State shareholding in privately-owned enterprises and their ESG performance: Evidence from China

被引：7

作者：

Wang, Qi ^{[1
]}

Ma, Zhong ^{[1
]}

Wang, Xinyue ^{[2
]}

Wu, Di ^{[3
,4
]}

机构：

[1] Beijing Jiaotong Univ, Sch Econ & Management, Beijing 100044, Peoples R China

[2] Jilin Univ, Sch Business & Management, Jilin 130015, Peoples R China

[3] Capital Univ Econ & Business, Sch Accounting, Beijing 100070, Peoples R China

[4] Capital Univ Econ & Business, Sch Accounting, 121 Zhangjia Rd, Beijing 100070, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 60卷

关键词：

State shareholding; ESG performance; Privately-owned enterprises; CORPORATE; GOVERNANCE;

D O I：

10.1016/j.frl.2023.104891

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Utilizing Chinese mixed ownership reform that allows state-owned equity to participate in privately-owned enterprises (POEs), we find that ESG performance of POEs is enhanced with increased state shareholding. Mechanism tests demonstrate that state shareholding alleviates agency problems and financial constraints faced by POEs, thereby leading to enhanced ESG performance. Heterogeneity tests show that the positive impact is more salient among POEs with less aggressive business strategies, as well as those operating in monopolistic and lightly polluting industries. Additionally, by separating three individual components of ESG, we find that the positive impact is salient on social (S) and governance (G) performance.

引用

页数：12

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