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CEO functional experience diversity and ESG performance: insights from managerial short-termism and green innovation
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DOI：10.1080/14783363.2025.2604737.png)
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Abstract
En 中文
Prior research has primarily focused on the impact of CEOs' specialized backgrounds on corporate ESG performance. In recent years, CEOs' functional experience diversity have attracted growing academic interest, yet the mechanisms through which they shape ESG outcomes warrant further in-depth investigation. Building on this line of inquiry, this paper investigates the relationship between CEO functional experience diversity and corporate Environmental, Social, and Governance (ESG) performance using panel data on Chinese listed firms from 2009 to 2022. Employing fixed-effects regressions and a series of robustness checks, including propensity score matching and instrumental variable approaches, we find that greater CEO career diversity, measured by functional breadth, significantly enhances overall ESG performance. This effect is mainly driven by improvements in the Social and Governance dimensions, with no significant impact observed on the Environmental dimension. Further analysis suggests that the relationship operates through reduced managerial short-termism and increased green technological innovation. The positive association is stronger in firms with high equity incentives, in non-polluting industries, and among non-state-owned enterprises. The findings of this study enrich the theoretical framework linking CEO functional experience diversity to corporate ESG performance and provide practical insights for executive selection and sustainability strategy formulation.
Keywords:
CEO functional experience
ESG performance
managerial short-termism
green innovation
Chinese listed companies
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