The Impact of Top Management Team Heterogeneity on Environmental, Social, and Governance Performance and Corporate Green Innovation: Evidence from Chinese Manufacturing Companies

In the context of global climate change and resource scarcity, corporate environmental, social, and governance (ESG) performance, as well as corporate green innovation, have emerged as pivotal drivers for fostering sustainable development. The heterogeneity of the top management team (TMT) significantly influences the direction and effectiveness of both ESG performance and corporate green innovation. Drawing on upper echelon theory, information decision-making theory, and social categorization theory, this paper conducts an empirical study using a sample of 314 manufacturing enterprises and employs multiple linear regression analysis to uncover the impact of TMT heterogeneity on corporate green innovation and the mediating role of ESG performance. The findings from this research suggest that TMT heterogeneity exerts a notable positive influence on green innovation (including green technological innovation and green product innovation), and that ESG performance plays a partial mediating role between TMT heterogeneity and green innovation. This research enriches the theoretical foundation of corporate green innovation from the perspective of TMT heterogeneity and offers pertinent suggestions for enterprises to advance their green innovation development.