Characteristics of Senior Management Team, Environmental
Regulation and Environmental Performance of Enterprises
Zhang Changjiang, Chen Yuqing and Wen Zuomin
摘要：高管团队作为企业内部环境治理的执行主体，对环境规制与企业环境绩效的影响不言而喻。本文基于高阶理论、社会角色理论、信息决策理论，构建了环境规制、高管团队特征、企业环境绩效间的关系模型，在以性别、年龄、专业背景、任期四个维度区分高管团队异质性与垂直对特征差异性基础上，以197家污染密集型上市公司的数据为样本，实证检验了环境规制对企业环境绩效的直接影响以及高管团队特征在两者间的调节作用。研究结果表明，环境规制对企业环境绩效具有显著的正向影响；女性领导者对于环境责任的敏感度高于男性；年龄异质性在环境规制与企业环境绩效间起积极的调节作用；任期异质性对环境规制与企业环境绩效的关系呈显著的负向调节作用；学历垂直对能促进环境规制对企业环境绩效的正向作用，说明董事长学历越高，团队对其个人的认可度与服从意识也越高。本文结论对完善企业高管团队结构配置、内部交流机制、信息披露机制和职业经理人市场具有借鉴和参考价值。
关键词：环境绩效；环境规制；高管团队；异质性；垂直对特征差异性
Abstract: As the executive subject of internal environmental governance, the senior management team has obvious influence on environmental regulation and corporate environmental performance. Based on higher-order theory, social role theory and information decision-making theory, this paper constructs the relationship model among environmental regulation, characteristics of senior management team and enterprise environmental performance. On the basis of distinguishing the heterogeneity and vertical pair characteristics of the senior management team from the four dimensions of gender, age, professional background and tenure, taking the data of 197 pollution-intensive listed companies as samples, this paper empirically tested the direct impact of environmental regulation on corporate environmental performance and the regulating effect of the characteristics of the senior management team between them. The results show that environmental regulation has a significant positive effect on enterprise environmental performance. Female leaders are more sensitive to environmental responsibility than men. And age heterogeneity plays a positive role in regulating environmental regulation and corporate environmental performance, while term heterogeneity has a significant negative regulating effect on the relationship between environmental regulation and corporate environmental performance. The vertical correlation of educational background can promote the positive effect of environmental regulation on the environmental performance of enterprises, which indicates that the higher the educational background of the chairman, the higher the recognition degree and obedience consciousness of the team. The conclusion of this paper has reference value for improving the structure configuration, internal communication mechanism, information disclosure mechanism and professional manager market of enterprises.
Keywords: Environmental Performance; Environmental Regulation; Senior Management Team; Heterogeneity; Vertical Pair Feature Difference
