Board Informal Hierarchy,ESG Performance and Corporate Value——From the Perspectives of Board Interaction and Environmental Uncertainty
Against the backdrop of promoting high-quality economic development,corporate ESG performance has become a topic of considerable interest.This study systematically analyzes the impact,situational characteristics,transmission mechanisms,and economic consequences of board in-formal hierarchy on corporate ESG performance using a sample of Chinese A-share listed companies.The findings indicate that a clearer board in-formal hierarchy correlates with better corporate ESG performance,a conclusion validated through robustness tests.Moderation effect tests reveal that increased board interaction and decreased environmental uncertainty amplify the promotion effect of the informal hierarchy on corporate ESG perform-ance.Mechanism tests highlight internal control and innovation efficiency as pivotal mechanisms through which the board informal hierarchy influ-ences corporate ESG performance.Economic consequence tests further underscore that the board informal hierarchy significantly enhances corporate performance and value by bolstering corporate ESG performance.
board informal hierarchyESG performancecorporate value
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