连锁董事网络程度中心度与企业ESG表现——基于不确定性的视角

Centrality Degree of Interlocking Director Network and Corporate ESG Performance——Based on the Perspective of Uncertainty

本文以2009-2022年A股上市公司作为样本,基于企业连锁董事兼任信息,构建了企业之间连锁网络,计算程度中心度指标,实证检验了连锁董事网络程度中心度和企业ESG表现的关系以及不确定性在其中的调节作用。研究发现,连锁董事网络程度中心度与企业ESG表现呈正向关系。在影响机制方面,连锁董事网络中心度主要通过声誉和信息机制改善企业ESG表现。当不确定性较大时,不确定性会显著弱化连锁董事网络程度中心度对企业ESG表现的促进作用。具体而言,不确定性上升时,管理者为确保企业的持续发展会减少ESG投入以规避风险和资源的双重压力,从而降低企业的ESG表现。进一步的分析发现,连锁董事程度中心度对ESG分项中环境表现、治理表现的影响更强;不确定性对于连锁董事网络程度中心度与企业ESG表现关系的负向调节作用在低污染企业、东部地区以及非高科技企业中更强。本文进一步厘清了公司治理在应对外在环境不确定性过程中有关ESG的决策机制,有助于理解我国企业提升ESG表现的行为动机,并为监管部门引导企业提升ESG表现提供了决策参考。

This paper takes A-share listed companies from 2009 to 2022 as a sample,builds an interlocking network between enterprises based on the concurrent information of corporate interlocking directors,calculates the degree centrality index,and empirically tests the relationship and uncertainty between the degree centrality of the interlocking director network and corporate ESG performance,as well as the regulating role in it.The study finds that interlocking director network degree centrality is positively related to corporate ESG performance.The centrality of the chain director network mainly improves the ESG performance of enterprises through reputation and information mechanism.When uncertainty is large,uncertainty will significantly weaken the promoting effect of interlocking director network degree centrality on corporate ESG performance.Specifically,when uncertainty rises,managers will reduce ESG investment to mitigate the dual pressures of risk and resource constraints aiming to ensure the sustainable development of the enterprise,thus reducing the ESG performance of enterprises.Further analysis finds that interlocking director degree centrality has a stronger impact on environmental performance and governance performance in the ESG sub-item.The negative moderating effect of uncertainty on the relationship between interlocking director network degree centrality and corporate ESG performance is stronger in low-polluting companies,eastern regions,and non-high-tech companies.This paper further clarifies the ESG-related decision-making mechanism of corporate governance in the process of responding to external environmental uncertainty,which helps to understand the behavioral motivations of Chinese companies to improve ESG performance,and provides regulatory authorities with decision-making references for guiding companies to enhance their ESG performance.