Does Executive Ownership Promote Enterprises'ESG Performance?
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,non-state-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.
万方数据
维普
