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How CEO social capital affects corporate ESG performance? evidence from China

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  • Luo, Wenbing
  • Lei, Shuting
  • Deng, Mingjun

Abstract

As the top manager of a firm, the CEO plays a key role in shaping the firm's strategic direction, including environmental, social and corporate governance (ESG) issues. This paper empirically examines the impact of CEO social capital on ESG performance using a sample of Chinese A-share listed companies from 2011 to 2022. The findings indicate that CEO social capital significantly contributes to the improvement of corporate ESG performance. It is further found that digital transformation and corporate innovation are the two major channels. CEO shareholding and environmental uncertainty positively and negatively moderates the effect of CEO social capital on ESG performance, respectively. The positive correlation between CEO social capital and ESG performance is stronger in state-owned firms, high-tech firms, and heavily polluted firms. The three segments of CEO social capital have different impacts on different dimensions of ESG performance. This paper confirms the positive impact of CEO social capital on ESG performance and provides ideas for companies to better practice ESG concepts.

Suggested Citation

  • Luo, Wenbing & Lei, Shuting & Deng, Mingjun, 2025. "How CEO social capital affects corporate ESG performance? evidence from China," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 264-280.
    • Handle: RePEc:eee:ecanpo:v:88:y:2025:i:c:p:264-280
    DOI: 10.1016/j.eap.2025.09.010
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