Executive Characteristics Of Listed Manufacturing Companies On Environmental Performance

Manufacturing industry is the leading industry of our national economy and the pillar of social and economic development.Since the reform and opening up,the manufacturing industry has been rapidly developed under the impetus of foreign direct investment.However,the growth model of manufacturing industry in China,which is not only hindering the development of economy,but also has a great impact on the quality of life of the common people,has an increasingly significant impact on the environment.As the largest source of pollution,enterprises have an inescapable responsibility to improve their own environmental performance.Now,for listed manufacturing companies,especially the larger ones,the management right of the company shall be separated from the ownership right,and senior management personnel carry out daily business management,including the formulation and implementation of environmental protection policies.Policy formulation and implementation.As a result,executives,as managers and strategic decision makers,play an irreplaceable role in improving environmental performance.Therefore,taking the characteristics of senior executives as an opportunity,this paper discusses the possible relationship between the characteristics of senior executives and environmental performance of listed manufacturing companies,which plays an important role in promoting the green development of companies and protecting the interests of senior executives,At the same time,it can also contribute to the theory of environmental performance and environmental protection in China.This paper summarizes the research status of the relationship between executive characteristics and environmental performance at home and abroad,after introducing the principal-agent theory,sustainable development theory,externality theory and high-level ladder theory.The characteristics of senior executives are divided into individual and team characteristics,and the environmental performance is divided into four aspects:environmental management,cost,governance and investment index,and establish an environmental performance evaluation system.This paper puts forward the current situation and influence of executives' characteristics and environmental performance of listed manufacturing companies,and puts forward related hypotheses,and constructs a multivariate linear regression model.Finally,based on the model,289 listed companies were used for the period 2012-2016.For the data sample,the eight assumptions of executive characteristics were analyzed and verified.The empirical results show that executive age,education background,short-term pay have significant positive impact on environmental performance,and passed a significant impact;Executive tenure is contrary to the hypothesis put forward,has a negative impact on corporate environmental performance,and adopted a significant impact;The gender of senior executives and team size have a positive impact on environmental performance,while long-term executive compensation has a negative impact on environmental performance,but it does not have a significant impact;Executive tenure and duality have a negative impact on corporate environmental performance,and passed the significance test.In view of the empirical results,it is proposed that senior executives should take enterprise characteristics as the starting point,improve the internal governance structure of the management of listed companies,enhance the integrity of the information disclosure system of listed companies,and strive to improve the level of environmental performance,so as to facilitate the coordinated development of the company's economy and environment.