摘要
企业ESG表现的提升需要外部监管和内部驱动共同发挥作用。高管持股作为企业内部治理的重要机制,能够通过缓解代理冲突来影响ESG表现。本文以2011—2021年我国A股非金融上市企业为样本,检验高管持股对企业ESG表现的影响。研究表明,高管持股会显著促进企业的ESG表现,通过一系列稳健性检验后结论仍然成立;机制检验表明,高管持股通过缓解融资约束、激励慈善捐赠和加大研发投入来提升企业的ESG表现;异质性分析表明,在大规模企业、非国有企业和非重污染企业样本中,高管持股对企业ESG表现的提升作用更为显著。研究结论为从公司内部治理角度提升企业的ESG表现提供了新的视角。
The improvement of enterprises’ESG performance required the joint efforts of external supervision and internal drive.Executive ownership,as an important mechanism for internal governance of enterprises,can affect ESG performance by alleviating agency conflicts.This paper,taking China’s A-share non-financial listed enterprises from 2011 to 2021 as samples,examined the impact of executive ownership on enterprises’ESG performance.The research showed that executive ownership can significantly promote enterprises’ESG performance,and the conclusion still held after a series of robustness tests;the mechanism test showed that executive ownership improved enterprises’ESG performance by alleviating financing constraints,incentivizing charitable donations,and increasing R&D investment;the heterogeneity analysis showed that the improvement in enterprises’ESG performance resulting from executive ownership was more pronounced in the samples of large-scale enterprises,nonstate-owned enterprises,and non-heavy-polluting enterprises.The research conclusion provided a new perspective for improving enterprises’ESG performance from the perspective of internal governance.
作者
陈云桥
李梦圆
CHEN Yunqiao;LI Mengyuan(School of Economics and Management,Yan’an University,Yan’an 716000,Shaanxi,China)
出处
《国土资源科技管理》
2024年第5期92-105,共14页
Scientific and Technological Management of Land and Resources
基金
国家社会科学基金一般项目(23BJY180)
陕西省政府研究室2022年重点课题研究项目(2022HZ1560)。
关键词
ESG表现
高管持股
融资约束
慈善捐赠
研发投入
ESG performance
executive ownership
financing constraint
charitable donation
R&D investment
