首都经济贸易大学学报2026，Vol.28Issue(1)：102-114,13.DOI:10.13504/j.cnki.issn1008-2700.2026.01.009
连锁董事网络会提升企业ESG绩效吗?
Can an Interlocking Director Network Enhance Corporate ESG Performance?
摘要
Abstract
In response to the national"dual carbon"goals and the requirements of sustainable development,enhancing ESG performance has become a crucial task for corporate operations and development.The interlocking director network,as an important cross-enterprise information and resource channel,has increasingly attracted at-tention for its impact on corporate governance and strategic performance.Therefore,exploring the economic conse-quences of the interlocking director network on corporate ESG performance and its mechanism is of significant refer-ence value for enhancing corporate ESG performance and comprehensively understanding the role of interlocking di-rectors in enterprises. Drawing on resource dependence and social network theory,this paper develops a model of the interlocking di-rector network's role.Taking the A-share listed companies from 2009 to 2023 as the research sample,it empirically analyzes how the interlocking director network influences ESG performance,and examines the moderating effects of corporate governance and media attention. The research results are as follows.First,the interlocking director network drives corporate ESG performance through a"direct-indirect"dual path.The direct influence path is reflected in the resource spillover,synergy,and supervision effects resulting from the structural embeddedness of the interlocking director network,while the indi-rect influence path identifies the core mediating role of open innovation,forming a complete transmission chain of"network-behavior-performance".Second,it confirms the dual regulatory framework of"internal governance-exter-nal attention".Good corporate governance and high-intensity media attention jointly enhance the promoting effect of the interlocking director network on ESG.Third,the heterogeneity analysis reveals the contextual constraints of in-stitutional logic and market structure on network effects.In the context of non-state-owned enterprises or high in-dustry concentration,enterprises are more dependent on the interlocking director network and other informal social mechanisms to obtain scarce resources and fill institutional gaps,highlighting the strategic value of the interlocking director network as an"institutional substitute"or a"resource bridge". This paper makes the following contributions.First,it reveals the mechanism by which the interlocking direc-tor network drives corporate ESG performance through resource spillover,synergy,and supervision effects.It fur-ther examines the performance of this mechanism under the differences in industry concentration and China's prop-erty rights system.Second,it reveals the mediating role of open innovation in the relationship between the interloc-king director network and corporate ESG performance,filling the research gap regarding the mechanism of open in-novation in the interlocking director network research.Third,it introduces a dual governance regulatory framework and explores the differences in the impact of the interlocking director network on corporate ESG performance from the perspectives of internal governance and external governance,to reveal the boundary conditions of the govern-ance effect of the interlocking director network.关键词
连锁董事网络/企业ESG绩效/开放式创新/资源溢出/协同效应/监督效应Key words
interlocking director network/corporate ESG performance/open innovation resource spillover/synergy effect/supervision effects分类
管理科学引用本文复制引用
吕英,谷晓雪..连锁董事网络会提升企业ESG绩效吗?[J].首都经济贸易大学学报,2026,28(1):102-114,13.基金项目
甘肃省中青年科技基金项目"绿色投资对甘肃省环境绩效的影响机制研究"(22JR5RA310) （22JR5RA310）
甘肃省自然科学基金项目"强工业"视阈下甘肃新质生产力发展路径组态研究(24JRRA740) （24JRRA740）
