Regression results after grouping by firm size.

This paper empirically examines the relationship between CEO (Chief Executive Officer) social capital and corporate ESG (Environment, Social and Governance) performance. Using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020, the paper finds a negative correlation between CEO social capital and corporate ESG performance. In addition, we also consider how the firm’s market trading activity and CEO duality moderates the impact of CEO social capital on firms’ ESG, and both are concluded to be positively moderated. Upon further research, we also find that (1) the positive contribution of CEO’s social capital to firms’ ESG performance is more significant in state-owned enterprises. (2) The negative facilitating effect of CEO’s social capital on corporate ESG performance is more significant in large-scale enterprises. (3) ESG practices lead to the loss of shareholder wealth, resulting in the reduction of corporate value. The results of the study deepen the knowledge of academics and practitioners about the value-creating function of CEO social capital, and provide empirical evidence for listed companies to pay attention to and make use of CEO social capital to enhance their corporate social responsibility commitment.

本文实证检验了首席执行官（Chief Executive Officer，CEO）社会资本与企业环境、社会和公司治理（Environment, Social and Governance，ESG）绩效之间的关系。本文以2010至2020年沪深A股上市公司为研究样本，发现CEO社会资本与企业ESG绩效呈负相关关系。此外，本文还考察了企业市场交易活跃度与CEO两职合一对CEO社会资本影响企业ESG绩效的调节作用，研究结论表明二者均发挥正向调节效应。经进一步研究，本文还发现：其一，在国有企业中，CEO社会资本对企业ESG绩效的正向贡献更为显著；其二，在大规模企业中，CEO社会资本对企业ESG绩效的负向抑制作用更为突出；其三，ESG实践会导致股东财富受损，进而降低企业价值。本研究结果深化了学术界与实务界对CEO社会资本价值创造功能的认知，并为上市公司重视并利用CEO社会资本以提升企业社会责任承诺提供了经验证据。