<scp>MZ</scp> Generation Leadership and Environmental Performance: Empirical Evidence From Korea

ABSTRACT This study examines the relationship between Millennial and Gen Z (MZ) executives and corporate environmental performance, with a focus on the moderating role of industry characteristics. Using panel data from 2192 firm‐year observations of KOSPI‐ and KOSDAQ‐listed companies in South Korea from 2015 to 2023, the analysis explores the impact of the presence, number, and proportion of MZ executives on greenhouse gas emissions and energy consumption, measured relative to industry averages. The results show that firms with a higher representation of MZ executives exhibit significantly better environmental performance, particularly in terms of lower direct emissions (Scope 1) and improved energy efficiency. Furthermore, the positive effect of MZ executives is stronger in low‐tech industries, where regulatory and technological frameworks for environmental management are less developed. These findings suggest that generational diversity in top management teams plays a crucial role in advancing corporate sustainability, and that MZ executives contribute meaningfully to reducing carbon risks and promoting long‐term value creation.