中文摘要
我们利用企业内部工厂层面有毒物质排放的差异,考察管理者家乡偏好对企业环境政策的影响。我们发现,位于首席执行官(CEO)家乡附近的工厂,其污染水平约低30%。这一减排是通过资源密集型的污染控制努力实现的,包括源头减排和废弃物管理活动。利用CEO更替进行的分析提供了因果推断。当地居民从CEO家乡工厂的污染减排中受益,因为拥有更多家乡工厂的地区环境状况得到改善,居民健康结果也更好。另一方面,一些证据表明,CEO的家乡偏好与代理摩擦有关。总体而言,我们的发现揭示了CEO的个人动机对企业污染动态的影响,及其对当地社区福祉的连带效应。
Abstract
We exploit within-firm variations in plant-level toxic releases to examine the effect of managerial hometown preference on corporate environmental policies. We find that pollution levels are about 30% lower for plants located near chief executive officers’ (CEOs’) hometowns. This reduction is achieved through resource-intensive pollution control efforts, including source reduction and waste management activities. Analyses using CEO turnover provide causal inferences. Local residents benefit from CEO hometown pollution reduction as localities hosting more hometown plants experience improved environmental conditions and better residential health outcomes. On the other hand, some evidence suggests that CEOs’ hometown preference is related to agency frictions. Overall, our findings reveal the impact of CEOs’ personal motivations on corporate pollution dynamics and their consequential effects on the well-being of local communities.