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<p>This study examines how and when chief executive officer (CEO) awards influence corporate green innovation. Drawing on upper echelons and norm activation theories, we propose that CEO awards trigger CEOs’ sense of moral obligation, thereby increasing corporate green innovation. We further argue that this effect weakens when the CEO simultaneously serves as board chair, but strengthens in firms with state ownership. Using panel data on Chinese listed firms from 2005 to 2017, we employ fixed-effects models and a series of robustness checks to validate our predictions. In addition, a supplementary survey of EMBA participants provides evidence that moral obligation mediates the relationship between CEO awards and green innovation. Overall, our findings not only highlight CEO awards as an important symbolic trigger for strategic environmental innovation but also underscore the psychological mechanisms through which executive recognition shapes corporate sustainability outcomes.</p>

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Take the prize, turn green: How and when do CEO awards stimulate firm green innovation?

  • 期刊论文

  • 发表日期：

    2026年3月31日

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  • Zhe Zhang,
  • Yuyao Wang

摘要

This study examines how and when chief executive officer (CEO) awards influence corporate green innovation. Drawing on upper echelons and norm activation theories, we propose that CEO awards trigger CEOs’ sense of moral obligation, thereby increasing corporate green innovation. We further argue that this effect weakens when the CEO simultaneously serves as board chair, but strengthens in firms with state ownership. Using panel data on Chinese listed firms from 2005 to 2017, we employ fixed-effects models and a series of robustness checks to validate our predictions. In addition, a supplementary survey of EMBA participants provides evidence that moral obligation mediates the relationship between CEO awards and green innovation. Overall, our findings not only highlight CEO awards as an important symbolic trigger for strategic environmental innovation but also underscore the psychological mechanisms through which executive recognition shapes corporate sustainability outcomes.