{"title":"How does CEO green experience affect green innovation of energy firms? Evidence from China","authors":"Jingxue Zhang, Kun Zhang","doi":"10.1177/0958305x231207057","DOIUrl":null,"url":null,"abstract":"CEO characteristics influence their strategic preferences, which are crucial for promoting corporate green innovation (GI). However, the influence and its mechanisms of CEO green experience (GreCEO) on GI of energy firms, especially when comparing different firm types holistically, remain understudied. This study used a moderated mediation model with fixed effects to examine the relationship between GreCEO and GI of energy firms, based on the unbalanced panel data of 821 listed Chinese energy firms during 2004–2021. We find that: (1) GreCEO positively affects energy firms’ GI. (2) Heterogeneity exists in the GI effect of GreCEO regarding business ownership and industry characteristics, and this effect is more prominent in non-state-owned energy firms and high-tech energy firms. (3) Green management (GM) and debt-to-asset ratio (DAR) partially mediate GreCEO's impact on GI of energy firms. (4) Renewable energy policy (REP) moderates the relationship between GreCEO and GI of energy firms, and its influencing mechanisms. In contrast to studies that focus on the direct effect of CEO characteristics on GI, this study identifies the potential influencing mechanisms through which GreCEO affects GI of energy firms. In addition, the moderation analysis reveals the boundary condition that GreCEO affects GI, enriching our understanding of GreCEO's effect on GI from the perspective of a firm's internal conditions and external policy environment. Regarding green development, CEOs’ early experience should be included in the management system and evaluation criteria of energy firms. The Chinese government should continue to implement the REP and accelerate energy firms’ green transition.","PeriodicalId":11652,"journal":{"name":"Energy & Environment","volume":"1 1","pages":"0"},"PeriodicalIF":4.0000,"publicationDate":"2023-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy & Environment","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/0958305x231207057","RegionNum":4,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}
引用次数: 0
Abstract
CEO characteristics influence their strategic preferences, which are crucial for promoting corporate green innovation (GI). However, the influence and its mechanisms of CEO green experience (GreCEO) on GI of energy firms, especially when comparing different firm types holistically, remain understudied. This study used a moderated mediation model with fixed effects to examine the relationship between GreCEO and GI of energy firms, based on the unbalanced panel data of 821 listed Chinese energy firms during 2004–2021. We find that: (1) GreCEO positively affects energy firms’ GI. (2) Heterogeneity exists in the GI effect of GreCEO regarding business ownership and industry characteristics, and this effect is more prominent in non-state-owned energy firms and high-tech energy firms. (3) Green management (GM) and debt-to-asset ratio (DAR) partially mediate GreCEO's impact on GI of energy firms. (4) Renewable energy policy (REP) moderates the relationship between GreCEO and GI of energy firms, and its influencing mechanisms. In contrast to studies that focus on the direct effect of CEO characteristics on GI, this study identifies the potential influencing mechanisms through which GreCEO affects GI of energy firms. In addition, the moderation analysis reveals the boundary condition that GreCEO affects GI, enriching our understanding of GreCEO's effect on GI from the perspective of a firm's internal conditions and external policy environment. Regarding green development, CEOs’ early experience should be included in the management system and evaluation criteria of energy firms. The Chinese government should continue to implement the REP and accelerate energy firms’ green transition.
期刊介绍：
Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.
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