The paradox of government-guided funds: A negative impact on corporate ESG performance?!

被引：0
作者：
Zhang, Xubo [1 ]
Zhang, Xinyu [1 ]
Tu, Yanbin [2 ]
机构：
[1] Wuhan Polytech Univ, Sch Econ, Wuhan 430048, Peoples R China
[2] Robert Morris Univ, Rockwell Sch Business, Moon Township, PA 15108 USA
来源：
FINANCE RESEARCH LETTERS | 2025年 / 75卷
关键词：
Government-guided funds; ESG; Ownership structure; Regional economic development; Environmental regulations; STATE-OWNED ENTERPRISES;
D O I：
10.1016/j.frl.2025.106900
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the relationship between government-guided fund (GGF) investment and corporate ESG (Environmental, Social, and Governance) performance using China's A-share companies that received GGFs from 2013 to 2022. Our analysis indicates a significant negative correlation between GGFs holdings and ESG performance, with one period lagged effect. This negative correlation is pronounced for non-state-owned enterprises but insignificant for stateowned enterprises. For state-owned enterprises, robust regional economic development and stringent environmental regulations mitigate the negative GGF correlation. This study provides new insights into the relation of GGFs with corporate sustainability.
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页数：7
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