Multiple large shareholders and ESG performance: Evidence from the cost‐sharing and resource‐provision view

Fuxiu Jiang, Jia Ma and Xiaojia Zheng

Accounting and Finance, 2025, vol. 65, issue 2, 1309-1346

Abstract: This paper investigates how multiple large shareholders (MLS) influence firms' environmental, social and governance (ESG) performance. Based on Chinese data, we find that firms with MLS perform better on ESG compared to firms with a single blockholder. This impact is stronger in firms with a more balanced ownership structure and in the pandemic period, which supports the cost‐sharing of other large shareholders in motivating ESG activities. Such impact is also intensified in firms with different types of large shareholders and with foreign shareholders, aligning the resource provision mechanism. This study reveals a novel role of other large shareholders in driving ESG.

Date: 2025
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https://doi.org/10.1111/acfi.13369

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