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Exploring the Role of Top Management Team Diversity and Absorptive Capacity in the Relationship Between Corporate Environmental, Social, and Governance Performance and Firm Value

Qianru Li,Yuhao Zhang,Jinzhe Yan

Published 2024 in Syst.

ABSTRACT

Environmental, social, and governance (ESG) performance is a key indicator of a firm’s long-term value and competitiveness. This study combined internal management dynamics (TMT diversity and absorptive capacity) and external social responsibility (ESG) to provide a more holistic perspective that explores the relationship between ESG performance and corporate value at multiple levels. In this study, Chinese A-share listed companies from 2011 to 2022 were selected and analyzed using a quantitative approach. The findings are as follows: (1) There is a positive correlation between ESG performance and firm value. (2) This relationship is particularly accentuated within non-high-polluting industries, the eastern and middle region, and non-state-owned firms. (3) The age, gender, financial background, and absorptive capacity of TMTs significantly moderate the relationship between corporate ESG performance and firm value. These findings will help business leaders and policymakers understand how effective management and responsibility practices can drive long-term business success and social impact. These findings not only help academics deepen their theoretical constructs but also provide operational guidance for business practices.

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