The relationship between ESG factors and corporate performance is contentious, partly due to the literature's neglect of organizational demographic differences. Using data from 5,127 Chinese companies (2009-2022), we empirically analyze ESG's impact on corporate performance, factoring in the demographic heterogeneity of executive teams. Our findings indicate that although ESG indeed enhances corporate performance, its conversion effect is significantly influenced by the vertical dyads of gender and education within the top management teams (TMT). Additionally, our extended analysis reveals that these two types of vertical dyads exhibit distinct structural characteristics.

This paper studies the effect of top management team (TMT) network centrality on bank loan contracts. We show that firms with high TMT network centrality obtain bank loans with lower loan spreads, larger loan size, longer maturity, and fewer collateral requirements. From the mediating effect analysis, we find that TMT interlocking networks affect loan pricing by reducing agency costs, improving the quality of accounting information, expanding resource channels, and enhancing the credibility of companies. In addition to easing financial constraints, TMT network centrality is also beneficial to investment efficiency and innovation output of corporates, but it will decrease firm performance.

本文以深圳中小企业板上市公司2005－2007年有关数据为样本，对中小企业板上市公司的董事会成员及高层管理团队（TMT）成员股权激励与绩效的相关关系进行了实证检验，对二者的激励效果进行了对比研究。研究结果表明，董事会及TMT成员的股权激励与绩效均呈现显著的正向相关关系，且对TMT的激励效果显著强于对董事会的激励效果，故企业应加大对TMT团队成员的激励，以提高激励效果。研究结果还显示，董事会及TMT股权激励与绩效均存在显著的四次相关关系，同时还求出了对董事会和TMT股权激励的持股比例的拐点，TMT股权激励的拐点19.72%和45.55%，董事会股权激励的拐点25.73%和52.73%。