Multiple large shareholders and ESG performance: Evidence from the cost-sharing and resource-provision view

被引：1
作者：
Jiang, Fuxiu [1 ]
Ma, Jia [1 ]
Zheng, Xiaojia [2 ]
机构：
[1] Renmin Univ China, Sch Business, Beijing, Peoples R China
[2] Univ Int Business & Econ, Sch Int Trade & Econ, 10 Huixin East St, Beijing 100029, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2024年
基金：
中国国家自然科学基金;
关键词：
cost sharing; ESG; multiple large shareholders; ownership structure; resource provision; CORPORATE SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; INVESTMENT EVIDENCE; INSTITUTIONAL INVESTORS; OWNERSHIP STRUCTURE; EMPIRICAL-EVIDENCE; COMPLEX OWNERSHIP; FIRM PERFORMANCE; ENTRENCHMENT; GOVERNANCE;
D O I：
10.1111/acfi.13369
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates how multiple large shareholders (MLS) influence firms' environmental, social and governance (ESG) performance. Based on Chinese data, we find that firms with MLS perform better on ESG compared to firms with a single blockholder. This impact is stronger in firms with a more balanced ownership structure and in the pandemic period, which supports the cost-sharing of other large shareholders in motivating ESG activities. Such impact is also intensified in firms with different types of large shareholders and with foreign shareholders, aligning the resource provision mechanism. This study reveals a novel role of other large shareholders in driving ESG.
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页数：38
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