Research On The Relationship Between Top Management Team Characteristics And Corporate Environmental Investment

With the rapid development of social economy,the problem of environmental pollution is becoming more and more serious,which poses a serious threat to the sustainable development of human beings.In order to solve the environmental problems,we must invest in environmental protection.As an important part of national economic activities,if enterprises can become the main force of environmental protection investment,it will make great contributions to solve environmental problems.Many scholars at home and abroad have studied the influencing factors of corporate environmental investment,but the current research is mainly focused on the impact of external factors such as environmental regulation on corporate environmental investment,and there are few literatures from the perspective of internal governance mechanism.Based on higher-order theory and Sun Desheng's(2009)analysis framework of top management team characteristics and corporate social responsibility,this paper studies the impact of top management team characteristics on corporate environmental investment.This paper selects the disclosure of enterprise environmental protection investment amount of listed companies as a sample,an empirical research on the relationship between top management team characteristics and corporate environmental investment,and the conclusions are as follows:(1)there is a significant positive correlation between top management team average age,average educational level,the average tenure and enterprise environmental protection investment scale,top management team the average salary and enterprise environmental protection investment scale is not significantly related.(2)there is a significant positive correlation between the age heterogeneity of top management team and the scale of corporate environmental investment.There is a significant negative correlation between the heterogeneity of tenure and the scale of corporate environmental investment.This paper introduces the characteristics of top management team to the research of influencing factors of corporate environmental investment,which expands the research vision of influencing factors of corporate environmental investment,and provides suggestions for improving the top management team of listed companies.