Do institutional investors facilitate corporate environmental innovation?

Jia Xu, Shu Zeng, Shaozhou Qi and Jingbo Cui

Energy Economics, 2023, vol. 117, issue C

Abstract: This paper addresses whether institutional investors drive firms’ innovation direction toward environmentally friendly technologies. The data pertain to comprehensive environmental patents filed by Chinese publicly-listed firms in the manufacturing and public utility sectors during the 2003–2015 period. We find that institutional investors are associated with higher ratios of environmental patents in total patents for firms in the pollution-intensive sectors than those in the non-pollution-intensive sectors. Institutional investors exert the roles of financial support and corporate governance in pursuit of monitoring firms’ long-term sustainable innovation. They further facilitate the information disclosure on corporate social responsibility.

Keywords: Institutional investors; Environmental innovation; Patent; Corporate social responsibility (search for similar items in EconPapers)
JEL-codes: G23 G30 M14 O30 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:117:y:2023:i:c:s0140988322006016

DOI: 10.1016/j.eneco.2022.106472

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