[1]杨金玉.空气污染是否促进了高管流动?——基于秦岭-淮河线的断点回归设计[J].南开经济研究官网,2021,(02):8.
 Yang Jinyu.Air Pollution and Executive Migration: Based on Regression Discontinuity Design of China’s Huai River Policy[J].Nankai Economic Studies,2021,(02):8.
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空气污染是否促进了高管流动?——基于秦岭-淮河线的断点回归设计(  )
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《南开经济研究》官网[ISSN:1001-4691/CN:12-1028/F]

卷:
期数:
2021年02
页码:
8
栏目:
出版日期:
2021-04-22

文章信息/Info

Title:
Air Pollution and Executive Migration: Based on Regression Discontinuity Design of China’s Huai River Policy
作者:
杨金玉
杨金玉,北京大学光华管理学院(邮编:100871),Email:yangjinyu_carl@pku.edu.cn。
Author(s):
Yang Jinyu
(Guanghua School of Management, Peking University, Beijing 100871)
关键词:
空气污染高管流动高管能力断点回归
Keywords:
Air Pollution Executive Migration Executive Capability RDD
摘要:
利用上市企业高管简历和中国地级市的空气质量指数(AQI)数据,本文使用断点回归方法探讨了空气污染对高管流动的影响。研究发现,空气污染显著提高了企业高管流动的可能性,高管更有可能向空气质量好的城市迁移。进一步地,研究从高管个体、企业和外界环境因素三个层面探讨了空气污染影响高管流动可能性的边界条件,结果表明:高管能力促进了空气污染对流动可能性的影响;企业薪酬补偿和股权补偿缓解了空气污染对高管流动可能性的影响,并且股权补偿的缓解作用更为明显;外界经济政策不确定性显著降低了空气污染对高管流动可能性的影响。异质性检验结果表明,相较于非自愿流动,空气污染促进了高管自愿流动的可能性;非国有性质企业中,空气污染对高管流动可能性的正向影响作用更为显著;不同类型的污染物提高了高管流动可能性,细微颗粒物(PM10和PM2.5)对高管流动可能性的正向影响作用更为明显。本研究为外界环境影响个体行为决策的研究提供了微观个体的经验证据,从企业高管流动的角度丰富了空气污染带来的经济后果相关研究,空气污染造成了企业高级人力资本的流失,也说明提高环境治理能力,实现经济发展与环境的和谐共生具有重要的现实意义。
Abstract:
Combined with executive resume data of listed enterprises and Air Quality Index (AQI) data of prefectural cities in China, this paper adopts a Regression Discontinuity Design (RDD) to examine the influence of air pollution on executive migration. We find that air pollution significantly increase the likelihood of executive mobility and executives are more likely to migrate to cities with better air quality than cities with poorer air quality. Furthermore, we discuss the indirect influencing factors from three perspectives of executive, enterprise and external environmental factors. The results show that the executives’ ability plays a positive role. Corporate salary and equity compensation reduce the impact of air pollution on the possibility of executive migration, among which, the role of equity compensation is more obvious. The Economic Policy Uncertainty significantly reduces the impact of air pollution on the Migration of executives. In addition, we also find that air pollution contributes to the possibility of executives’ voluntary change. The positive relationship between air pollution of non-state-owned enterprises and the migration of senior executives is more significant. Different types of pollutants increase the likelihood of executive mobility, of which fine particulate matter (PM10 and PM2.5) plays a more important role in executive mobility. This paper enriches the relevant research on the economic consequences of air quality from the perspective of executives of enterprises, that is, air pollution has caused the loss of advanced human capital in enterprises. It also shows that it is of great practical significance to improve the ability of environmental management and realize the harmonious symbiosis between economic development and environment.

相似文献/References:

[1]吴晓瑜,李力行.城镇化如何影响了居民的健康?[J].南开经济研究官网,2014,(06):58.
 Wu Xiaoyu,Li Lixing.The Impact of Urbanization on Health in China[J].Nankai Economic Studies,2014,(02):58.

更新日期/Last Update: 2021-04-19