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Appointment-based CEOs’ Internal Alliances and Carbon Performance: International Evidence
Published online by Cambridge University Press: 05 January 2026
Abstract
This study examines how internal CEO alliances, defined as social and structural ties between CEOs, subordinate executives, and board members, influence corporate carbon performance. Drawing on data from 36 countries over the period 2002–2023, we find that strong internal alliances are associated with weaker carbon performance, suggesting that concentrated internal power may hinder firms’ emission reduction efforts. However, this adverse effect is significantly moderated by various organizational and institutional factors. Specifically, it is attenuated in contexts characterized by stringent environmental regulation, robust media oversight, high regulatory quality, and greater board gender diversity. At the individual level, CEO characteristics such as hometown affiliation and older age also appear to reduce the negative influence of internal alliances. These findings advance our understanding of how CEO power dynamics interact with external and internal governance mechanisms to influence firms’ climate-related outcomes.
摘要
本研究考察了 CEO 内部联盟 (即 CEO、下属高管与董事会成员之间的社会和结构联系) 如何影响企业碳绩效。基于 2002 年至 2023 年 36 个国家的数据, 我们发现, 强大的内部联盟与较弱的碳绩效相关, 这表明内部权力的集中可能阻碍企业的减排努力。然而, 这一不利影响在多种组织和制度情境下显著减弱。具体而言, 在环境监管严格、媒体监督有力、监管质量较高以及董事会性别多样性较强的环境中, 该效应得到缓解。在个体层面, CEO 的籍贯归属感以及较高年龄也有助于降低内部联盟的负面影响。研究结果深化了我们对 CEO 权力动态如何与外部和内部治理机制互动并共同影响企业气候相关结果的理解。
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- © The Author(s), 2026. Published by Cambridge University Press on behalf of International Association for Chinese Management Research.
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