Date of Award

3-22-2026

Thesis Type

Masters

Document Type

Dissertation

Divisions

Faculty of Business and Economics

Department

Department of Accounting

Institution

Universiti Malaya

Abstract

This study examines the impact of board capital on Environmental, Social, and Governance (ESG) performance among Chinese listed companies in environmentally sensitive industries, with a focus on the moderating role of CEO green experience. Grounded in Resource Dependency Theory (RDT) and Upper Echelons Theory (UET), the research analyzes three dimensions of board capital, including human capital, internal social capital, and external social capital. Using a panel data set of 3,924 firm-year observations from 654 Shanghai and Shenzhen Stock Exchange-listed firms from 2017 to 2022. The findings reveal that all three dimensions of board capital significantly enhance ESG performance, with external social capital exhibiting the strongest effect. Moreover, CEO green experience positively moderates the relationship between internal social capital and ESG performance, but not for human or external social capital. Additional heterogeneity tests indicate that firm size influences these relationships, with smaller firms benefiting more from CEO green experience and external social capital, while larger firms rely more on human and internal social capital. This research contributes to the literature by integrating RDT and UET in a non-Western context, offering nuanced insights into how board capabilities and leadership traits interact to drive corporate sustainability. It has practical implications for improving ESG performance through strategic board composition and CEO selection, particularly in emerging economies like China.

Initial

khm

Additional Information

Dissertation (M.A.) – Faculty of Business and Economics, Universiti Malaya, 2026.

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