Executive power, environmental responsibility and market value

What is the correlation between executive power, environmental performance and market value, and whether the characteristics of executive power can play a regulating role between environmental performance and market value? Research on the above issues will help enterprises better implement the "double carbon" goal, build a good corporate image and take the road of sustainable development. This paper takes A-share listed companies on Shanghai and Shenzhen Stock Exchanges of China from 2011 to 2021 as research samples to test the correlation between executive power, environmental responsibility and market value, as well as the moderating effect of the specific characteristics of executive power. The results show that executive power has a significant positive relationship with environmental performance and market value, and corporate environmental responsibility has a positive effect on market value. In addition, there is a significant positive moderating effect on the correlation between environmental responsibility and market value. Based on the above results, suggestions are put forward to establish the concept of environmental governance of senior executives, encourage local governments to inspect the environmental governance ability of enterprises, and improve the environmental information disclosure system.