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<p>This study analyzes a sample of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2011 to 2020 to investigate the relationship between executives with environmental backgrounds and corporate environmental responsibility. The findings reveal that firms appointing executives with environmental expertise significantly enhance their environmental performance by attracting green investors and increasing their investments in environmental protection. This effect is moderated by various factors: a higher level of green awareness among executives and a more balanced distribution of power within the management team correlate with improved environmental responsibility performance. Notably, CEOs who hold multiple positions and demonstrate strong will can more effectively influence the board of directors, thereby leveraging the governance role of executives with environmental backgrounds. At the industry and regional levels, non-heavy polluting enterprises and cities with higher green total factor productivity (GTFP) provide a more favorable external environment for the implementation of environmental strategies by executives with such backgrounds. Regarding external factors, a media landscape characterized by high coverage and analyst scrutiny subjects firms to regulatory pressures from informal institutions, prompting them to enhance their environmental responsibility performance to avoid the costs associated with negative publicity. Further analysis indicates that improvements in corporate environmental responsibility not only lead to enhanced economic and green performance but are also influenced by boardroom groupthink and industry clustering effects. To ensure the robustness of the results, this study employs methods such as Propensity Score Matching-Difference in Differences (PSM-DID) and instrumental variable techniques to control for the influences of macro-environmental policies and managerial characteristics. The results of this study extend the research perspective on upper echelons theory, deepen the theoretical connections between corporate governance and environmental responsibility, and provide valuable insights for policymakers and practitioners.</p>

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An executive's environmental background and corporate environmental responsibility performance: Evidence from green investors and environmental investment

  • 期刊论文

  • 发表日期：

    2025年5月10日

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  • Kun Luo,
  • Wenxi Sun,
  • Nan Yang,
  • Xin Leng

摘要

This study analyzes a sample of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2011 to 2020 to investigate the relationship between executives with environmental backgrounds and corporate environmental responsibility. The findings reveal that firms appointing executives with environmental expertise significantly enhance their environmental performance by attracting green investors and increasing their investments in environmental protection. This effect is moderated by various factors: a higher level of green awareness among executives and a more balanced distribution of power within the management team correlate with improved environmental responsibility performance. Notably, CEOs who hold multiple positions and demonstrate strong will can more effectively influence the board of directors, thereby leveraging the governance role of executives with environmental backgrounds. At the industry and regional levels, non-heavy polluting enterprises and cities with higher green total factor productivity (GTFP) provide a more favorable external environment for the implementation of environmental strategies by executives with such backgrounds. Regarding external factors, a media landscape characterized by high coverage and analyst scrutiny subjects firms to regulatory pressures from informal institutions, prompting them to enhance their environmental responsibility performance to avoid the costs associated with negative publicity. Further analysis indicates that improvements in corporate environmental responsibility not only lead to enhanced economic and green performance but are also influenced by boardroom groupthink and industry clustering effects. To ensure the robustness of the results, this study employs methods such as Propensity Score Matching-Difference in Differences (PSM-DID) and instrumental variable techniques to control for the influences of macro-environmental policies and managerial characteristics. The results of this study extend the research perspective on upper echelons theory, deepen the theoretical connections between corporate governance and environmental responsibility, and provide valuable insights for policymakers and practitioners.