One novel mixed ownership reform and green innovation in private firms: Evidence from China

Jingchang Xu, Huixuan Zhang and Wuqing Wu

Emerging Markets Review, 2023, vol. 57, issue C

Abstract: A growing body of literature provides evidence that mixed-ownership reform in China greatly affects firm behavior. This study focuses on a novel mixed ownership reform of China's private firms, which we define as “reverse mixed-ownership reform”. We find that firms' green innovation level improves after the reform. Environmental awareness and substantive resources are identified as two underlying mechanisms. These effects are stronger when a firm is in an area with a lower level of market openness and when managerial shareholding is lower. We also find evidence that firms make a trade-off between green innovation and financial performance after the reform.

Keywords: Mixed ownership; Green innovation; Corporate governance; Reverse mixed-ownership reform (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:57:y:2023:i:c:s156601412300081x

DOI: 10.1016/j.ememar.2023.101076

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