管理层短视阻碍企业绿色低碳转型吗?来自企业碳绩效的证据

    Does Managerial Myopia Impede the Green and Low-carbon Transformation of Enterprises?Evidence from Corporate Carbon Performance

    • 摘要: 党的二十大报告强调“加快发展方式绿色转型”“积极稳妥推进碳达峰碳中和”,企业碳绩效的提升对于实现“双碳”战略目标至关重要。企业碳绩效的提升是一项长期的系统工程,需要大量的资源投入。以牺牲企业长期利益为代价而做出追求短期利益决策的管理层短视是否会阻碍企业碳绩效的提升?本文基于43个短期视域词汇,运用文本分析法测度上市公司管理层短视主义这一人格特质,考察管理层短视对企业碳绩效水平的影响。研究发现:管理层短视程度越高,企业的碳绩效水平越低。机制检验结果表明,阻碍企业环境社会责任履行、削减企业资本支出和抑制企业绿色技术创新是管理层短视降低企业碳绩效的三条主要作用路径。进一步的异质性分析结果表明,与非重污染企业相比,在重污染企业中,管理层短视对其碳绩效的负面影响更大;管理层短视对企业碳绩效的负面影响在拥有绿色投资者或者绿色投资者数量多、高管具有海外背景以及管理层女性占比高的企业中更小。本文为如何促进企业减污降碳、最终实现“双碳”战略目标提供了“人理”层面的理论框架和经验证据。

       

      Abstract: The report of the 20th National Congress of the Communist Party of China emphasized “accelerating the green transformation of development patterns” and “actively and steadily working toward the peak carbon emissions and carbon neutrality”. Enhancing corporate carbon performance is crucial to achieving the strategic goals of carbon peaking and carbon neutrality. However, improving corporate carbon performance is a long-term systematic project that requires substantial resource investment. Then, does managerial myopia, which prioritizes short-term gains at the expense of long-term corporate interests, hinder the improvement of corporate carbon performance? To address this , this study employing text analysis based on 43 short-sightedness-related keyword, measure managerial myopia as a behavioral tendency in listed companies and examined its impact on corporate carbon performance. The findings reveal that higher levels of managerial myopia are associated with lower corporate carbon performance. Mechanism tests indicate that hindering the fulfillment of environmental social responsibilities, reducing capital expenditures, and suppressing green technology innovation are three primary pathways through which managerial myopia undermines carbon performance. Further heterogeneity analysis shows that: (1) Compared to non-heavy polluters, the negative impact of managerial myopia on carbon performance is more pronounced in heavy polluting enterprises; (2) The adverse effect of managerial myopia on carbon performance is mitigated in enterprises with green investors or a greater number of green investors, executives with overseas backgrounds, and a higher proportion of female managers. This study provides a theoretical framework and empirical evidence at the “human factor” level for promoting corporate pollution reduction and carbon mitigation, ultimately contributing to the achievement of the dual carbon goals.

       

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