IDEAS home Printed from https://ideas.repec.org/a/eee/ecmode/v149y2025ics0264999325001026.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0264999325001026
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.econmod.2025.107107?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Kubota, Keiichi & Takehara, Hitoshi, 2019. "Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    2. Han Long & Gen-Fu Feng & Chun-Ping Chang, 2023. "How does ESG performance promote corporate green innovation?," Economic Change and Restructuring, Springer, vol. 56(4), pages 2889-2913, August.
    3. Xin Li & Fei Guo & Jiaqi Wang, 2024. "A path towards enterprise environmental performance improvement: How does CEO green experience matter?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 820-838, February.
    4. Peasley, Michael C. & Hochstein, Bryan & Britton, Benjamin P. & Srivastava, Rajesh V. & Stewart, Geoffrey T., 2020. "Can’t leave it at home? The effects of personal stress on burnout and salesperson performance," Journal of Business Research, Elsevier, vol. 117(C), pages 58-70.
    5. Cheng, Chen & Li, Wanrong & Liu, Guanchun & Liu, Yuanyuan, 2023. "Origin matters: Institutional imprinting and family firm innovation in China," Emerging Markets Review, Elsevier, vol. 55(C).
    6. Lin, Huiting & Wen, Jiayu & Li, Wei & He, Yurun, 2025. "Strategic alliances and corporate ESG performance," International Review of Economics & Finance, Elsevier, vol. 98(C).
    7. Yan Ye & Kongyue Li, 2021. "Impact of family involvement on internal and external corporate social responsibilities: Evidence from Chinese publicly listed firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 352-365, January.
    8. Bauweraerts, Jonathan & Arzubiaga, Unai & Diaz-Moriana, Vanessa, 2022. "Going greener, performing better? The case of private family firms," Research in International Business and Finance, Elsevier, vol. 63(C).
    9. Huang, Xiaoqi & Liu, Wei & Zhang, Zhan & Zou, Xinyu & Li, Pujuan, 2023. "Quantity or quality: Environmental legislation and corporate green innovations," Ecological Economics, Elsevier, vol. 204(PB).
    10. Viput Ongsakul & Anutchanat Jaroenjitrkam & Sirimon Treepongkaruna & Pornsit Jiraporn, 2022. "Does board gender diversity reduce ‘CEO luck’?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 243-260, March.
    11. Xiaofeng Quan & Yun Ke & Yuting Qian & Yao Zhang, 2023. "CEO Foreign Experience and Green Innovation: Evidence from China," Journal of Business Ethics, Springer, vol. 182(2), pages 535-557, January.
    12. Ahamed, M. Mostak & Luintel, Kul B. & Mallick, Sushanta K., 2023. "Does local knowledge spillover matter for firm productivity? The role of financial access and corporate governance," Research Policy, Elsevier, vol. 52(8).
    13. Xu, Nianhang & Yuan, Qingbo & Jiang, Xuanyu & Chan, Kam C., 2015. "Founder's political connections, second generation involvement, and family firm performance: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 243-259.
    14. Wang, Ying & Li, Huimin & Ling, Leng & Peng, Hongfeng, 2022. "Wives’ empowerment and corporate financial risk in Chinese family firms," Finance Research Letters, Elsevier, vol. 44(C).
    15. Zhiyong Niu & Chen Wang & Chunyan Wang & Xiaowei Wang & Ziyi Zhu, 2025. "Information interactions on social media platforms and the quality of corporate social responsibility disclosure: Evidence from Chinese listed firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(1), pages 234-252, January.
    16. Arndt Werner & Christian Schröder & Simone Chlosta, 2018. "Driving factors of innovation in family and non-family SMEs," Small Business Economics, Springer, vol. 50(1), pages 201-218, January.
    17. Amore, Mario Daniele & Miller, Danny & Le Breton-Miller, Isabelle & Corbetta, Guido, 2017. "For love and money: Marital leadership in family firms," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 461-476.
    18. Cui, Xinghua & Xu, Ning & Yan, Xiangwu & Zhang, Wenjie, 2023. "How does social credit system constructions affect corporate carbon emissions? Empirical evidence from Chinese listed companies," Economics Letters, Elsevier, vol. 231(C).
    19. Faisal Shahzad & Ijaz Ur Rehman & Faisal Nawaz & Noman Nawab, 2018. "Does family control explain why corporate social responsibility affects investment efficiency?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(5), pages 880-888, September.
    20. David Hirshleifer & Angie Low & Siew Hong Teoh, 2012. "Are Overconfident CEOs Better Innovators?," Journal of Finance, American Finance Association, vol. 67(4), pages 1457-1498, August.
    21. Wang, Kun & Huang, Min & Zhang, Le & Wang, Kun & Dong, Qiang, 2024. "Green innovation in family business succession: Exploring decision-making under parent-child co-governance," Finance Research Letters, Elsevier, vol. 67(PA).
    22. Yu, Zhen & Shen, Yiran & Jiang, Shengjun, 2022. "The effects of corporate governance uncertainty on state-owned enterprises' green innovation in China: Perspective from the participation of non-state-owned shareholders," Energy Economics, Elsevier, vol. 115(C).
    23. Javed, Muzhar & Wang, Fangjun & Usman, Muhammad & Ali Gull, Ammar & Uz Zaman, Qamar, 2023. "Female CEOs and green innovation," Journal of Business Research, Elsevier, vol. 157(C).
    24. Fang, Hongsheng & Wu, Xiao & Shen, Jim Huangnan & Zhao, Lexin, 2022. "The impact of technology identification policy on firm innovation: Evidence from China," China Economic Review, Elsevier, vol. 76(C).
    25. Wu, Bao & Fang, Hanqing & Jacoby, Gady & Li, Geling & Wu, Zhenyu, 2022. "Environmental regulations and innovation for sustainability? Moderating effect of political connections," Emerging Markets Review, Elsevier, vol. 50(C).
    26. Yao, Shouyu & Zhao, Weijia & Sensoy, Ahmet & Cheng, Feiyang & Goodell, John W., 2021. "The dark side of marital leadership: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 77(C).
    27. Jelle Schepers & Wim Voordeckers & Tensie Steijvers & Eddy Laveren, 2014. "The entrepreneurial orientation–performance relationship in private family firms: the moderating role of socioemotional wealth," Small Business Economics, Springer, vol. 43(1), pages 39-55, June.
    28. Fu, Yishu, 2020. "The impact of married couples on firm innovation: Evidence from Chinese family firms," Finance Research Letters, Elsevier, vol. 33(C).
    29. Narayan, Paresh Kumar & Narayan, Seema & Tran, Vuong Thao, 2023. "Patent-related intellectual property and corporate investment," Finance Research Letters, Elsevier, vol. 52(C).
    30. Rixiao Cui & Juanru Wang, 2022. "Shaping sustainable development: External environmental pressure, exploratory green learning, and radical green innovation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(3), pages 481-495, May.
    31. Miriam Bird & Thomas Zellweger, 2018. "Relational Embeddedness and Firm Growth: Comparing Spousal and Sibling Entrepreneurs," Organization Science, INFORMS, vol. 29(2), pages 264-283, April.
    32. Razzaq, Asif & Sharif, Arshian & Ozturk, Ilhan & Yang, Xiaodong, 2023. "Central inspections of environmental protection and transition for low-carbon Chinese cities: Policy intervention and mechanism analysis," Energy Economics, Elsevier, vol. 124(C).
    33. Junsheng Dou & Emma Su & Song Wang, 2019. "When Does Family Ownership Promote Proactive Environmental Strategy? The Role of the Firm’s Long-Term Orientation," Journal of Business Ethics, Springer, vol. 158(1), pages 81-95, August.
    34. Sharon Belenzon & Andrea Patacconi & Rebecca Zarutskie, 2016. "Married to the firm? A large‐scale investigation of the social context of ownership," Strategic Management Journal, Wiley Blackwell, vol. 37(13), pages 2611-2638, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Na Wu & Xinping Xia & Yuguo Li, 2023. "Leadership and firm value among couples in charge: Evidence from Chinese listed family firms," Pacific Economic Review, Wiley Blackwell, vol. 28(3), pages 409-445, August.
    2. Aliaa El Shoubaki & Jörn Block & Frank Lasch, 2022. "The couple business as a unique form of business: a review of the empirical evidence," Management Review Quarterly, Springer, vol. 72(1), pages 115-147, February.
    3. Yao, Shouyu & Zhao, Weijia & Sensoy, Ahmet & Cheng, Feiyang & Goodell, John W., 2021. "The dark side of marital leadership: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 77(C).
    4. Danny Miller & Isabelle Le Breton-Miller, 2021. "Family Firms: A Breed of Extremes?," Entrepreneurship Theory and Practice, , vol. 45(4), pages 663-681, July.
    5. Jianbang Xu & Yimin Wang, 2025. "Exploring New Green Frontiers? How CEO Green and Technological Experience Shapes Firm Ambidextrous Green Innovation," Sustainability, MDPI, vol. 17(18), pages 1-27, September.
    6. Dan Zhang & Bingxiang Li & Qiang Fu & Wei Tang & Taqdees Fatima, 2025. "Impact of CEOs' Environmental Experience on Corporate Green Innovation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(3), pages 3290-3312, May.
    7. Isabell Stamm & Fabian Bernhard & Jan-Philipp Ahrens & Baris Istipliler, 2024. "Marriage: an institution you cannot disparage? Evidence on the marriage norms of entrepreneurs," Small Business Economics, Springer, vol. 63(1), pages 501-521, June.
    8. Yoon G. Lee & Heather H. Kelley & Renee Wiatt & Maria I. Marshall, 2024. "Work-Family Balance and Perceived Business Outcomes among Copreneurial and Noncopreneurial Small Business Owners," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 200-211, March.
    9. Hu, Zhifei & Liu, Xihe & Li, Xinyu & Wu, Jun, 2024. "How does vertical fiscal imbalance affect corporate green innovation? Empirical evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    10. Jing Xiao & Yan Zhou & Ping Zeng, 2024. "How does green strategy orientation promote substantive green innovation? Evidence from Chinese manufacturing enterprises," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-31, December.
    11. Wang, Ying & Li, Huimin & Ling, Leng & Peng, Hongfeng, 2022. "Wives’ empowerment and corporate financial risk in Chinese family firms," Finance Research Letters, Elsevier, vol. 44(C).
    12. Shi, Xin & Hou, Jingru & Gu, Qiankun, 2023. "In-laws’ involvement in management and tax avoidance: Evidence from family firms in China," Finance Research Letters, Elsevier, vol. 53(C).
    13. Gao, Peng & He, Jie & Vochozka, Marek & Hu, Shiyang, 2024. "Deterrent effects of central environmental protection inspection on green technology innovation cycles: Evidence from the listed state-owned firms in China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    14. Francisco Javier Forcadell & Fernando Úbeda, 2022. "Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 875-900, June.
    15. Dan Huang & Jie Cheng & Xiaofeng Quan & Yanling Wu, 2024. "Managerial attention to environmental protection and corporate green innovation," Review of Quantitative Finance and Accounting, Springer, vol. 63(3), pages 1047-1081, October.
    16. Qiu, Zhaoxuan & Li, Jincheng & Liu, Bei & Jin, Meilin & Wang, Jinmin, 2025. "How does energy quota trading affect the corporate pollution gap? Evidence from China," Economic Modelling, Elsevier, vol. 146(C).
    17. Zhao, Yujie & Yang, Yuanyuan & Hua, Min & Chan, Kam C., 2024. "Social credit scoring system and corporate pollution governance: Insights from China's Social Credit System Construction," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    18. Michaela Kotkova Striteska & Katerina Myslivcova & Viktor Prokop & Lucie Zapletalova, 2024. "Employees' engagement, family ownership, or gender diversity? Searching for determinants of SMEs' green behaviors in CEE countries," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3065-3080, July.
    19. Qiao, Penghua & Zhao, Yuying & Fung, Anna & Fung, Hung-Gay, 2025. "How digital leadership guides ESG sustainability," Research in International Business and Finance, Elsevier, vol. 73(PB).
    20. Jin, Xin, 2025. "Regulation automation and green innovation: Evidence from China's industrial firms," International Review of Economics & Finance, Elsevier, vol. 99(C).

    More about this item

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecmode:v:149:y:2025:i:c:s0264999325001026. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30411 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.