Cross-institutional interlocking director network centrality and ESG performance of state-owned enterprises: a mechanism analysis based on information transmission and resource sharing.

内容摘要

Against the backdrop of accelerating sustainable development and green transition, environmental, social, and governance (ESG) practices have increasingly become a critical component of high-quality corporate development. As key actors within China's economic system, the ESG performance of state-owned enterprises (SOEs) carries significant practical implications. Drawing on institutional logic and social network theory, this study examines how cross-institutional interlocking director networks affect the ESG performance of SOEs. Using a sample of Chinese A-share listed SOEs from 2009 to 2023, this study constructs annual director interlock networks between SOEs and private firms and employs degree centrality to capture SOEs' structural positions within institutionally heterogeneous networks. The empirical results indicate that cross-institutional interlocking director network centrality significantly improves SOEs' ESG performance. Mechanism analyses show that this effect operates primarily through information transmission and resource sharing channels, and media attention further strengthens the governance effect. Heterogeneity analyses reveal that the impact is more pronounced in the eastern and central regions, in heavily polluting industries, and in non-high-technology industries. In addition, extended analyses demonstrate that cross-institutional interlocking director networks improve the overall ESG performance of the SOE-private enterprise ecosystem. Unlike prior studies that mainly examine the governance effects of homogeneous director interlocks, this study focuses on cross-institutional director ties between SOEs and private firms and highlights the role of institutional heterogeneity in shaping ESG performance. In doing so, it provides micro-level evidence on how governance linkages across institutional boundaries influence sustainable corporate governance.