Abstract
This paper explores the interrelationships among the three key factors influencing the environmental context. Analyzing data from listed Chinese companies between 2012 and 2021, the study results found that excessive power of the state-owned company's CEO can hinder sustainable corporate performance. Furthermore, the independence of the board of directors cannot moderate the negative impact of the CEO's excessive power on environmental, social, and governance (ESG) performance due to “regulatory paralysis,” resulting in a lack of board effectiveness. The results of the constructed regression models indicate that Chinese state enterprises’ governance can be improved by attracting media attention to promote ESG performance. In addition, female executives as a factor lead to heterogeneity in the role of CEO power on ESG.
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