ORIGINAL RESEARCH
Do Chain Directors' Green Experiences Increase
Corporate Environmental Investment?
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1
School of Economics and Management, Luoyang Institute of Science and Technology, Luoyang 471023
2
Henan Key Laboratory of Green Building Materials Manufacturing and Intelligent Equipment, Luoyang 471023
3
School of Foreign Languages, Luoyang Institute of Science and Technology, Luoyang 471023
Submission date: 2024-02-03
Final revision date: 2024-07-24
Acceptance date: 2024-09-13
Online publication date: 2024-10-30
Corresponding author
Kedong Wu
School of Economics and Management, Luoyang Institute of Science and Technology, Luoyang 471023
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ABSTRACT
Based on the data of China's A-share listed companies from 2008 to 2021, this paper examines
the impact of chain directors with green experience on corporate environmental protection investment
and concludes that chain directors with green experience can significantly increase corporate
environmental protection investment, which is still valid after the robustness test and dealing with the
endogeneity problem. The impact mechanism test finds that the green experience chain board increases
the environmental investment of enterprises through two channels: increasing the environmental
awareness of corporate executives and alleviating the corporate financing constraints. When a
company is the subject of considerable external scrutiny, the positive impact of green experience on the
company's environmental protection investment will be amplified. From the perspective of enterprise
characteristics, state-owned enterprises and enterprises in the eastern region have larger internal capital
scale and stronger turnover capacity, which is conducive to the promotion of environmental protection
investment by directors with green experience; compared with enterprises without environmental
penalties, enterprises with environmental penalties face greater pressure of environmental regulation,
which prompts directors with green experience to play a more active role in increasing environmental
protection investment.