Executive Traits,Environmental Regulatory And Corporate Environmental Innovation

In the past 40 years of reform and opening up,China has paid a huge environmental price while realizing rapid economic development.As the producer and emitter of environmental pollutants,enterprises-play an important role in solving the problem of environmental pollution.In order to balance economic development and environmental protection,the Chinese government has formulated a series of environmental regulation policies to restrain the pollution behavior of enterprises and encourage enterprises to carry out environmental innovation.However,in reality,the impact of environmental regulation on enterprises is complicated.Some enterprises have been praised by the government for their outstanding contributions in environmental innovation,while some enterprises have been punished for their pollution failing to meet the national standards.In the face of such a reality,we can not help but ask,what kind of impact does environmental regulation policy have on enterprise environmental innovation?In addition to environmental regulation,what factors affect the choice of environmental innovation strategy,so that enterprises with the same environmental regulation policies make different choices?First of all,based on the theory of Porter Hypothesis and Upper Echelons Theory,this paper discusses the impact mechanism of environmental regulation on enterprise environmental innovation,and analyzes the influence mechanism of executive age,executive gender,executive tenure and executive compensation on corporate environmental innovation,as well as the influence mechanism of environmental regulation on the relationship between executive traits and enterprise environmental innovation from the perspective of cognition and motivation.Secondly,based the empirical data of listed companies in heavy pollution industries on Shanghai and Shenzhen A-shares from 2013 to 2018 and with zero-expansion negative binomial regression analysis method,this paper empirically examine the effects of environmental regulation,executive age,executive gender,executive tenure and executive compensation on enterprise environmental innovation,and the effects of environmental regulation on the relationship between executive age,executive gender,executive tenure,executive compensation and enterprise environmental innovation.The empirical analysis results are shown below.The environmental regulation can promote enterprise environmental innovation.The older the senior executive is,the more conducive it is to the enterprise’s environmental innovation.Female executives do not promote corporate environmental innovation.The longer the tenure of senior executives is,the more conducive it is to corporate environmental innovation.The higher the executive compensation,the more conducive to the enterprise’s environmental innovation.Environmental regulation weakens the promoting effects of executive gender and executive compensation on enterprise environmental innovation.Environmental regulation has no effect on the relationship between executive age,executive tenure and enterprise environmental innovation.The above results once again confirm the Porter Hypothesis and verify that executive traits have an impact on corporate environmental innovation.Meanwhile,it is also found that environmental regulation has an impact on the relationship between executive traits and corporate environmental innovation,which enriches the relevant research on corporate environmental innovation.Finally,according to the results of the study,this paper puts forward corresponding suggestions for the government to formulate appropriate environmental regulation policies,enterprises how to optimize the construction of senior management team members,senior executives how to improve the level of strategic decision-making.This paper also explains the shortcomings of this study,and puts forward the prospect of future research.