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<p>ESG is the core micro-foundation of green and sustainable economic development, yet its internal incentives remain a black box. As an important kernel of corporate green development, executive environmental cognitions (EEC) not only cover corporate organizational performance and resource allocation but also highlight the self-selected behaviors of corporate environmental protection. Based on theoretical analyses and previous studies, this paper selects Chinese-listed companies from 2009 to 2021 as the research sample and explores the effects, influencing mechanism, and heterogeneity of executives’ environmental cognitions on corporate’s ESG performance. The study finds that (1) EEC significantly contributes to improving corporate’s ESG performance, a series of robust tests and IV method have further verified this effect; (2) the influencing mechanisms about this effect originate from the increase of corporate’s environmental investment, green technological innovation, and green management; (3) heterogeneous test reveals that this effect shows differentiated functions under the different conditions of media attention, firm’s staffing structure, and R&amp;D investment. Combining factual cases with the above conclusions, this study proposes the following policy recommendations. Firstly, enterprises should practice new development concepts, formulate, and implement effective environmental policies and measures. Second, individuals, executives, should actively participate in environmental projects, advocate sustainable practices, and integrate them into their daily work. Finally, industries and governments need to further input more environmental investment to promote green and sustainable development; related industries also need to improve the pace of innovation development and enhance the popularity of innovation development and service level through increasing R&amp;D funds, scientific and technological staff, and other aspects of investment, so as to broaden the multidimensional development channels for corporate’s ESG. From the perspective of EEC, this paper expands the theoretical study of corporate ESG and provides the theoretical basis and worthy policy suggestions for corporate green sustainable development.</p>

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Does Executive Environmental Cognition Promote Corporate ESG Performance? Evidence from China

  • 期刊论文

  • 发表日期：

    2025年1月25日

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  • Deheng Xiao,
  • Shi Chen

摘要

ESG is the core micro-foundation of green and sustainable economic development, yet its internal incentives remain a black box. As an important kernel of corporate green development, executive environmental cognitions (EEC) not only cover corporate organizational performance and resource allocation but also highlight the self-selected behaviors of corporate environmental protection. Based on theoretical analyses and previous studies, this paper selects Chinese-listed companies from 2009 to 2021 as the research sample and explores the effects, influencing mechanism, and heterogeneity of executives’ environmental cognitions on corporate’s ESG performance. The study finds that (1) EEC significantly contributes to improving corporate’s ESG performance, a series of robust tests and IV method have further verified this effect; (2) the influencing mechanisms about this effect originate from the increase of corporate’s environmental investment, green technological innovation, and green management; (3) heterogeneous test reveals that this effect shows differentiated functions under the different conditions of media attention, firm’s staffing structure, and R&D investment. Combining factual cases with the above conclusions, this study proposes the following policy recommendations. Firstly, enterprises should practice new development concepts, formulate, and implement effective environmental policies and measures. Second, individuals, executives, should actively participate in environmental projects, advocate sustainable practices, and integrate them into their daily work. Finally, industries and governments need to further input more environmental investment to promote green and sustainable development; related industries also need to improve the pace of innovation development and enhance the popularity of innovation development and service level through increasing R&D funds, scientific and technological staff, and other aspects of investment, so as to broaden the multidimensional development channels for corporate’s ESG. From the perspective of EEC, this paper expands the theoretical study of corporate ESG and provides the theoretical basis and worthy policy suggestions for corporate green sustainable development.