Robustness test: Tobit regression.

Against the background of increasingly severe environmental problems, green development has gained widespread attention, and green innovation has thus become crucial for enterprises. This study used 2007–2019 data from listed A-share companies in China to evaluate the effect of senior executives’ overseas experience on corporate green innovation. The results showed that senior executives’ overseas experience could promote green innovation in companies. This positive effect was more significant for private enterprises and high-tech enterprises, especially in eastern China. The CEO pay regulation have a significant negative moderating effect on this positive effect. This study enriches upper echelons theory and provides theoretical support for government agencies to accelerate innovative green development strategies. The results can also provide a decision-making basis for governments to formulate policies to promote enterprises’ green development.

在环境问题日益严峻的背景下，绿色发展受到广泛关注，绿色创新由此成为企业发展的关键所在。本研究采用2007—2019年中国A股上市公司数据，探究高管海外经历对企业绿色创新的影响效应。研究结果表明，高管海外经历能够有效推动企业绿色创新；该正向促进作用在民营企业、高新技术企业以及中国东部地区企业中更为显著。CEO薪酬管制对该正向影响具有显著负向调节作用。本研究丰富了高层梯队理论(Upper Echelons Theory)，为政府部门加快推进绿色创新发展战略提供了理论支撑，同时也可为政府制定促进企业绿色发展的相关政策提供决策依据。