管理层能力是企业实现可持续发展的核心驱动力,深入探究管理层能力在内外部环境约束下如何提升企业可持续发展绩效,对理解企业在高质量发展阶段优化治理结构、提升绿色竞争力并实现长期价值创造具有重要意义。本研究运用行为决策理论,以2010—2021年沪深两市A股上市公司作为研究样本,基于DEA-Tobit两阶段回归模型,利用多元回归方法进行实证检验。研究发现,管理层能力显著提升企业可持续发展绩效,即管理层能力通过修正短视偏差、政策认知偏差与信息不对称偏差,推动企业制定并执行可持续发展决策;薪酬激励在二者关系中呈现倒U型调节效应,低度激励导致管理层利益与企业长期目标脱节,适度激励通过利益绑定激活长期动机,过度激励则引发短期利益锚定偏差进而削弱管理层能力的效能发挥;媒体关注发挥正向调节作用,即通过减少管理层信息不对称并增加短视决策成本,共同优化决策环境,提升管理层能力向可持续发展绩效的转化效率。本研究拓展了管理层能力的研究领域,深化了行为决策理论在可持续发展领域的应用,同时为企业优化高管激励机制、合理引导媒体监督提供了实践参考。

Managerial ability is a critical antecedent to achieving corporate sustainable development. Examining how managerial ability influences corporate sustainable development performance through the lens of decision bias correction is of great significance for understanding how firms can optimize governance structures, enhance green competitiveness, and create long-term value. Drawing on behavioral decision theory, this study takes A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as the research sample, and conducts empirical tests using a two-stage DEA-Tobit regression model along with multiple regression methods. This study reveals that managerial ability significantly contributes to corporate sustainable development performance. Specifically, managerial ability prompts enterprises to formulate and implement sustainable development decisions by correcting myopia bias, policy cognitive bias and information asymmetry bias. Executive compensation demonstrates an inverted U-shaped moderating effect on the relationship between managerial ability and sustainable development performance. Low-intensity incentives tend to induce managerial myopia and damage the long-term sustainable development of enterprises, while high-intensity incentives trigger short-term benefit locking bias and thereby weaken the effectiveness of managerial ability. Media attention plays a positive moderating role. It constrains and optimizes the decision-making environment by reducing managerial information asymmetry and raising the cost of myopic decisions, to enhance the effect of managerial ability on sustainable development performance. This study contributes to the literature by expanding the application of managerial ability research and the behavioral decision theory in the sustainability context. It also provides practical insights for optimizing executive incentive systems and guiding media supervision more effectively.