经济与管理研究2025，Vol.46Issue(11)：38-58,21.DOI:10.13502/j.cnki.issn1000-7636.2025.11.003
高管团队ESG注意力如何影响企业韧性?
How does Top Management Team ESG Attention Influence Corporate Resilience?
摘要
Abstract
Organizational resilience has become a critical attribute for enterprises to sustain stable operations and thrive in an environment characterized by volatility,uncertainty,complexity,and ambiguity(VUCA).Exploring effective ways for enterprises to regularly cultivate organizational resilience is of theoretical and practical significance for advancing corporate sustainability and promoting the high-quality transformation and upgrading of the national economy. Using China's A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2016 to 2022 as the research sample,this paper employs text mining and machine learning methods to measure managerial cognition,and explores how top management team(TMT)attention to environmental,social,and governance(ESG)factors influences corporate resilience from an integrated perspective of upper echelons theory and cognitive theory.The main findings are as follows.First,there is a U-shaped relationship between corporate resilience and TMT ESG attention,indicating the gradualness and complexity of managerial cognition in building resilience.Second,the examination of the underlying mechanism indicates that financing constraints and operational risks serve as key channels through which TMT ESG attention relates to corporate resilience,with moderate ESG attention yielding resource-acquisition and risk-mitigation effects.Third,by examining the context of environmental embeddedness,this paper confirms that this relationship varies across ownership types,industry environmental sensitivity,and life cycle stages.Finally,this paper analyzes the allocation strategy of TMT attention in terms of temporal stability and structural balance and finds that enterprises with higher attention stability exhibit higher organizational learning effectiveness and faster conversion efficiency of management cognitive resources,and that attention balance can strengthen the U-shaped relationship. This paper makes the following marginal contributions.First,it reveals a U-shaped relationship between TMT ESG attention and corporate resilience,deepening the understanding of the complex and gradual role of managerial cognition in organizational adaptation and transformation.Second,it expands the theoretical scope and research boundaries of ESG through an attention-based view.Third,it explores the allocation strategies of TMT attention from the perspectives of stability and balance,calling for deeper research on how to allocate attention resources more scientifically and effectively.The findings provide valuable insights for companies to navigate painful ESG transformation and achieve sustainable transformation at an early stage,while offering policy implications for government agencies to promote the healthy and orderly development of ESG.关键词
高管团队/ESG注意力/企业韧性/管理认知/注意力基础观/融资约束/经营风险Key words
top management team/ESG attention/corporate resilience/managerial cognition/attention-based view/financing constraint/operational risk分类
经济学引用本文复制引用
黄绮煜,张妍,崔华清,李响..高管团队ESG注意力如何影响企业韧性?[J].经济与管理研究,2025,46(11):38-58,21.基金项目
国家自然科学基金面上项目"基于区块链的分布式能源能量管理系统研究"(71974055) （71974055）
国家社会科学基金一般项目"促进能源工业绿色转型的经济政策体系研究"(19BGL011) （19BGL011）
