Economics and Management School, Wuhan University, Wuhan, Hubei, China.
PLoS One. 2024 Jul 11;19(7):e0303081. doi: 10.1371/journal.pone.0303081. eCollection 2024.
In recent years, sustainable development and green growth and performance of companies in environmental, social, and corporate governance (ESG) has received widespread attention from all sectors of society. Based on panel data of A-share listed companies in China from 2009 to 2022, this study employs a two-way fixed effects model to explore the mechanism of the relationship between ESG practices and corporate value, as well as the moderating effect of executive characteristics within this relationship. The results indicate a robust positive relationship between ESG practices and corporate value. However, this relationship is moderated by the academic backgrounds of senior executives, who negatively influence it, and by male executives, who exert a positive moderating effect. Furthermore, this study reveals the variable impacts of ESG practices in different corporate settings, industries, and institutional frameworks. Moreover, it demonstrates how ESG practices boost corporate value through an enhanced reputation and increased government innovation subsidies. It offers new insights on the strategic value of ESG for corporations and policymakers. It also extends the theoretical framework by integrating attention-based and upper echelons perspectives into the ESG discourse. .
近年来，可持续发展和绿色增长以及公司在环境、社会和公司治理（ESG）方面的表现受到了社会各界的广泛关注。基于中国 A 股上市公司 2009 年至 2022 年的面板数据，本研究采用双向固定效应模型，探讨了 ESG 实践与企业价值之间的关系机制，以及在此关系中高管特征的调节作用。结果表明，ESG 实践与企业价值之间存在稳健的正相关关系。然而，这种关系受到高管学术背景的调节，其中高管的学术背景会产生负面影响，而男性高管则会产生积极的调节作用。此外，本研究揭示了 ESG 实践在不同企业环境、行业和制度框架下的变化影响。此外，它还展示了 ESG 实践如何通过提高声誉和增加政府创新补贴来提高企业价值。它为企业和政策制定者提供了关于 ESG 的战略价值的新见解。它还通过将注意力基础和高层梯队视角纳入 ESG 话语，扩展了理论框架。
