| In order to cope with the low-carbon and energy-saving pressure under the global climate change and the environmental deterioration caused by the rapid development of the domestic economy,it is imperative for China to take the road of green transformation and development.In order to seek the dual performance of economy and green,the country has made a series of green strategic arrangements.The 14 th Five-Year Plan puts forward the long-term goal of "promoting the comprehensive green transformation of economy and society",requiring enterprises not to blindly achieve economic benefits at the cost of the natural environment.In this context,as the main body of environmental protection and the development of market economy,green governance is not only the micro basis for promoting the smooth implementation of the national green development strategy,but also an important guarantee for economic transformation.In the external macro environment where the country vigorously promotes green transformation development,how to stimulate the willingness of green governance from within enterprises,promote green governance action and improve the level of green governance,so as to help the green transformation development has become a key problem to be solved.Green governance has both internal and external properties.A few scholars have studied the influence of internal factors such as executive cognition,party organization embedding,and characteristics of board of directors on the green governance of enterprises.Exploring the micro-influencing factors of enterprise green governance has gradually become a new direction of enterprise green research field.The governance structure of the board of directors plays an important role in the implementation of corporate green development strategies.Based on the theory of organizational hierarchy,the vertical structure of the board of directors hierarchy is logically related to the green governance of enterprises,but it has not been given in-depth research and empirical test.In the context of China’s market-oriented transformation and development and "relational" society,the formal level of the board of directors will affect the exercise of power of members,the formulation of green decisions and the play of the supervisory role of the board of directors,while the informal level of the board of directors will affect the internal interaction and the implementation of green governance of enterprises.Therefore,the board of directors level will undoubtedly have an important impact on the green governance decision and value creation of enterprises,and it is crucial to pay attention to the impact of the board hierarchy structure on the green governance of enterprises.New research is needed to explore the impact of the board hierarchy on the green governance of enterprises from the perspective of vertical structure within the board.In addition,as an important feature of the effectiveness of the board of governance,the board independence and the board hierarchy and the relationship between green governance,at the same time,the government environmental subsidies as an important tool of government booster enterprise green transformation,help to encourage the road of green development,enterprises also will affect the board level and enterprise green governance relationship.Therefore,this paper focuses on the board of directors,with the theoretical basis of the organizational hierarchy theory and relationship contract theory,to explore the impact of the board of directors hierarchy on the green governance of enterprises.The independence of the board of directors and government environmental protection subsidies were included in the research framework to further analyze the different effects of different situational factors.It aims to provide reference for enterprises to improve the structure of the board of directors and improve the level of green governance under the background of green development,and explore the regulatory role of government environmental subsidies to help the government to realize green transformation development.On the basis of sorting out relevant literature,this research uses deductive method and induction method to deeply analyze the influence of the board of directors on enterprise green governance,discusses the regulatory role of the board of directors and government environmental protection subsidies,The hypothesis and theoretical model are also proposed.Taking the listed companies in Shanghai and Shenzhen A-shares from 2011-2020 as the research object,STATA software is used to conduct descriptive statistics,correlation analysis,regression analysis,robustness test and endogenous test on the sample data to verify the research hypothesis of this paper,and to carry out the heterogeneity analysis for the nature of property rights and industry.The main conclusions of this study are as follows:(1)the vertical hierarchy of the board of directors will affect the green governance level of enterprises,The formal level of the board of directors according to formal power is significantly negatively correlated with the green governance of the company,The informal level of board of directors according to social network is significantly positively correlated with corporate green governance;(2)The independence of the board of directors plays a significant role in regulating the relationship between the board of directors and the green governance of the enterprise,The higher the independence,The more it can inhibit the negative impact of the formal level of the board of directors on corporate green governance,At the same time,strengthen the positive influence of the informal board hierarchy;(3)Government environmental protection subsidies,as external conditions,also play a regulatory role,The more environmental subsidies companies receive,The more mitigate the adverse impact of the formal board level,At the same time,give full play to the positive role of the informal level of the board of directors.In this paper,the paper discusses the relationship between board hierarchy and enterprise green governance in different management situations.In terms of equity nature,the formal level of board of state-owned enterprises and non-state-owned enterprises is not conducive to green governance,while the influence of non-state-owned enterprises is more obvious;the informal level of board of directors of state-owned enterprises and non-state-owned enterprises is conducive to green governance,while the influence of state-owned enterprises is more obvious.In terms of the nature of the industry,the formal level of the board of directors of heavy polluting enterprises has no significant impact on enterprise green governance,while the formal level of non-polluting enterprises is still significant;the informal level of the board of directors of heavy polluting and non-polluting enterprises on enterprise green governance.The research conclusions enrich the research results of enterprise green governance and board of directors level under the background of green transformation development.It is of certain practical guiding significance for the reasonable construction and improvement of the board hierarchy and the selection of directors under the green development environment,and also provides some reference for the government’s environmental protection policies.The innovation of this research lies that:(1)to some extent,it breaks through the limitations of insufficient empirical research on green governance at the micro level.Through the introduction of interdisciplinary theory,enrich the research on the internal driving factors of green governance of enterprises,and provide reference for enterprises to take the road of green transformation and development;(2)analyze the influence of the board hierarchy on enterprise green governance from the perspective of formal power and informal status,and enrich the research on the link between the vertical hierarchy of the board and corporate green governance;(3)introduce the independence of the board of directors and the government environmental subsidy to explore the boundary conditions of the board hierarchy affecting the green governance of enterprises. |
PDF Full Text Request