董事会断裂带对企业ESG表现的影响研究

摘要/Abstract

摘要： ESG是赋能企业可持续发展的重要抓手，董事会内部子群体特征不同，会对企业战略决策产生重要影响，进而影响企业ESG表现。但已有研究尚未揭示董事会内部子群体特征对企业ESG表现的影响机理。本文基于断裂带理论，利用2010—2023年沪深A股上市公司数据，重点考察了董事会断裂带对企业ESG表现的影响及作用机制。研究发现，董事会断裂带能显著提升企业ESG表现。董事会断裂带通过抑制管理层短视行为提高ESG投资动力、缓解融资约束提高ESG投资能力等途径影响企业ESG表现。进一步研究表明，企业内部环境复杂度和市场关注度抑制董事会断裂带对企业ESG表现的促进作用。此外，董事会断裂带对企业ESG表现的促进作用主要源于深层特征形成的断裂带，在股权制衡度较高企业、东部地区企业以及非国有企业中更显著。本研究从公司内部治理视角丰富和拓展了企业ESG表现的前因变量研究，对实践中监管部门制定差异化政策，企业优化董事会治理结构以提升ESG表现具有重要启示。

关键词: 董事会断裂带, 企业ESG表现, 管理层短视, 融资约束

Abstract: ESG is an important tool for empowering sustainable corporate development, and different characteristics of subgroups within the board of directors can have a significant impact on corporate strategic decisions, which in turn affects corporate ESG performance. However, existing studies have not yet revealed the mechanism by which the characteristics of subgroups within the board of directors affect corporate ESG performance. Based on the group fracture zone theory, this paper focuses on the impact of board fracture zones on corporate ESG performance and its mechanism of action by utilizing the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2023. The study finds that board fracture zones significantly improve corporate ESG performance. Board fracture zones affect corporate ESG performance by curbing management’s short-sighted behavior and improving ESG investment motivation and easing financing constraints to improve ESG investment capacity. It is further found that the complexity of a firm’s internal environment and market focus inhibit the contribution of board fracture zones to the firm’s ESG performance. In addition, the contribution of board fracture zones to firms’ ESG performance mainly stems from fracture zones formed by deep characteristics, and is more pronounced among firms with higher equity checks and balances, firms from eastern regions, and non-state-owned firms. This study enriches and expands the research on the antecedents of corporate ESG performance from the perspective of internal corporate governance. It provides important insights for regulatory authorities to formulate differentiated policies and for companies to optimize board governance structures to enhance ESG performance in practice.

Key words: board fracture zone, enterprise ESG performance, short sightedness of management, financing constraints

席龙胜, 邵安冉. 董事会断裂带对企业ESG表现的影响研究[J]. 管理评论, 2025, 37(8): 181-194.

Xi Longsheng, Shao Anran. A Study on the Influence of Board Fracture Zone on Enterprise ESG Performance[J]. Management Review, 2025, 37(8): 181-194.

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