The Impact of Executives’ Overseas Background on Corporate ESG: Evidence from Chinese A-Share Listed Companies

Within the dual background of the “dual carbon” strategy and the standardized development of ESG in capital markets, exploring the driving mechanisms of corporate ESG performance is crucial, for promoting the sustainable operation of listed companies. This research takes Chinese A-share listed companies, from 2009 to 2023, as the research sample and, empirically analyzes the impact of executives’ overseas background on corporate ESG performance, based on upper echelons theory. The findings are concluded as follows: executives’ overseas background can boost a company’s overall ESG score, and remains valid after a series of robustness tests; mechanism tests indicate that executives’ overseas background can enhance corporate governance, thus improving corporate ESG performance; heterogeneity analysis indicates that this effect is more pronounced in non-state-owned enterprises, mature enterprises, and enterprises with lower levels of green innovation. This research provides empirical evidence for enterprises to optimize management configuration and improve ESG governance.