Executives'Environmental Background and Enterprise ESG Rating
Based on the personal characteristics of listed companies from 2009 to 2021,including directors,supervisors and other senior managers,this paper identifies executives with environmental protection background and studies their impact on the ESG rating of the current year and the next year.The study finds that good envi-ronmental protection background of the directors,supervisors and senior managers of listed companies can significantly improve the ESG rating of the current year and the next year.And this effect is affected by the power and interest correlation.Moreover,with the implementation of the new Environmental Protection Law,compared with other enterprises,the ESG rating of enterprises with executives with environmental protection background has significantly improved after 2015.The analysis of differ-ent dimensions of ESG shows that the improvement of ESG rating by executives with environmental protection background mainly lies in the dimensions of environmental and social responsibility.Mechanism analysis shows that executives with environmen-tal protection background can improve ESG rating in two ways:One is to increase the probability of passing ESG related motions at shareholders'meetings;the other is to improve the enterprise environmental protection system.The results of hetero-geneity analysis based on equity ownership,industry and historical rating show that the improvement effect of executives with environmental protection background on ESG rating of enterprises is mainly concentrated in state-owned enterprises,polluting industries and enterprises with low historical rating.
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