Study On The Relationship Between The Characteristics Of Top Management Team And Environmental Performance Based On The Perspective Of Informal Institution

Since the establishment of "beautiful China" by the 18 th National Congress,the theoretical and practical circles have been paying more and more attention to how to balance the relationship between economic development and environmental protection.As an important part of contemporary society,enterprises are not only an important engine of economic development,but also the main cause of environmental pollution.Under the background of strengthening the construction of ecological civilization,the impact of business activities on the environment has been widely concerned.With the continuous improvement of the enterprise management system,more and more enterprises are involved in decision-making and management by the senior management team,and the top management team has a crucial impact on corporate behavior.The characteristics of top management team reflect the values of top management team and influence executives’ decision-making preferences.Therefore,the characteristics of top management team will also have an impact on the company’s environmental decisions,and further affect the company’s environmental performance.In order to deeply study the relationship between the characteristics of top management team and environmental performance based on the perspective of informal institutions,firstly,this paper combs the relevant research results of the characteristics of top management team,environmental performance and informal institutions,based on high-level echelon theory,externality theory and agenda setting theory,put forward the research hypothesis of the article,and construct the research model of this paper.Then,from the perspective of informal institutions,select 111 listed companies in Shanghai-Shenzhen A-shares from 2014 to 2016 as research samples,and explore the relationship between the characteristics of top management team(TMT)and environmental performance.Finally,based on the relationship between the two,the role of home identity(NATI)and media attention(MEDIA)on the relationship between the characteristics of top management team(TMT)and environmental performance is discussed.The study found that the top management team size and average age are negatively correlated with environmental performance;the average aca demic qualification is positively related to environmental performance;the hometown identity has a significant regulatory effect on the relationship between team size and environmental performance,and the relationship between average academic qualifications and environmental performance is also significant.Regulatory role,environmental performance is better when hometown identity exists;media attention has a significant positive adjustment effect on the relationship between top management team size and environmental performance.The research results show that the hometown identity and the media attention are important informal institutional factors under the contemporary national conditions,which have an important role in promoting the improvement of environmental performance,and provide empirical evidence for the management innovation ideas that combine the informal institution with the formal institution in the practice of environmental governance.