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Research on the Impact of Executives with Overseas Backgrounds on Corporate ESG Performance: Evidence from Chinese A-Share Listed Companies

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  • Lele Feng

    (School of Management, Jiangsu University, Zhenjiang 212013, China
    Party School of the CPC Zhenjiang Municipal Committee, Zhenjiang 212000, China)

  • Zhiqiang Ma

    (School of Management, Jiangsu University, Zhenjiang 212013, China)

Abstract

As sustainable development gains importance, corporate ESG performance has become a key factor in investment decisions and long-term business growth. Drawing on upper echelon theory and stakeholder theory, this study examines the impact of executives with overseas backgrounds on ESG performance using data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2022. The findings show that: (1) Executives with overseas backgrounds significantly enhance ESG performance; (2) this effect operates through three main channels—promoting corporate green technology innovation, improving the quality of corporate internal control, and enhancing the level of corporate risk-taking—while digital transformation positively moderates the relationship; (3) the effect is more pronounced in non-polluting, manufacturing, capital-intensive, and technology-intensive firms. This study clarifies the internal mechanisms by which executive backgrounds influence ESG outcomes and offers insights into enhancing ESG practices to support China’s “dual carbon” goals.

Suggested Citation

  • Lele Feng & Zhiqiang Ma, 2025. "Research on the Impact of Executives with Overseas Backgrounds on Corporate ESG Performance: Evidence from Chinese A-Share Listed Companies," Sustainability, MDPI, vol. 17(17), pages 1-19, August.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:17:p:7683-:d:1732981
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    References listed on IDEAS

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    1. Margaret A. Abernethy & Wei Li & Yunyan Zhang & Hanzhong Shi, 2023. "Firm culture and internal control system," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3095-3123, September.
    2. Jianzhuang Zheng & Muhammad Usman Khurram & Lifeng Chen, 2022. "Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies," Sustainability, MDPI, vol. 14(14), pages 1-32, July.
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