Multiple large shareholders and corporate environmental performance

被引：17
|
作者：
Zhang, Rongwu [1 ]
Fu, Wenqiang [1 ]
机构：
[1] Guangzhou Univ, Sch Management, Guangzhou 510006, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
关键词：
Multiple large shareholders; Corporate environmental performance; Green innovation; Corporate value; RESPONSIBILITY; OWNERSHIP;
D O I：
10.1016/j.frl.2022.103487
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the determinative effect of multiple large shareholders on corporate environmental performance (CEP). We take China's A-share listed firms from 2009 to 2019 as samples and find that multiple large shareholders can improve CEP, and the conclusion is still robust after we deal with endogenous problem and conduct robustness tests. Further tests indicate that green innovation is the mechanism of action, and this effect is more significant in firms with major institutional shareholders. In addition, we also find that multiple large shareholders can enhance corporate value after improving CEP.
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页数：7
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