高管团队稳定性与企业ESG评级

Executive Team Stability and Corporate ESG Ratings

中文关键词:  高管团队稳定性  ESG评级  战略差异度  经营风险  可持续发展

英文关键词:executive team stability  ESG rating  strategic difference degree  business risk  sustained development

中文摘要:

      ESG评级是推动企业可持续发展的重要动力,是企业长期生存的内在要求,而高管团队在企业长期发展中起着至关重要的作用。基于2010—2019年中国沪深A股上市公司数据,研究了高管团队稳定性对企业ESG评级的影响及其作用机制。研究发现,高管团队稳定性越高,企业ESG评级越高。机制检验显示,高管团队稳定性通过降低企业战略差异度和经营风险提高企业ESG评级。异质性检验结果表明,在内控质量较低、审计质量较低的企业中,高管团队稳定性对企业ESG评级影响效应显著；媒体关注度较低的企业中高管团队稳定性对企业ESG评级的影响更显著。因此,企业要重视高管团队稳定性,采取有效措施降低经营风险,注重ESG信息披露,提升ESG评级,以推动企业可持续发展。

英文摘要:

      ESG ratings serve as a vital driver in advancing the sustainable development of companies and represent an inherent requirement for corporate long-term survival, with the executive team assuming a critical role in promoting corporate long-term growth. Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2019, this paper investigates the influence and path mechanism of executive team stability on corporate ESG ratings. The results show that executive team stability is positively correlated to corporate ESG ratings, and it enhances corporate ESG ratings by reducing corporate strategic difference degrees and business risks through mechanism tests. The results of the heterogeneity tests show that in companies with low internal control quality and low audit quality, executive team stability has a significant impact on corporate ESG ratings; in companies with low media attention, executive team stability has a more significant impact on corporate ESG ratings. Therefore, companies should pay attention to executive team stability, implement effective measures to mitigate business risks, pay attention to ESG disclosure, improve ESG ratings, and facilitate sustainable development. 