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Ownership types and corporate environmental investment: Contingent effects of institutional and corporate factors

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  • Hu, Liang
  • Chen, Shishuo

Abstract

Our study using data from 2126 China's listed firms from 2008 through 2019 investigates the influence of ownership types on corporate environmental investment by using ordinary least squares regression model. Our findings indicate that privately-owned enterprises exhibit lower levels of CEI than state-owned enterprises. Moreover, heterogeneity analysis indicates that the negative influence of private ownership on CEI is stronger for the firms in pollution industries yet weaker in regions with strong Buddhism culture. Furthermore, large firm size attenuates, but R&D intensity amplifies, the negative impact of private ownership. Our research provides evidence to CEI literature by revealing the impact of private ownership and offers advice to firms and governments.

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  • Hu, Liang & Chen, Shishuo, 2025. "Ownership types and corporate environmental investment: Contingent effects of institutional and corporate factors," International Review of Financial Analysis, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:finana:v:98:y:2025:i:c:s1057521924008251
    DOI: 10.1016/j.irfa.2024.103893
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