Towards green internationalisation: executives environmental protection experience and green outward foreign direct investment decisions
基于高层梯队理论，研究中国上市公司高管环保经验如何促进企业绿色对外直接投资，并分析内部管理团队稳定性和外部同行绿色绩效的调节作用。
Purpose This study, which is based on upper echelons theory, aims to examine the impact of executives’ environmental experience on corporate green outward foreign direct investment (GFDI) decisions and explore the boundary conditions affecting managerial discretion from both the internal and the external perspectives of a company. Design/methodology/approach This study tests the hypotheses by drawing on data from Chinese A-share companies listed on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2022. Findings The regression results reveal a positive correlation between executives’ experience in environmental protection and propensity towards GFDI decisions. From the managerial discretion perspective, the authors find that the stability of the corporate top management team and the green performance of peer companies amplify this relationship. In contrast, the aspiration performance gap dampens it. Mechanistic tests show that executives with environmental protection experience increase a corporation’s GFDI by heightening the focus on environmental protection and corporate risk tolerance. Originality/value This study contributes to the understanding of the driving factors of green internationalisation strategies in emerging economies from an upper-echelon perspective and provides experience as a reference for businesses pursuing sustainable green development and low-carbon transitions.