高级管理人员的特点:对ESG实践和企业估值关系的影响
Chunhua Cai1, Yannan Geng1, Fufei Yang1
1Economics and Management School, Wuhan University, Wuhan, Hubei, China.
PloS one
|July 11, 2024
概括
环境,社会和治理 (ESG) 实践对企业价值产生积极影响. 然而,学术背景和性别等高管特征显著调节了这种关系,影响了公司的业绩.
科学领域:
- 商业和经济学 商业和经济学
- 企业社会责任 企业社会责任
- 可持续发展 可持续发展 可持续发展
背景情况:
- 越来越重视可持续发展和绿色增长.
- 环境,社会和公司治理 (ESG) 绩效是企业的重点.
- 了解与ESG相关的企业价值驱动因素至关重要.
研究的目的:
- 研究ESG实践与企业价值之间的关系.
- 探索执行特征对这种关系的调节效应.
- 确定ESG影响企业价值的机制.
主要方法:
- 利用了中国A股上市公司 (2009-2022) 的面板数据.
- 采用双向固定效应模型进行分析.
- 研究了高管学术背景和性别的缓和效应.
主要成果:
- 在ESG实践和企业价值之间发现了强有力的正相关性.
- 高管的学术背景对ESG与企业价值的联系产生了负面影响.
- 男高管积极调节ESG与企业价值关系.
- 通过改善声誉和政府补贴,ESG实践提高了企业价值.
- 对于企业环境,行业和机构框架来说,ESG的影响有所不同.
结论:
- 在提高企业价值方面,ESG实践具有战略价值.
- 执行特征在调解ESG影响方面发挥着重要作用.
- 调查结果为企业和政策制定者提供了关于利用ESG促进增长的见解.
- 在ESG研究中整合了基于注意力和上层层理论.
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