On Executives' High-quality Ecological Environment Experience and Corporate Green Innovation
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摘要: 自然生态环境是对人的心理特质有决定性塑造作用的最早期、最直接的因素。基于高阶理论和烙印理论,手工搜集整理了2003—2020年中国A股上市公司高管经历的独特数据集,对高管高质量生态环境经历与企业绿色创新的影响机理和情境因素进行研究,结果表明:高管的高质量生态环境经历与企业的绿色创新水平正相关,且企业董事会女性成员的比例、融资约束程度和企业所在地的生态环境质量对二者的关系具有调节作用。本文拓展了企业绿色创新的研究视角,增强了高阶理论和烙印理论的解释力度,并为企业高层次人才的招聘和选拔以及制度安排提供了新的证据支持。Abstract: The ecological environment is the earliest and most direct factor that has a decisive role in shaping human psychological traits. Based on upper echelons theory and imprinting theory, this paper explores the impact of executives' high-quality ecological environment experience on corporate green innovation with the unique dataset of high-quality ecological experience of the executives from Shanghai and Shenzhen A-share listed companies from 2003 to 2020. The results show that high-quality ecological environment experience of executives is positively related to the level of green innovation of enterprises, and the proportion of female board members, the degree of financing constraints and the quality of the ecological environment where the enterprise is located moderate the relationship. The findings expand the research perspective of corporate green innovation, and increase the explanatory power of upper echelons theory and imprinting theory. In practice, this research provides new evidence for the recruitment and selection of high-level talents and institutional arrangements in enterprises.
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表 1 主要变量的定义和测量
变量类型 变量 定义及测量 被解释变量 绿色创新(green_inno) 企业绿色专利数量 解释变量 高管高质量生态环境经历(eco_exp) CEO出生地距离最近的保护区距离的倒数 控制变量 年龄(age) CEO的年龄 性别(gender) 若CEO为男性,赋值为1,否则为0 学历(degree) 1=中专及中专以下,2=大专,3=本科,4=硕士研究生,5=博士研究生 董事长和总经理两职合一(isduality) 董事长、总经理为一人同时担任赋值为1,否则为0 企业规模(size) 年末总资产的自然对数 盈利能力(roa) 资产收益率,企业净利润与资产比值 财务杠杆(lev) 企业的资产负债率表示企业的财务杠杆,财务杠杆=长期负债/总资产的比率 企业成长性(growth) 主营业务收入增长率 经营活动现金流量(cashflow) 经营活动产生的现金流量净额与企业资产的比值 托宾q(tobinq) (股票市值+净债务)/净资产 企业专利数量(patents) 企业当年申请的专利总数 独立董事比例(inderatio) 独立董事占董事会总人数的比例×100 产权性质(SOE) 控股股东为国有企时定义为1,否则为0 股权制衡(sha_bal) 以第二至第十大股东持股比例之和与第一大股东持股比例的比值得到 行业竞争程度(indu_com) 利用单个企业营业收入计算其所占行业市场份额 调节变量 董事会女性成员(femaleratio) 董事会中女性成员的比例 企业融资约束(cap_rat) 按照KZ方法,使用企业规模(size)和企业年龄(age)两个强外生性的变量构建SA指数: -0.737×size+0.043×size2-0.04×age 企业所在地的生态环境质量(eco_quality) 企业注册地与最近的自然保护区的距离 注:由作者整理获得,下表同。 表 2 变量的描述性统计
变量 Mean p25 p75 Sd Min Max green_inno 0.442 0 0 3.377 0 126 eco_exp 0.021 0.011 0.02 0.027 0.004 0.425 age 47.79 44 52 5.758 29 64 gender 0.954 1 1 0.209 0 1 degree 3.749 3 4 1.248 1 7 isduality 0.375 0 1 0.484 0 1 size 10.64 9.541 11.49 1.470 5.731 17.03 roa 0.0340 0.0140 0.0680 0.349 -20.55 1.992 lev 0.472 0.295 0.620 0.435 0.0160 20.25 growth 0.466 0 0.325 7.933 -0.995 461.0 cashflow 0.05 0.007 0.094 0.079 -0.393 0.461 tobinq 2.024 1.186 2.285 1.543 0.711 25.33 grants 40.97 3 23 125.5 1 1774 inderatio 0.376 0.333 0.429 0.0750 0 0.800 SOE 0.460 0 1 0.498 0 1 sha_bal 1.850 1.258 2.243 0.781 1.007 7.565 indu com 0.226 0.0610 0.286 0.261 0.0140 1 表 3 CEO的高质量生态环境经历对绿色创新影响的回归结果
变量 (1)
green_inno(2)
green_inno(3)
green_inno(4)
green_innoeco_exp 17.55***(4.95) 22.55***(5.16) 32.06***(6.05) 35.05***(5.36) age 0.146***(18.60) 0.367***(2.33) gender -1.304(-1.10) -2.251*(-1.77) degree 0.0977**(2.08) 0.0633(1.27) isduality 0.670***(4.08) 0.402(1.57) size 0.681***(6.75) roa 0.974(1.18) lev -0.186(-0.39) growth -0.174(-1.60) cashflow 2.552***(4.02) tobinq 0.163***(3.77) grants 0.0581***(3.26) inderatio 0.619(1.22) SOE -0.408(-0.88) sha bal -0.235**(-2.09) indu com -0.608***(-5.00) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本量 1 187 1 187 1 187 1 187 注:括号内为t值,*、**和***分别表示p < 0.1, p < 0.05, p < 0.01,下表同。 表 4 董事会女性成员对CEO的高质量生态环境经历与绿色创新关系的调节作用
变量 (1)
green_inno(2)
green_inno(3)
green_inno(4)
green_innoeco_exp 11.93***(5.14) 15.02***(3.07) 5.985(0.92) 64.79***(4.04) femaleratio 1.193**(2.42) 0.657(1.19) 1.194*(1.90) 0.726(0.92) eco_exp×femaleratio 0.042 0***(10.42) 0.021 7***(3.82) 0.014 3***(2.90) 0.018 4***(2.65) age 0.227***(17.08) 0.754***(4.04) gender 16.27(0.01) 23.04(0.01) degree 0.037 2(0.44) 0.038 6(0.42) isduality 0.412(1.51) -0.538(-0.96) size 1.215***(6.73) roa 2.457**(2.01) lev 0.188(0.25) growth -0.295(-1.61) cashflow -1.256(-1.25) tobinq 0.013 4(0.21) grants 0.066 1***(2.61) inderatio 0.184(0.24) SOE -0.387(-0.70) sha bal -0.036 1(-0.26) indu com 0.329*(1.84) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本数 1 187 1 187 1 187 1 187 表 5 企业融资约束对CEO的高质量生态环境经历与绿色创新关系的调节作用
变量 (1)
green_inno(2)
green_inno(3)
green_inno(4)
green_innoeco_exp 19.53***(4.15) 6.646(1.41) 18.68***(2.90) 44.67***(2.63) cap_rat -0.300***(-10.26) -0.145***(-4.08) -0.133***(-3.79) -0.0575*(-1.88) eco_exp×cap_rat -0.536***(-16.11) -0.468***(-12.53) -0.392***(-11.11) -0.424***(-7.23) age 0.198***(12.64) 0.521***(2.58) gender 13.67(0.04) 19.10(0.01) degree 0.218**(2.46) 0.0464(0.49) isduality 0.389(1.23) -1.190(-1.52) size 0.595***(2.66) roa 1.635(1.03) lev -0.366(-0.39) growth -0.0430(-0.21) cashflow 4.602***(2.91) tobinq 0.013 6(0.13) grants 0.027 3(0.88) inderatio -1.517(-1.64) SOE -0.222(-0.38) sha bal 0.062 3(0.39) indu com 0.086 1(0.42) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本数 1 187 1 187 1 187 1 187 表 6 企业所在地生态环境质量对CEO的高质量生态环境经历与绿色创新关系的调节作用
变量 (1)
green_inno(2)
green_inno(3)
green_inno(4)
green_innoeco_exp 2.17***(4.60) 2.35***(4.73) 1.65**(2.41) 4.70***(3.99) eco_quality 0.040 2***(11.30) 0.060 9*(1.65) 0.018 4***(3.92) 0.083 6(1.28) eco_exp×eco_quality 0.198 3***(7.59) 0.783***(2.74) 0.123 6***(4.53) 0.206 5***(4.38) age 0.216***(16.71) 0.748***(4.05) gender 14.68(0.02) 22.81(0.01) degree 0.055 6(0.66) 0.044 8(0.49) isduality 0.451*(1.73) -0.648(-1.16) size 1.292***(6.70) roa 2.885**(2.35) lev 0.073 9(0.10) growth -0.347*(-1.82) cashflow 1.466(1.46) tobinq -0.028 7(-0.46) grants 0.070 0***(2.77) inderatio 0.261(0.34) SOE -0.285(-0.49) sha bal -0.070 7(-0.49) indu com -0.386(-1.54) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本数 1 187 1 187 1 187 1 187 表 7 Heckman二阶段模型回归结果
变量 (1)
green_inno(2)
green_inno(3)
green_inno(4)
green_innoeco_exp 56.45***(3.57) 125.1***(4.81) 44.90***(2.64) 65.22***(3.99) λ -24.53(-0.28) -42.67(-0.49) -17.14(-0.18) -23.98(-0.27) femaleratio 0.809***(3.02) eco_ exp×femaleratio 7.610***(3.31) cap_rat -0.056 2(-0.76) eco_exp×cap_rat -0.423***(-7.15) eco_quality 0.008 27*(1.77) eco_exp×eco_quality 20.63***(4.38) age 0.729***(3.95) 0.725***(3.87) 0.522***(2.59) 0.751***(4.06) gender 22.43(0.01) 22.56(0.01) 19.10(0.01) 22.82(0.01) degree 0.041 0(0.45) 0.025 3(0.28) 0.047 1(0.50) 0.046 1(0.50) isduality -0.615(-1.10) -0.422(-0.74) -1.193(-1.52) -0.650(-1.16) size 1.264***(6.93) 1.344***(7.31) 0.600***(2.66) 1.297***(6.70) roa 3.622(0.16) 8.418(0.37) 2.828(0.11) 3.352(0.15) lev 6.448(0.27) 11.47(0.48) 4.314(0.17) 6.594(0.28) growth -0.393(-0.76) -0.471(-0.92) -0.139(-0.24) -0.477(-0.93) cashflow 2.836(0.56) 3.808(0.75) 5.571(1.00) 2.829(0.56) tobinq 0.084 5(0.24) 0.152(0.43) 0.080 7(0.21) 0.065 7(0.19) grants 0.360(0.35) 0.503(0.50) 0.227(0.21) 0.349(0.34) inderatio -8.665(-0.27) -15.07(-0.47) -7.819(-0.22) -8.534(-0.26) SOE -0.717(-0.44) -0.962(-0.58) -0.529(-0.30) -0.705(-0.43) sha bal -0.077 2(-0.54) -0.098 7(-0.70) 0.057 9(0.36) -0.075 2(-0.52) indu com 0.304*(1.70) 0.141(0.75) 0.089 9(0.44) -0.382(-1.52) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本数 1 187 1 187 1 187 1 187 表 8 CEO高质量生态环境经历对其所在企业绿色创新影响的稳健性回归结果
变量 (1)
green_inno(2)
green_inno(3)
green_inno1(4)
green_inno1eco_area 6.711***(3.73) 13.67***(2.72) eco_exp 17.55***(4.95) 29.26***(3.87) age 0.322***(3.07) 0.099 7(1.40) gender 14.25(0.00) -1.857(-1.48) degree 0.010 5(0.12) 0.049 1(0.97) isduality -0.652(-1.18) 0.420(1.62) size 1.278***(7.04) 0.645***(6.18) roa 2.595**(2.13) 1.051(1.27) lev -0.235(-0.32) -0.144(-0.30) growth -0.253(-1.41) -0.167(-1.54) cashflow 1.364(1.37) 2.638***(4.13) tobinq -0.015 6(-0.25) 0.156***(3.59) grants 0.068 3***(2.72) 0.058 3***(3.27) inderatio 0.488(0.65) 0.613(1.21) SOE -0.879*(-1.66) -0.378(-0.81) sha bal -0.083 8(-0.59) -0.222**(-1.97) indu com 0.301*(1.68) 0.608***(4.99) 行业变量 未控制 控制 控制 控制 年度变量 未控制 控制 控制 控制 样本数 1 187 1 187 1 187 1 187 -
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