| WANG Hui,LIN Weifen,XIE Rui.Environmental Backgrounds of Executives and Green Investor Entry[J].The Journal of quantitative and technical economics,2022,(12):173-194 |
| 高管环保背景与绿色投资者进入 |
| Environmental Backgrounds of Executives and Green Investor Entry |
| |
| DOI： |
| 中文关键词: 高管环保背景 绿色投资者 环保投资 环保补助 |
| 英文关键词: Executive Environmental Background Green Investors Environmental Investments Environmental Subsidies |
| 基金项目:本文获得国家自然科学基金项目(72204080)、湖南省哲学社会科学基金重大项目(21ZDAJ003)、湖南省杰出青年科学基金项目(2021JJ10027)和湖南省社会科学基金项目(21JD006)的资助。 |
|
| Hits: |
| Download times: |
| 中文摘要: |
| 党的二十大报告指出，要加快发展方式绿色转型，着力推进高质量发展。绿色投资者有助于提升企业环境治理绩效，推动企业绿色可持续发展，有效引入绿色投资成为企业绿色高质量发展的关键。本文基于Python文本分析方法识别高管环保背景特征和绿色投资者信息，结合双向固定效应模型和工具变量回归方法探究环保背景高管对绿色投资者进入决策的影响。研究发现，企业聘任具有环保背景从业经历的高管有利于吸引绿色投资者进入，随着环保背景高管数量的增多、管理自主权的增大，其对绿色投资者的吸引力逐渐增强。并且在非国有企业、清洁型行业中，环保背景高管对绿色投资者的吸引作用更明显。根据信号理论，上市企业聘任环保背景高管能够驱动企业内部加大环保投资力度、获取外部政府环保补助，释放企业从事环保事业的有力信号，进而吸引绿色投资者进入。此外，绿色投资者对企业绿色创新数量、质量以及ESG绩效皆产生正向积极影响，同时也对企业经济绩效产生明显的提升效果，提高企业生产效率。本文研究结论不仅丰富了高层梯队理论的研究内容，同时为高质量发展背景下企业从绿色投资视角驱动绿色转型升级，提升环境治理绩效，推动绿色可持续发展提供了理论依据。 |
| 英文摘要: |
| At the 75th session of the United Nations General Assembly in September 2020, the Chinese government committed to achieve a carbon peak by 2030 and carbon neutrality by 2060. Enterprises are main actors of environmental protection and green governance, and play a key role in realizing carbon peaking and carbon neutrality goals. Therefore, regulating and guiding enterprises towards clean production has become an important way to promote green development. Due to the high costs faced by enterprises in transforming and upgrading in a cleaner direction, it can be difficult for them to meet green development needs. The entry of green investors can help alleviate these financing difficulties, so enterprises can achieve green and sustainable goals. Effectively introducing these green investments has become key to the green and high-quality development of enterprises. This study applies top echelon theory, and uses the Python text analysis method to identify the environmental background characteristics of executives and green investor information; combines a two-way fixed effects model and instrumental variables regression method to explore the influence of executives with environmental backgrounds on green investor entry decisions and the mechanism involved; and further explores the effect that green investors have on corporate economic performance and green performance. The empirical results of this paper are as follows. First, employing executives with environmental backgrounds helps attract the entry of green investors. Second, the attraction effect of executives with environmental backgrounds on green investors is more significant in non-state-owned and clean industries enterprises. Third, according to signal theory, hiring executives with environmental backgrounds by listed companies can increase internal environmental protection and external government environmental subsidies, and sends a positive signal that the company is engaged in environmental protection. This attracts green investors to the business. In addition, when executives with environmental backgrounds attract green investors, it brings substantial green benefits to listed companies. Green investors positively impact the quantity and quality of green innovation and company ESG performance, and significantly affect the economic performance of companies, and improve their productivity. To this end, to enhance the momentum of corporate green governance and sustainable development, the government and corporate senior management should actively develop scientific executive staffing standards, hire executives who value corporate environmental governance, and improve the top management structure. It is also important to give executives with environmental protection backgrounds rights that are comparable to their positions, to ensure they have sufficient voice in the corporate decision-making process to promote green and sustainable development. The contributions of this paper are as follows. Previous studies have focused on the influence of executives' overseas experience, educational background, and functional background on corporate behavior. In contrast, this paper applies the top echelon theory to explore the relationship between the environmental backgrounds of executives and external green investors. This expands the research on the top echelon theory to include a green perspective. This study applies a micro perspective to analyze the influence of executives with environmental protection backgrounds on the investment choice of external green investors. The study also reconsiders the concept of traditional external incentive determinism of enterprise green development, at the level of enterprise independent incentives. This provides a development direction for further improving the incentive path of enterprise green development, alleviating green financing constraints and realizing green transformation and upgrades. Based on the signal theory, from the perspective of internal and external green investment and financing, we explore how executives from environmental protection backgrounds drive environmental protection investments and attract more government environmental protection subsidies. This communicates their commitment to environmental protection and official recognition to the outside world, thus attracting the entry of social green capital. This study also explores the role of green investor entry on the economic and environmental performance of enterprises. This provides lessons for further promoting a market-oriented and government-supported green development incentive system. The findings enrich the research on high-level echelon theory, and provide a theoretical and empirical basis for enterprises to drive green transformation and upgrades, improve environmental governance performance, and promote green sustainable development from the perspective of introducing external green investment. |
|
View Full Text
View/Add Comment Download reader |
| Close |
|
|
|
