Zhe Jiang Guangsha Vocational And Technical University Of Construction, Jinhua, Zhejiang, China.
PLoS One. 2024 Nov 5;19(11):e0300211. doi: 10.1371/journal.pone.0300211. eCollection 2024.
This paper empirically examines the relationship between CEO (Chief Executive Officer) social capital and corporate ESG (Environment, Social and Governance) performance. Using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020, the paper finds a negative correlation between CEO social capital and corporate ESG performance. In addition, we also consider how the firm's market trading activity and CEO duality moderates the impact of CEO social capital on firms' ESG, and both are concluded to be positively moderated. Upon further research, we also find that (1) the positive contribution of CEO's social capital to firms' ESG performance is more significant in state-owned enterprises. (2) The negative facilitating effect of CEO's social capital on corporate ESG performance is more significant in large-scale enterprises. (3) ESG practices lead to the loss of shareholder wealth, resulting in the reduction of corporate value. The results of the study deepen the knowledge of academics and practitioners about the value-creating function of CEO social capital, and provide empirical evidence for listed companies to pay attention to and make use of CEO social capital to enhance their corporate social responsibility commitment.
本文实证检验了 CEO(首席执行官)社会资本与企业 ESG(环境、社会和治理)绩效之间的关系。使用了 2010 年至 2020 年期间上海和深圳 A 股上市公司的样本,本文发现 CEO 社会资本与企业 ESG 绩效之间存在负相关关系。此外,我们还考虑了公司的市场交易活动和 CEO 双重身份如何调节 CEO 社会资本对公司 ESG 的影响,结论是两者均呈正调节关系。进一步的研究还发现:(1)CEO 社会资本对企业 ESG 绩效的积极贡献在国有企业中更为显著。(2)CEO 社会资本对企业 ESG 绩效的消极促进作用在大规模企业中更为显著。(3)ESG 实践导致股东财富流失,从而降低了企业价值。该研究结果深化了学术界和实务界对 CEO 社会资本创造价值功能的认识,为上市公司关注和利用 CEO 社会资本增强企业社会责任承诺提供了经验证据。