Author(s)

Peng Wang, Xin Nie, Tianyu Liu

Corresponding Author

Tianyu Liu

ABSTRACT

Environmental protection has become a constant concern of the country and the people, while as the main source of environmental pollution, enterprises should undertake the environmental governance. As the decision-maker of enterprises, the top management team (TMT) need to make decisions on the investment of all parties of the enterprise. The present paper explores the relationship between TMT and environmental protection investment (EPI) increase of enterprises based on TMT characteristics, and meanwhile analyze whether different property rights have an impact on environmental protection investment. It is found that (1) the older the average age of TMT, the larger the scale of enterprises’ EPI; (2) the higher the average education level of TMT, the larger the scale of enterprises’ EPI; (3) the larger the proportion of top managers with academic experience in the TMT, the larger the scale of enterprises’ EPI, and (4) state-owned enterprises have a larger EPI scale in comparison with non state-owned enterprises. On the whole, the present research expands the research perspectives of enterprises EPI and TMT characteristics.

KEYWORDS

TMT Characteristics, Property Right Nature, Environmental Protection Investment