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In recent years, sustainable development and green growth and performance of companies in environmental, social, and corporate governance (ESG) has received widespread attention from all sectors of society. Based on panel data of A-share listed companies in China from 2009 to 2022, this study employs a two-way fixed effects model to explore the mechanism of the relationship between ESG practices and corporate value, as well as the moderating effect of executive characteristics within this relationship. The results indicate a robust positive relationship between ESG practices and corporate value. However, this relationship is moderated by the academic backgrounds of senior executives, who negatively influence it, and by male executives, who exert a positive moderating effect. Furthermore, this study reveals the variable impacts of ESG practices in different corporate settings, industries, and institutional frameworks. Moreover, it demonstrates how ESG practices boost corporate value through an enhanced reputation and increased government innovation subsidies. It offers new insights on the strategic value of ESG for corporations and policymakers. It also extends the theoretical framework by integrating attention-based and upper echelons perspectives into the ESG discourse.
Cai et al. (Thu,) studied this question.