Title:
Top Management Team Heterogeneity and Corporate ESG Performance: Evidence from China

Authors:
Yupeng Hu, South Korea

Abstract:

This study investigates the connection between Top Management Team (TMT) heterogeneity and Environment, Social, and Corporate Governance (ESG) performance, employing data from China’s A-share listed companies spanning 2011 to 2022. The multiple linear regression models’ findings suggest that TMT heterogeneity can significantly promote corporate ESG performance. Investor attention has a significantly positive moderating effect on the connection between TMT heterogeneity and corporate ESG performance. Further analysis indicates that the impact of TMT heterogeneity on a firm’s ESG performance exists in property rights and regional heterogeneity. This study has implications for improving enterprise ESG performance in emerging market countries.

DOI: https://doi.org/10.51505/IJEBMR.2025.9126