客户高管联结与供应商绿色投资OACHSSCD

Based on the ID information of the top five customers disclosed by China̍s A-share non-financial listed companies from 2010 to 2023,this study theoretically analyzes and empirically examines the impact of the executives interlocking between listed companies,acting as upstream suppliers,and their core customers on the suppliers̍ green investment and its underlying mechanism,in order to re-veal whether and how it can help downstream customers build green supply chains.Research has found that customer executives inter-locking has a significantly positive impact on suppliers̍ green investment,especially when the relationship between them is stable.The analysis of the influence mechanism shows that the customer executives interlocking assists in alleviating suppliers̍ financing con-straints,and the above influence depends on customers̍ bargaining power,indicating that customer executives interlocking has"re-source effect"and"supervision effect,"which enhances suppliers̍ green investment ability and motivation,thus promotes suppliers̍green investment.Further analysis shows that the promotion effect of customer executives interlocking on suppliers̍ green investment is more pronounced in low competitive industry enterprises,low industry regulatory enterprises,and enterprises in high legalization areas,which indicates that the promotion effect also depends on the external institutional environment faced by suppliers.