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Joint spousal ownership and corporate green innovation: Empirical evidence from family businesses listed on China's A-shares market

Author

Listed:
  • Hong, Liming
  • Zhang, Changhong
  • Anwar, Sajid
  • Wang, Lijie

Abstract

Using data on Chinese family businesses spanning 2004 to 2022, this paper investigates the impact of joint spousal ownership on green innovation. The findings indicate that firms with joint spousal ownership exhibit significantly higher levels of green innovation compared to those without such ownership structures. This effect is primarily driven by two mechanisms: increased female executive representation and improved environmental, social, and governance (ESG) performance. Notably, joint spousal ownership has a more pronounced influence on green innovation than on traditional innovation, suggesting a stronger alignment with proactive environmental policies. Further analysis identifies moderating factors that enhance green innovation, including intergenerational succession planning, harmonious spousal relationships, long-term business goals, a focus on light industry, and limited involvement of other family members. Overall, this paper provides novel empirical evidence on how joint spousal ownership shapes strategic decision-making in family businesses, particularly in the context of sustainable development and global green economic trends.

Suggested Citation

  • Hong, Liming & Zhang, Changhong & Anwar, Sajid & Wang, Lijie, 2025. "Joint spousal ownership and corporate green innovation: Empirical evidence from family businesses listed on China's A-shares market," Economic Modelling, Elsevier, vol. 149(C).
    • Handle: RePEc:eee:ecmode:v:149:y:2025:i:c:s0264999325001026
    DOI: 10.1016/j.econmod.2025.107107
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    Keywords

    Family businesses; Joint spousal ownership; Corporate green innovation; Environmental protection policies; China;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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