중국기업의 ESG경영이 재무적 성과에 미치는 영향: 최고경영진 해외경험의 조절효과를 중심으로

The recent declaration of carbon neutrality by the Chinese government has greatly increased the interest in ESG management in the society. This study analyzes the impact of ESG activities on the financial performance of Chinese A-share listed firms and empirically examines the moderating effect of top management's (TMT) overseas experience on this relationship. Using panel data from 2016 to 2022, the regression analysis shows that there is an inverted U-shaped nonlinear relationship between ESG activities and financial performance of Chinese listed firms. Furthermore, the results also show that top management's overseas experience has a partial positive moderating effect on the relationship between ESG and firm performance. In particular, in the initial stage of ESG management, TMTs with a higher proportion of overseas experience can further enhance the effectiveness of ESG activities. However, the ability of TMT international experience to mitigate the negative impacts of excessive ESG investment was found to be limited. These findings suggest that companies need to balance ESG activities with their resources and capabilities, and that leadership with a global perspective along with a strategic approach is important to maximize the effectiveness of ESG management. This study contributes to related research and practice by further analyzing the relationship between ESG and firm performance in the context of emerging economies and identifying the role of top management characteristics.