to discern how corporate governance affects these firms, focusing on both medium and larger-sized companies. The central research question was: How do board characteristics impact the ESG performance of automobile companies? Data from Thomson Reuters Eikon for 32 automobile companies, spanning 2005 to 2021, were analyzed, with the companies categorized into medium (15) and larger-sized (17) classifications. The study employed random and fixed effect models and utilized Hausman specification tests to validate the consistency and efficiency of the fixed effect model against the random effect model. To address endogeneity, a two-step robust GMM methodology was applied. Results revealed intriguing findings: board gender diversity and meetings had a negative and insignificant impact on ESG performance, while non-executive directors had a detrimental and significant effect. Conversely, board size, educational background, CEO dual roles, and independent board members positively and significantly influenced ESG performance in these automobile companies. Given the significant impact identified, it is recommended to reconsider the composition of non-executive directors. A more balanced approach could mitigate the observed detrimental effect on ESG performance.

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来源期刊

Asia Pacific Management Review MANAGEMENT-

CiteScore

8.00

自引率

4.50%

发文量

期刊介绍： Asia Pacific Management Review (APMR), peer-reviewed and published quarterly, pursues to publish original and high quality research articles and notes that contribute to build empirical and theoretical understanding for concerning strategy and management aspects in business and activities. Meanwhile, we also seek to publish short communications and opinions addressing issues of current concern to managers in regards to within and between the Asia-Pacific region. The covered domains but not limited to, such as accounting, finance, marketing, decision analysis and operation management, human resource management, information management, international business management, logistic and supply chain management, quantitative and research methods, strategic and business management, and tourism management, are suitable for publication in the APMR.