Descriptive statistics results.

Based on the stakeholder theory, relationship contract theory, and other theories, this study examined how the board informal hierarchy influences corporate ESG (Environmental, Social, and Governance) performance, using Chinese A-share listed enterprises from 2010 to 2022 as the research samples. The results indicated that the clearer the board informal hierarchy, the better the corporate ESG performance. Furthermore, the board informal hierarchy can enhance the ESG performance by promoting more aggressive strategic initiatives. In situations characterized by high environmental uncertainty, heavy pollution industries, and state-owned enterprises, the positive impact of the board informal hierarchy on the corporate ESG performance is even stronger. This study provided a new perspective on the factors influencing the corporate ESG performance by examining the micro-level vertical structure within the board, enriching the content of ESG-related research.

本研究基于利益相关者理论、关系契约理论等相关理论，以2010-2022年中国A股上市企业为研究样本，考察了董事会非正式层级对企业ESG（环境、社会和公司治理）绩效的影响。研究结果显示，董事会非正式层级越明晰，企业ESG绩效表现越好。进一步而言，董事会非正式层级可通过推动企业实施更具进取性的战略举措，进而提升其ESG绩效。在环境不确定性较高、重污染行业以及国有企业场景中，董事会非正式层级对企业ESG绩效的正向促进作用更为显著。本研究通过考察董事会内部的微观纵向结构，为企业ESG绩效影响因素的相关研究提供了全新视角，丰富了ESG领域的研究内容。