CEO Experience and Enterprise Environment, Social and Governance Performance: Evidence from China

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

This is an interesting contribution clearly explaining the background, data, methods and results. It is reader-friendly and to the point. Some findings are surprising and generally it would be better to engage in a more developed discussion and take advantage of a larger pool of prior studies about this topic. It would be usefull to explaing the suggested importance of the political expertise and the interaction of various examined categories, e.g. age+gender, etc. It might be interesting to discuss some typical CEO profiles and demonostrate them o cases. Finally, the formatting should be improved.

Comments on the Quality of English Language

Understandable, but still some issues remaining ...

Author Response

请参阅附件。

Author Response File: Author Response.docx

Reviewer 2 Report

Comments and Suggestions for Authors

Thank you for the opportunity to review the paper “Steering Firms towards Sustainability: CEO Profiles and Corporate ESG Attainment in China”.

Please see below my comments on this manuscript.

Lines 58-59 “Numerous theoretical and empirical studies have been done on this topic by academics” – please add some relevant references. Similarly, for the lines 61-62 “Few academics have examined the motivating elements that lead listed businesses to fulfill their ESG obligations” – please provide some references in order to offer strong arguments for the problem emphasized at lines 63-66.

Paragraph 67-87 – please provide arguments for measuring the influence of CEO experience on the fulfillment of corporate ESG responsibilities. I also suggest the authors to explicate why addressing these questions provides novel empirical evidence elucidating the potential contribution of CEO experience? Why is your study new/original from these perspectives? Please provide references to strengthen these arguments.

Tables 1-5: please provide notes to explicate the abbreviations used in the tables

Lines 464-465, 495. Which hypotheses do the authors refer to? Please be more specific.

Please add theoretical implications of the study.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Reviewer 3 Report

Comments and Suggestions for Authors

While the paper presents an interesting topic and attempts to address an important issue regarding corporate sustainability, there are several areas that could be improved:

 

The paper lacks clarity in its organization and structure. It would benefit from clearer section headings and subheadings to guide the reader through the analysis more effectively.

 

Abstract: The abstract could be improved by providing more specific details about the methodology employed and the key findings, rather than just general statements.

 

Introduction: The introduction could be strengthened by providing more context on the significance of ESG issues in the Chinese business context and the existing literature on CEO characteristics and firm outcomes. Also, the section could benefit from being more concise. Additionally, it lacks a clear statement of the research problem and objectives.

Literature Review: The literature review could be strengthened by organizing the review more logically and critically analysing the gaps in the literature that the current study aims to address.

 

Data and Methodology: The hypotheses could be more clearly stated and directly linked to the research questions. There is a lack of detail in explaining how variables were measured and controlled for, which could affect the robustness of the findings. Additionally, the paper could benefit from a more comprehensive discussion of potential biases and limitations associated with the data and methodology employed.

 

Results: The regression results are presented in tables, but there is a need for more detailed interpretation and discussion of the coefficients, and their economic significance. Some coefficients are reported as statistically significant without clear explanation or context regarding their practical implications. The presentation of results could be clearer, with more explicit links between the theoretical framework, empirical analysis, and findings. While CEO turnover is considered as a moderating factor, the analysis tends to overstate its impact on ESG performance. CEO turnover is undoubtedly important, but its effects are likely to vary depending on various contextual factors, such as the reason for turnover, the characteristics of the incoming CEO, and the company's strategic direction. The control variables included in the regression models are somewhat limited. While variables like firm size, leverage, and financial performance are relevant, there may be other control variables that could confound the relationship between CEO experience, CEO power, CEO turnover, and ESG performance. For instance, industry-specific factors, regulatory environment, and market conditions could also influence ESG outcomes. While the study conducts some robustness tests, such as sub-indicator tests and alternative specifications of CEO experience, there is room for more extensive testing. Sensitivity analysis, bootstrapping, or using alternative estimation techniques could provide more robustness to the findings and strengthen the validity of the conclusions.

 

 

Heterogeneity Analysis: The analysis could be strengthened by providing more robust explanations and theoretical underpinnings for the observed patterns.

 

Discussion and Conclusion: The discussion could be expanded to include more nuanced discussions of the limitations of the study.  It lacks a strong theoretical foundation to support the hypotheses. While some references are provided, there is a need for a more comprehensive theoretical framework that integrates concepts from organizational behaviour, leadership theory, and corporate governance to substantiate the proposed relationships. The measurement of CEO experience solely based on green, academic, and political experience is quite simplistic. There could be other dimensions of CEO experience, such as industry-specific experience, international exposure, or executive tenure, which might also influence ESG performance. Ignoring these dimensions may lead to an incomplete understanding of the relationship. The discussion on CEO power focuses primarily on the CEO's authority within the organization. However, power dynamics are multifaceted and involve not only formal authority but also informal influence, networks, and relationships within and outside the organization. A more nuanced discussion of CEO power dynamics would enhance the analysis.

 

The conclusion could be expanded to include more nuanced discussions of avenues for future research, and practical implications for stakeholders such as companies, boards, and policymakers.

Comments on the Quality of English Language

The writing style is generally clear, but there are instances of awkward phrasing and grammatical errors that could be addressed to improve readability. It would benefit from a thorough proofreading and editing to improve clarity and coherence.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Round 2

Reviewer 2 Report

Comments and Suggestions for Authors

The paper was improved.

I have not other comments on this manuscript.

Reviewer 3 Report

Comments and Suggestions for Authors

I am satisfied with the revisions.