摘要
提高企业ESG表现对促进企业高质量发展、推动我国碳中和进程具有重要战略意义。作为一项企业战略决策,企业ESG表现与董事会治理效率息息相关。基于沪深两地A股上市公司数据,从合法性视角和董事权威不平衡的治理效应视角,分析董事会非正式层级影响企业ESG表现的内在机制;从公司决策传导机制视角出发,分析管理层能力发挥的中介效应。研究发现,董事会非正式层级对企业ESG表现具有显著的正向促进作用;管理层能力在董事会非正式层级与企业ESG表现之间起中介作用;董事会非正式层级对企业ESG表现的影响在权力大小不同、稳定性不同的管理团队中存在显著差异。通过对董事会非正式层级影响企业决策行为的研究,丰富了董事会非正式层级作用及效果的内在机制的相关研究,对于进一步提升中国企业ESG表现具有重要的借鉴意义。
Improving enterprises'ESG(Environmental,Social and Government)performance is of great strategic significance for promoting high-quality development of enterprises and China's carbon neutral process.As an enterprise strategic decision,enterprise's ESG performance is closely related to the governance efficiency of the board of directors.Using data of A share listed companies in Shanghai and Shenzhen,the authors analyze the internal mechanism of board informal hierarchy influencing enterprise's ESG performance from the perspective of legitimacy and the governance effect of the imbalance of directors'authority.From the perspective of the enterprise's decision-making transmission mechanism,the authors also analyze the mediating effect of the management's capability.It is found that:board informal hierarchy plays a significant positive role in promoting ESG performance of an enterprise;management capabilities play an intermediary role between the board informal hierarchy and the enterprise's ESG performance;and the relationship between board informal hierarchy and enterprise's ESG performance is different according to different strengths of management power and different levels of stability of the top management team.This study expands the research on the influence of board informal hierarchy on enterprise decision-making behavior,enriches the discussion on the internal mechanism of the effect of the informal level of the board of directors,and has important reference significance for further improving the ESG performance of Chinese enterprises.
作者
柳学信
曹成梓
孔晓旭
LIU Xue-xin;CAO Cheng-zi;KONG Xiao-xu(College of Business Administration,Capital University of Economics and Business,Beijing 100070,China;China ESG Institute,Capital University of Economics and Business,Beijing 100070,China;School of Economics,Capital University of Economics and Business,Beijing 100070,China)
出处
《中国流通经济》
北大核心
2024年第3期104-114,共11页
China Business and Market
基金
国家社会科学基金项目“‘双碳’目标下碳信息披露体系设计与效果研究”(22&ZD145)
北京市社会科学基金项目“‘十四五’时期推动企业可持续发展的政策体系研究”(20GLA074)
国家自然科学基金项目“党组织嵌入国有企业治理结构的微观机制及其治理效应”(72002141)。
