Equity incentives and ESG performance: Evidence from China

被引：16
|
作者：
Zeng, Yongliang [1 ]
Zhao, Xiangfang [2 ]
Zhu, Yiwen [1 ]
机构：
[1] Hunan Univ, Business Sch, Changsha, Peoples R China
[2] Shanghai Lixin Univ Accounting & Finance, Sch Accounting, Shanghai, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
基金：
中国国家自然科学基金;
关键词：
ESG performance; Executive equity incentive plans; Sustainable development; EXECUTIVE-COMPENSATION; MANAGERIAL INCENTIVES; SOCIAL-RESPONSIBILITY; CEO INCENTIVES; OWNERSHIP; RISK; FIRM; MARKET;
D O I：
10.1016/j.frl.2023.104592
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using Chinese A-share listed firms from 2006 to 2021, we investigate the impact of executive equity incentive plans (EEIPs) on corporate environmental, social, and governance (ESG) performance. We find that EEIPs positively affect ESG performance. We also find that options have a stronger incentive effect on ESG performance than restricted stock, and longer valid period and higher vesting targets can enhance the incentive effect of EEIPs on ESG performance. Moreover, the positive impact of EEIPs on ESG performance is stronger for non-SOEs and firms with better external governance.
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页数：11
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