Can Mixed-Ownership Reform Drive the Green Transformation of SOEs?

Runsen Yuan, Chunling Li, Nian Li, Muhammad Asif Khan, Xiaoran Sun and Nosherwan Khaliq
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Runsen Yuan: School of Economics and Management, Yanshan University, Qinhuangdao 066004, China
Chunling Li: School of Economics and Management, Yanshan University, Qinhuangdao 066004, China
Nian Li: School of Economics and Management, Yanshan University, Qinhuangdao 066004, China
Muhammad Asif Khan: Department of Commerce, Faculty of Management Sciences, University of Kotli, Azad Jammu and Kashmir, Kotli 11100, Pakistan
Xiaoran Sun: Business School, University of Leeds, Leeds LS2 9JT, UK
Nosherwan Khaliq: School of Economics and Management, Yanshan University, Qinhuangdao 066004, China

Energies, 2021, vol. 14, issue 10, 1-25

Abstract: In the construction of ecological civilization, green innovation has become an important driving force for the sustainable development of state-owned enterprises (SOEs). This paper uses panel data of state-owned listed enterprises from 2008 to 2019 to explore mixed-ownership reform’s influence on the green transformation of SOEs and its specific mechanisms. The results show that the diversity of mixed shareholders, the depth of mixed equity, and the restriction of mixed equity significantly promote the SOEs’ green innovation. Moreover, there are distinctions in the impact of the shareholding ratio of heterogeneous shareholders on green innovation. Only the increase in the shareholding ratio of foreign shareholders has a positive correlation with green innovation. The mechanism tests indicate that the mixed-ownership reform plays a governance role in the green transformation of SOEs by optimizing the reasonable allocation of environmental protection subsidies and propelling environmental social responsibility’s active performance. Our study further subdivides the significant promotion effect of mixed-ownership reform on green innovation, finding that it only exists in the SOEs in heavily polluting industries and regions with a high degree of marketization. Finally, we find that the ownership structure adjustment caused by the mixed-ownership reform has improved SOEs’ environmental management system and facilitated its sustainable development capabilities.

Keywords: mixed-ownership reform; green innovation; environmental protection subsidy; environmental responsibility; sustainable development (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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