Common institutional ownership and corporate green performance, do state-owned institutions make a difference?

Xutang Liu, Sabri Boubaker (), Jing Liao () and Shouyu Yao
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Xutang Liu: Massey University, New Zealand
Sabri Boubaker: Groupe ESC Troyes en Champagne, Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Jing Liao: State Key Lab CAD&CG [HangZhou] - Zhejiang University [Hangzhou, China], Digital Media and Internet Technology [Zhejiang University] - Zhejiang University [Hangzhou, China]
Shouyu Yao: TJU - Tianjin University

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Abstract: We investigate the influence of common institutional ownership on corporate environmentalperformance. Using a large sample of Chinese listed firms, we find that firms having aninstitutional cross-owner are associated with significantly higher corporate green performancecompared with those who do not have such a cross-owner. Further analysis indicates thatinstitutional cross-owners enhance corporate green innovation and increase firm productivity,which explains the positive effect of common ownership on corporate green performance.Moreover, institutional cross-owners facilitate industry coordination and increase industry'sgreen total factor productivity. This result supports the coordination effects of institutionalcross-owners. We also explore the role of state-owned institutional cross-owners on corporateenvironmental engagement and find that state-owned institutional cross-owners improveenvironmental performance in general, but the effect is only significant in privately-ownedfirms but not in state-owned enterprises (SOEs), which have strong social objectives naturally.

Keywords: Common institutional ownership coordination monitoring corporate environmental performance China; coordination; monitoring; corporate environmental performance; China; Environmental Performance; Corporate; Monitoring; Coordination; Common institutional ownership (search for similar items in EconPapers)
Date: 2022-05-29
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Published in 6th Shanghai-Edinburgh-London Green Finance Conference, May 2022, En Ligne, France

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