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.

引用

页数：7

共 24 条

[11]

Mele L.V., Quas A., Reichert P., Romito S., Impact orientation and venture capital financing: the interplay of governmental, social impact and traditional venture capital, Fin. Res. Lett., 68, (2024)

[12]

Montmartin B., Herrera M., Massard N., R&D policies in France: new evidence from a NUTS3 spatial analysis, Work. Pap. Ser., (2015)

[13]

Shi J., Yu C., Li Y., Wang T., Does green financial policy affect debt-financing cost of heavy-polluting enterprises? An empirical evidence based on Chinese pilot zones for green finance reform and innovations, Technol. Forecast. Soc. Change, 179, (2022)

[14]

Song S., Xu X., Yi Y., Shareholder voting in China: the role of large shareholders and institutional investors, Corp. Gov., 28, 1, (2020)

[15]

Sun Z., Wang W., Zhu W., Ma L., Dong Y., Evolutionary game analysis of coal enterprise resource integration under government regulation, Environ. Sci. Pollut., 29, 5, pp. 7127-7152, (2021)

[16]

Wang J., Huang X., Sun D., Xu R., Government department merger, perception of administrative barriers, and corporate investment: evidence from China's state administration for market regulation, Fin. Res. Lett., 67, PA, (2024)

[17]

Wang J., Wang S., Dong M., Wang H., ESG rating disagreement and stock returns: evidence from China, Int. Rev. Financial Anal., 91, (2023)

[18]

Wen X., Li W., Shen Z., Local government debt and corporate asset-debt maturity mismatches: evidence from China, China Econ. Rev., 88, (2024)

[19]

Wu C., Yan Z., Government fund guidance and enterprise core technology breakthroughs: mechanism and effect, Econ. Res.(Chinese)., 58, 6, pp. 137-154, (2023)

[20]

Wu T., Green finance reform policy increases corporate hypocritical business strategies: evidence from the greenwashing behavior, Mitig. Adapt. Strateg. Glob. Chang., 29, 7, (2024)

← 1 2 3 →