Yang, Xingquan, Zhang, Kexin, Gao, Pengfei ![]() Item availability restricted. |
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Abstract
We investigate the relationship between state-owned shareholders’ participation and the environmental, social, and governance (ESG) performance of private firms. Based on a sample of Chinese private firms between 2009 and 2022, we find that state-owned shareholders’ participation can significantly improve the ESG performance of private firms. Our mechanism tests suggest that state-owned shareholders play a role in improving the ESG performance of private firms through resource support and governance supervision. Moreover, the positive effect of state-owned shareholders’ participation on ESG performance is more significant if private firms have lower carbon emission intensity and in industries with a higher degree of competition. We also find that state-owned shareholders’ participation effectively increases firm value while improving the ESG performance of private firms. Our results are robust after a series of endogenous and robustness tests. The findings of our study enrich the existing research on the economic consequences of state-owned shareholders’ participation in private firms and the factors influencing corporate ESG performance.
Item Type: | Article |
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Date Type: | Published Online |
Status: | In Press |
Schools: | Business (Including Economics) |
Publisher: | Taylor and Francis Group |
ISSN: | 0003-6846 |
Date of First Compliant Deposit: | 15 April 2024 |
Date of Acceptance: | 12 March 2024 |
Last Modified: | 10 Nov 2024 19:00 |
URI: | https://orca.cardiff.ac.uk/id/eprint/167666 |
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