Lingling Cao

Under the new pattern of “double carbon” development, good ESG performance is the best way to promote the sustainable development of enterprises, and ESG investment strategies are directly affected by the strategic vision of managers. Based on the upper echelons theory and stakeholder theory, this paper selected Chinese A-share listed companies from 2011 to 2022 as samples to empirically analyze the impact of managerial myopia on corporate ESG performance. The results show that managerial myopia significantly inhibits corporate ESG performance, mainly by inhibiting corporate green investment and green innovation sustainability. Furthermore, for state-owned enterprises (SOE), heavy polluting enterprises (HPE), and non-high-tech enterprises, the inhibitory effect of manager myopia on ESG performance is stronger. When the enterprise is in the growth stage, the above inhibition effect is more severe. For external governance, the greater the analyst attention and public environmental attention are, the more conducive they are to alleviating the restraining effect of managerial myopia on enterprise ESG performance. Therefore, effectively improving the cognition level of managers with regard to long- versus short-term profitability and strengthening external supervision are important measures for comprehensively optimizing ESG performance.

To achieve China’s new development pattern and the “dual carbon” goals, it is necessary to boost emission reduction and high-quality economic development simultaneously. Green credit (GC), consisting of environmental regulation and economic leverage, has a profound impact on improving total factor carbon emission performance (TFCEP). By selecting the panel data of 30 provinces and municipalities in China from 2001 to 2020, this paper constructs a series of panel models to analyze the transmission path of GC to TFCEP. The results indicate that the relationship between GC and TFCEP showed an “inverted-U-shaped” relationship. This is mainly because “energy-saving and emission reduction” first appeared in the government planning outline in 2006, and transition-friendly enterprises successfully transformed with low-interest green credit, thereby effectively improving their TFCEP. However, as environmental regulations continue to increase and the scale of green credit continues to expand, the efficiency of green credit allocation and internal conflicts with other environmental regulation policies are also emerging. At the same time, the advancement of industrial structure and green technology innovation had a significant mediating effect between GC and TFCEP; government quality has a strong moderating effect on the second stage of the mediating process. When GC reaches a certain scale, it tends to restrain TFCEP more in central and western China than in eastern China. Therefore, it is of great significance to continuously increase the scale of GC, promote the advancement of clean energy industrial structure, and improve green technology innovation.