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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
Online Access: Check full text

URI: https://cronfa.swan.ac.uk/Record/cronfa69570
first_indexed 2025-05-27T22:02:16Z
last_indexed 2025-06-13T13:33:24Z
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spelling 2025-06-12T14:49:41.2110414 v2 69570 2025-05-27 State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China bd00b4a498e1c45d25e0fcdab1838b26 0009-0008-7818-1231 Pengfei Gao Pengfei Gao true false 2025-05-27 CBAE 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. Journal Article Applied Economics 57 26 3503 3524 Informa UK Limited 0003-6846 1466-4283 State-owned shareholder, mixed-ownership reform, ESG performance, sustainable development, private firms 2 4 2024 2024-04-02 10.1080/00036846.2024.2337797 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University The work was supported by the National Natural Science Foundation of China [72062027; 72372108]. 2025-06-12T14:49:41.2110414 2025-05-27T22:47:10.5415588 Faculty of Humanities and Social Sciences School of Management - Business Management Xingquan Yang 1 Kexin Zhang 2 Pengfei Gao 0009-0008-7818-1231 3 Zheng Yang 4
title State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
spellingShingle State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
Pengfei Gao
title_short State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
title_full State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
title_fullStr State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
title_full_unstemmed State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
title_sort State-owned shareholders’ participation and environmental, social, and governance performance of private firms: evidence from China
author_id_str_mv bd00b4a498e1c45d25e0fcdab1838b26
author_id_fullname_str_mv bd00b4a498e1c45d25e0fcdab1838b26_***_Pengfei Gao
author Pengfei Gao
author2 Xingquan Yang
Kexin Zhang
Pengfei Gao
Zheng Yang
format Journal article
container_title Applied Economics
container_volume 57
container_issue 26
container_start_page 3503
publishDate 2024
institution Swansea University
issn 0003-6846
1466-4283
doi_str_mv 10.1080/00036846.2024.2337797
publisher Informa UK Limited
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
document_store_str 0
active_str 0
description 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.
published_date 2024-04-02T05:28:59Z
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score 11.095924

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