高管薪酬锦标赛激励对 CEO 环境责任的影响研究——来自中国上市公司的证据
Do Tournament Incentives Matter for CEOs to Be Environmentally Responsible? Evidence from Chinese Listed Companies.
机构信息
School of Economics and Management, Xi'an University of Technology, Xi'an 710048, China.
School of Management, Xi'an Jiaotong University, Xi'an 710049, China.
出版信息
Int J Environ Res Public Health. 2022 Jan 1;19(1):470. doi: 10.3390/ijerph19010470.
Relying on tournament theory and environmental management research, we examine how CEO tournament incentives induce top executives to invest more in green innovation. Using a sample of Chinese listed companies from 2010 to 2016, we find evidence that CEO tournament incentives are positively associated with green innovation. In addition, we find that a positive relationship between CEO tournament incentives and green innovation is stronger in state-owned enterprises than in non-state-owned enterprises. These results support tournament theory, which proposes that better incentives induce top executives' efforts to win the tournament incentives, and such efforts are subject to fiercer competition among employees, which improves firms' social and financial performance. Moreover, our findings have implications for policy makers and regulators who wish to enhance environmental legitimacy by providing tournament incentives to top executives.
基于锦标赛理论和环境管理研究，我们考察了 CEO 锦标赛激励如何促使高管更多地投资绿色创新。使用 2010 年至 2016 年中国上市公司的样本，我们发现证据表明，CEO 锦标赛激励与绿色创新呈正相关。此外，我们发现，在国有企业中，CEO 锦标赛激励与绿色创新之间的正相关关系强于非国有企业。这些结果支持锦标赛理论，该理论提出更好的激励会促使高管努力赢得锦标赛激励，而这种努力会在员工之间引发更激烈的竞争，从而提高公司的社会和财务绩效。此外，我们的研究结果对政策制定者和监管者具有启示意义，他们希望通过向高管提供锦标赛激励来提高环境合法性。
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