Study on the Effect of CEO Green Background on Firm Performance based on the Mediating Role of ESG Disclosure

Haobing Hu; Ke Ding

doi:10.54097/hbem.v9i.9236

Authors

Haobing Hu
Ke Ding

DOI:

https://doi.org/10.54097/hbem.v9i.9236

Keywords:

ESG Disclosure; Green Context; Mediating Effect; Corporate Performance.

Abstract

This paper further analyzes the mediating effect of ESG information disclosure by using the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the initial research object to examine the effect of CEO green background on firm performance. It also argues that ESG information disclosure may play a mediating role between CEO green background and firm performance. In the empirical part, descriptive statistical analysis, multiple cointegration tests, and smoothness tests are conducted to benchmark the effect of CEO green background on firm performance. The regression results prove that CEOs with green backgrounds promote firm performance, and the results pass the endogeneity and robustness tests. By using the stepwise regression method, the Sobel test, and the bootstrap test to test the mediation effect of ESG disclosure between CEO green background and firm performance, the study finds that the green background of corporate CEOs drives firms to make ESG disclosure and thus improves firm performance, and corporate ESG disclosure plays a mediating role between CEO green background and firm performance ( The findings of this paper not only enrich our understanding of ESG but also provide insights into the role of ESG disclosure in corporate performance. The findings of this paper not only enrich the empirical research on ESG but also provide suggestions for macro-government departments to strengthen the improvement of the ESG system, micro-subject enterprises, and corporate CEOs to practice green sustainability.

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