The impact of institutional investors on ESG: Evidence from China

被引：60

作者：

Liu, Jinchi ^{[1
]}

Xiong, Xiong ^{[1
,2
]}

Gao, Ya ^{[3
]}

Zhang, Jin ^{[4
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China

[2] Tianjin Univ, Lab Computat & Analyt Complex Management Syst CAC, Tianjin, Peoples R China

[3] Dalian Univ Technol, Sch Econ & Management, Dalian 116024, Peoples R China

[4] China Bohai Bank Co Ltd, Tianjin, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2023年 / 63卷

基金：

中国国家自然科学基金;

关键词：

Chinese stock market; ESG performance; institutional investors; CORPORATE SOCIAL-RESPONSIBILITY; POLICIES EVIDENCE; OWNERSHIP; PERFORMANCE; GOVERNANCE; HORIZON; TRUST; STOCK;

D O I：

10.1111/acfi.13011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the influence of institutional ownership on the Chinese A-shares' ESG performance. Findings reveal the positive improvement from institutional investors, and this impact is stronger in firms with better-expected ESG performance and low initial ESG performance. Besides, heterogeneous institutional investors have different influences, and only a pressure-resistant institution plays the promotion role. Further studies based on the period following the financial crisis and when emphasising the environmental protection policy reveal that financial motivation and reputation motivation could be the reason for institutional holding. Our findings are robust after using the instrumental variable analysis, controlling for firm fixed effects, and replacing institutional holdings, and could be beneficial for the governance of firms in China.

引用

页码：2801 / 2826

页数：26

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