From ESG Performance to Environmental Stewardship: Evidence From Corporate Pollution Governance in China
研究ESG表现如何通过股权集中和董事会治理促进企业污染治理投资，发现高管海外经历和股权激励强化这一效应，对非国企、分析师关注度高及经济发达地区企业影响更显著。
ABSTRACT Environmental sustainability has become an essential component of corporate strategic behavior, yet the mechanisms through which ESG performance influences firms' environmental pollution governance remain underexplored. Drawing on resource dependence theory and agency theory, this study examines whether and how ESG performance drives corporate environmental pollution governance using panel data from Chinese A‐share listed firms between 2009 and 2022. The results show that higher ESG performance significantly increases firms' investment in environmental pollution governance. Mechanism tests reveal two mediating pathways: Firms with stronger ESG performance exhibit higher equity concentration, which enhances shareholder oversight, and more effective board governance behavior, which improves environmental decision‐making. Furthermore, executives' overseas experience and equity incentives strengthen the positive association between ESG performance and environmental governance. Heterogeneity analyses indicate that the effects are more pronounced in non–state‐owned enterprises, firms with greater analyst attention, and those operating in economically developed regions. These findings enrich the understanding of how ESG performance translates into substantive environmental action in emerging markets and offer practical implications for firms seeking to enhance their environmental governance capabilities.