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State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China

Xingquan Yang, Kexin Zhang, Pengfei Gao Orcid Logo, Zheng Yang

Applied Economics, Volume: 57, Issue: 26, Pages: 3503 - 3524

Swansea University Author: Pengfei Gao Orcid Logo

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DOI (Published version): 10.1080/00036846.2024.2337797

Abstract

We investigate the relationship between state-owned shareholders’ participation and the environmental, social, and governance (ESG) performance of private firms. Based on a sample of Chinese private firms between 2009 and 2022, we find that state-owned shareholders’ participation can significantly i...

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Published in: Applied Economics
ISSN: 0003-6846 1466-4283
Published: Informa UK Limited 2024
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URI: https://cronfa.swan.ac.uk/Record/cronfa69570
Abstract: We investigate the relationship between state-owned shareholders’ participation and the environmental, social, and governance (ESG) performance of private firms. Based on a sample of Chinese private firms between 2009 and 2022, we find that state-owned shareholders’ participation can significantly improve the ESG performance of private firms. Our mechanism tests suggest that state-owned shareholders play a role in improving the ESG performance of private firms through resource support and governance supervision. Moreover, the positive effect of state-owned shareholders’ participation on ESG performance is more significant if private firms have lower carbon emission intensity and in industries with a higher degree of competition. We also find that state-owned shareholders’ participation effectively increases firm value while improving the ESG performance of private firms. Our results are robust after a series of endogenous and robustness tests. The findings of our study enrich the existing research on the economic consequences of state-owned shareholders’ participation in private firms and the factors influencing corporate ESG performance.
Keywords: State-owned shareholder, mixed-ownership reform, ESG performance, sustainable development, private firms
College: Faculty of Humanities and Social Sciences
Funders: The work was supported by the National Natural Science Foundation of China [72062027; 72372108].
Issue: 26
Start Page: 3503
End Page: 3524

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