| In recent years,environmental issues closely related to human survival and social development,such as acute pollution,climate change,and the depletion of natural resources,have also become a global economic and political issue.At the same time,health,environmental protection,social responsibility and environmental hygiene,among other topics,have attracted public attention.Environment,Society &Governance(ESG)meets the current public concern and has attracted widespread attention from investors and academics,being one of the hottest topics in the management field.At the same time,the green development concept of ESG is highly compatible with the "double carbon" objectives of "carbon peaking" and "carbon neutrality",and is of great significance in promoting a comprehensive economic and social development.For companies,corporate ESG performance can enhance their competitiveness and make them responsible,thus improving their green and sustainable development.Therefore,how to improve corporate ESG performance has become one of the important issues for corporate development.Previous studies have shown that better corporate ESG performance can ensure risk resilience and long-term competitiveness,and enhance corporate value.However,most of the domestic literature revolves around a single aspect of environment,social and governance,and fewer scholars have focused on the factors influencing ESG as a whole in the context of Chinese companies,as well as discussing the issue of the mechanism by which the overseas experience of the executive team affects corporate ESG performance.On this basis,this research attempts to explore the influence of top management team overseas experience on corporate ESG performance by combining upper echelons theory,imprinting theory and attention-based view,and using “top management team background characteristics-cognition(attention)-corporate behavior(performance)” as a clue.This research explores ESG attention as a mediator to explore the impact path of top management team overseas experience on corporate ESG performance,in order to seek mechanisms for value creation of executive team characteristics,and provides important solutions for corporate building an ESG system and future development.In addition,this research uses female executive involvement as a moderator to explore the impact of top management team overseas experience on ESG attention,seeking to enhance the influence of the top management team overseas experience on ESG attention.This research takes A-share listed companies from 2015-2020 as the research objects for empirical analysis.ESG rating results of Syn Tao Green Finance are used to measure corporate ESG performance.ESG attention is measured through text analysis,and the CSMAR database and Wind database are utilized to obtain obtain executive data as well as some control variables.The empirical results show that(1)Top management team overseas experience can positively influence corporate ESG performance.(2)Top management team overseas experience can positively influence ESG attention.(3)ESG attention can positively influence corporate ESG performance.(4)ESG attention can have a mediating role between top management team overseas experience and corporate ESG performance.In other words,top management team overseas experience can improve corporate ESG performance levels by enhancing ESG attention.(5)Female executive involvement can positively moderate the positive impact of top management team overseas experience and ESG attention.In other words,the conclusive effect of top management team overseas experience on ESG attention can be more significant in teams with female executive involvement than in teams without female executive involvement.Finally,based on the findings,this research can enrich the literature on the drivers of corporate ESG performance and the consequences of top management team overseas experience,and make some recommendations in terms of top management team composition,training mechanisms and day-to-day management. |
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