Abstract

This study aims to assess the influence of CEO demographic, governance, and career-related factors on the environmental sustainable performance (ESP) of corporations in the post-merger era of Chinese M&A, spanning the years 2008–2022. We evaluate firms' overall ESP by considering both environmental and sustainability outcomes. Additionally, the ownership structure is examined by comparing state-owned enterprises (SOEs) and privately owned enterprises (POEs). The findings reveal that certain CEO demographic traits, such as education, age, and gender, exert a positive and significant influence on firms' ESP. This suggests that gender diversity, experienced leadership, and highly educated CEOs contribute to enhanced ESP in M&A contexts. Among CEO governance and career factors, only CEO tenure positively impacts corporate ESP, as longer tenured CEOs are more likely to implement and sustain long-term sustainable practices within M&A firms. Interestingly, while ownership structure remains consistent across SOEs and POEs, CEO career factors, particularly retired CEOs and CEO tenure, show significant effects only in POEs. Overall, our findings provide valuable insights for future research and policy development to promote improved ESP in the evolving landscape of Chinese M&A.