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Top-management compensation and environmental innovation strategy
Business Strategy and the Environment ( IF 13.4 ) Pub Date : 2022-07-12 , DOI: 10.1002/bse.3209
Giang Phung 1 , Hai Hong Trinh 2 , Tam Huy Nguyen 3 , Vu Quang Trinh 4
Affiliation  

The increasing awareness of global climate change puts more pressure on firms to reduce their environmental externalities. Managers long ignored this responsibility, which may erode business profits, going against their traditional goals. In this study, we examine the effect of top management's extrinsic incentives (i.e., reward-driven motivation) on corporate environmental innovation strategy (i.e., eco-innovation) using a large dataset of S&P1500 non-financial firms for 2000–2020. The results indicate that firms with greater levels of top-management compensation exhibit higher scores of eco-innovation engagement. The effect holds after we address the endogeneity problem through the quasi-natural experiment using the difference-in-differences analysis on the event of the Paris Agreement 2015. Our further investigations reveal that such a positive impact of managerial incentives on eco-innovation is less intensified in the more polluting industries but more pronounced in more innovative ones.

中文翻译:

高管薪酬与环境创新战略

全球气候变化意识的增强给企业降低环境外部性带来了更大的压力。管理者长期以来忽视了这一责任,这可能会侵蚀企业利润,违背他们的传统目标。在本研究中,我们使用 2000-2020 年标准普尔 1500 指数非金融企业的大型数据集,检验了高层管理人员的外在激励(即奖励驱动动机)对企业环境创新战略(即生态创新)的影响。结果表明,高层管理人员薪酬水平较高的公司表现出较高的生态创新参与度。在我们使用对 2015 年巴黎协定事件的差异分析的准自然实验解决内生性问题后,效果仍然存在。
更新日期:2022-07-12
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