湖北经济学院会计学院,武汉 430200
李井林:湖北经济学院会计学院副教授,硕士生导师,管理学博士。研究方向:公司理财、并购重组与创新管理。
F272/F205
Hubei University of Economics, Wuhan 430200 , China
新发展理念下企业环境责任表现(E)、社会责任表现 (S) 和公司治理表现 (G) 是企业实现可持续高质量发展的重要方式,系统驱动企业实施 ESG 战略行动从而提升企业 ESG 表现对企业实现可持续高质量发展具有重要的现实意义。本文从董事会的性别特征视角出发,使用中国沪深 A 股非金融类上市公司 2011 ~ 2022 年的数据,采用双向固定效应模型探究了女性董事对企业 ESG 表现的具体影响效应及促进机制。研究结果表明:第一,女性董事对企业 ESG 存在显著的提升效应,女性董事更加注重企业实施 ESG 战略行动,从而能够提升企业 ESG 表现,且分维度检验结果表明女性董事对企业环境责任表现、社会责任表现以及公司治理表现均存在显著的提升效应。第二,作用机制检验结果表明,女性董事主要通过加大环保投入、强化社会捐赠以及完善公司治理的三重机制提升企业 ESG 表现。第三,异质性检验结果表明,女性董事对企业 ESG 表现的提升效应在环保敏感度低行业、竞争程度低行业、市场化程度低地区的企业中更为明显。第四,经济效应检验结果表明,女性董事通过提升企业 ESG 表现促进企业高质量发展。本文研究结论为企业 ESG 表现驱动因素研究提供了新视角,并基于公司治理、ESG 表现、女性董事地位的视角为促进企业高质量发展提供政策启示。
Under the new development concept, corporate environmental responsibility, social responsibility, and corporate governance are important ways for enterprises to achieve sustainable and high-quality development. Therefore, how to systematically drive enterprises to implement ESG strategic actions and improve their ESG performance is of great practical significance for enterprises to achieve sustainable and high-quality development. This article explores the specific impact and mechanism of female directors on enterprise ESG performance from the perspective of gender characteristics of the board of directors, using data from non-financial listed companies in the Shanghai and Shenzhen A-shares of China from 2011 to 2022, and using a two-way fixed effects model. The research results indicate that:Firstly, female directors have a significant improvement effect on enterprise ESG performance, which means that female directors pay more attention to implementing ESG strategic actions, which can improve enterprise ESG performance. The results of the multidimensional test show that female directors have a significant improvement effect on corporate environmental responsibility performance, social responsibility performance, and corporate governance performance. Secondly, the results of the mechanism test indicate that female directors in enterprises mainly improve their ESG performance through a triple mechanism of increasing environmental investment, strengthening social donations, and improving corporate governance. Thirdly, the heterogeneity test results indicate that the improvement effect of female directors on enterprise ESG performance is more pronounced in industries with low environmental sensitivity, low competition, and regions with low degree of marketization. Fourthly, the results of the economic effect test indicate that female directors in enterprises promote high-quality development by improving their ESG performance. The research conclusion of this article provides a new perspective for studying the driving factors of enterprise ESG performance, and also provides policy inspiration for promoting enterprise high-quality development based on the perspectives of corporate governance, ESG performance, and the status of female directors.
李井林,罗英祥.女性董事对企业ESG表现的促进机制研究——基于中国上市公司的证据[J].上海对外经贸大学学报,2024,(5):84-99.
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