The Moral Manager in the Market: How CFOs' Ethical Intelligence Drives ESG Investment in Emerging Economies' Dual Markets
研究了新兴经济体CFO的道德智慧如何推动ESG投资，发现道德智慧通过感知社会压力影响ESG承诺，且企业声誉强化这一关系，在监管较弱的市场中效果更显著。
ABSTRACT What propels a CFO in an emerging economy to champion ESG investments when formal regulations are weak? Moving beyond structural explanations, we provide a behavioural account arguing that a manager's internal ethical compass—moral intelligence (MI)—is a key driver. MI, defined as the capacity for integrity, responsibility, compassion and forgiveness, directly shapes a CFO's commitment to ESG. We theorise that MI sharpens perceptions of social and institutional pressures (SI), which, in turn, mediates the link between moral intent and strategic action. Furthermore, corporate reputation (CR) moderates this process, acting as a reputational amplifier. Using survey data from 425 CFOs across Iran's dual capital markets (the formal Tehran Stock Exchange and the less regulated Fara Bourse), we find that MI is positively associated with ESG support, that perceived SI mediates this relationship and that CR strengthens the MI–ESG link. Notably, these effects are significantly stronger in the less regulated market, suggesting that when formal oversight is weaker, leader ethics and perceived social pressures become dominant governance mechanisms. Our contribution is to recentre the human actor in behavioural governance research. We empirically validate how personal character, filtered through perceived institutional expectations and conditioned by reputational stakes, translates into strategic ESG commitments. For practitioners, this highlights the value of assessing moral competencies in executive selection and linking ESG KPIs to compensation. All findings are associational; causal claims await longitudinal validation.