Does the CEO’s Green Experience Influence Green Total Factor Productivity? Evidence from China’s Green Transition

In the context of China’s green transition, this study examines the impact of CEO green experience (CGE) on green total factor productivity (GTFP) of Chinese listed companies, and investigates the moderating roles of ESG fund holdings and CEO duality. Based on the panel data of Chinese A-share listed companies from 2015 to 2023, we use multiple regression models, robustness tests, endogeneity tests, and heterogeneity analyses to verify the research hypotheses. Our results demonstrate the following: (1) CGE significantly enhances corporate GTFP. (2) ESG fund holdings and CEO duality positively moderate the relationship between CGE and GTFP. (3) The improvement of green technological efficiency (GTE) and the promotion of green technological progress (GTP) are the two core channels for CGE to enhance GTFP. (4) The promotion effect of CGE on GTFP is more pronounced in non-state-owned enterprises and regions with advanced infrastructure, and reducing managerial myopia can amplify this positive effect. This study enriches research on executive heterogeneous traits and corporate green development and provides targeted, practical recommendations for corporate green talent governance and government green development policymaking.