How local tournament incentives influence ESG disclosure: CEO’s genuinely altruistic or self-serving?

IF 2.9 Q2 MANAGEMENT Social Responsibility Journal Pub Date : 2023-07-10 DOI:10.1108/srj-03-2023-0180
Yilu Zhu, Ruopiao Zhang
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Abstract

Purpose This study aims to examine the effects of local tournament incentives on environmental, social and governance (ESG) disclosure and the quality of such disclosures among Chinese A-share listed companies. Furthermore, it seeks to investigate the moderating roles of CEO duality, institutional investors’ shareholding and product market competition in this relationship. Design/methodology/approach This study uses a quantitative approach, and data from A-share listed companies in China spanning from 2012 to 2021. To test the proposed hypotheses, the authors conduct hierarchical regression analysis along with a series of robustness tests to ensure the validity of our findings. Findings The findings of this study indicate that local tournament incentives have a positive impact on companies’ propensity to disclose ESG information, yet they negatively influence the quality of these disclosures. Additionally, the presence of CEO duality and product market competition attenuate this relationship, whereas the shareholding of institutional investors serves to strengthen it. Practical implications This study’s findings can aid policymakers and regulators in China and other emerging economies in policies that promote high-quality ESG information disclosure, taking into account local tournament incentives. Furthermore, the study underscores the importance of maintaining robust corporate governance structures within firms to ensure that CEOs’ self-serving motivations do not undermine ESG disclosure. Originality/value This study adds to the ongoing discourse on the significance of ESG disclosure in emerging economies by analyzing the influence of executive promotion incentives on ESG disclosure from an external labor market standpoint. By exploring the potential self-serving motivations of CEOs in promoting ESG values and practices within organizations, this paper addresses a gap in the existing literature.
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当地锦标赛激励措施如何影响ESG披露:首席执行官真正的无私还是自私?
目的本研究旨在检验地方锦标赛激励对中国A股上市公司环境、社会和治理(ESG)披露的影响以及此类披露的质量。此外,还试图研究CEO二元性、机构投资者持股和产品市场竞争在这一关系中的调节作用。设计/方法论/方法本研究采用了定量方法,并使用了2012年至2021年中国a股上市公司的数据。为了检验所提出的假设,作者进行了分层回归分析和一系列稳健性测试,以确保我们的研究结果的有效性。研究结果本研究的结果表明,地方锦标赛激励措施对公司披露ESG信息的倾向有积极影响,但对这些披露的质量有负面影响。此外,CEO二元性和产品市场竞争的存在削弱了这种关系,而机构投资者的持股则有助于加强这种关系。实际意义本研究的发现可以帮助中国和其他新兴经济体的政策制定者和监管机构制定促进高质量ESG信息披露的政策,考虑到当地锦标赛的激励措施。此外,该研究强调了在公司内部保持稳健的公司治理结构的重要性,以确保首席执行官的自私动机不会破坏ESG披露。原创性/价值本研究通过从外部劳动力市场的角度分析高管晋升激励对ESG披露的影响,为新兴经济体ESG披露意义的持续讨论增添了内容。通过探索首席执行官在组织内推广ESG价值观和实践的潜在自私动机,本文解决了现有文献中的一个空白。
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来源期刊
CiteScore
7.30
自引率
6.20%
发文量
65
期刊介绍: The Social Responsibility Journal, the official journal of the Social Responsibility Research Network, is interdisciplinary in its scope and encourages submissions from any discipline or any part of the world which addresses any element of the journal''s aims. The journal encompasses the full range of theoretical, methodological and substantive debates in the area of social responsibility. Contributions which address the link between different disciplines and / or implications for societal, organisational or individual behavior are especially encouraged. The journal publishes theoretical and empirical papers, speculative essays and review articles. The journal also publishes special themed issues under the guidance of a guest editor. Coverage: Accountability and accounting- Issues concerning sustainability- Economy and finance- Governance- Stakeholder interactions- Ecology and environment- Corporate activity and behaviour- Ethics and morality- Governmental and trans-governmental regulation- Globalisation and disintermediation- Individuals and corporate citizenship- Transparency and disclosure- Consumption and its consequences- Corporate and other forms of organization
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