The effect of managerial ability on corporate sustainable development:Based on Behavioral Decision Theory

Li Linwei; Zhang Yijia; Luo Min; Wang Gang

doi:10.19571/j.cnki.1000-2995.2026.10.019

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Science Research Management ›› 2026, Vol. 47 ›› Issue (10) : 190-198. DOI: 10.19571/j.cnki.1000-2995.2026.10.019 CSTR: 32148.14.kygl.2026.10.019

The effect of managerial ability on corporate sustainable development:Based on Behavioral Decision Theory

Li Linwei ¹ ,
Zhang Yijia ¹ ,
Luo Min ² ,
Wang Gang ³

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Abstract

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.

Key words

managerial ability / corporate sustainable development / compensation incentives / media attention / behavioral decision theory

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Li Linwei , Zhang Yijia , Luo Min , et al. The effect of managerial ability on corporate sustainable development:Based on Behavioral Decision Theory[J]. Science Research Management. 2026, 47(10): 190-198 https://doi.org/10.19571/j.cnki.1000-2995.2026.10.019

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数字化转型逐渐成为数字经济背景下企业发展的重要驱动力.文章结合数字化转型中存在的“数字技术基础薄弱”与“数字技术难以业务赋能”问题,从资源与能力视角将数字化转型划分为数字技术资源与数字技术赋能两个维度,探寻促进转型问题解决的前因(管理者心理韧性),并明确转型经济后果(企业绩效).根据中国香港联合证券交易所上市的557家企业在2010-2020年的数据,利用文本分析法实证发现:1)管理者心理韧性显著促进数字技术资源与数字技术赋能,且对数字技术赋能的作用更强;行业竞争负向调节管理者心理韧性对数字技术赋能的作用,但不调节管理者心理韧性对数字技术资源的作用.2)数字技术赋能正向影响企业绩效,数字技术资源对企业绩效无显著影响.3)管理者心理韧性对数字技术资源与数字技术赋能的促进作用、数字技术赋能对企业绩效的正向影响,均在大型企业、非制造业企业中更强.4)心理韧性强的管理者能够优化管理层人力资本结构,促进企业建设数字技术与提高数字技术赋能能力,助力数字化转型;数字技术赋能通过提高企业运营效率与营业成本控制效率获得企业绩效;心理韧性强的管理者可帮助企业获取数字技术赋能能力提高企业绩效.文章结论为企业实施数字化转型,获取数字化转型的经济效益提供了重要启示.

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