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Ownership and corporate green innovation: an inverted U-shaped relationship based on agency theory

Author

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  • Liang, Haiyan
  • Fang, Qiaoyun
  • Wang, Qi
  • Liu, Zijia

Abstract

This paper applies agency theory to develop a framework that elucidates the non-linear relationship between state and financial institution ownership and corporate green innovation. Using panel data from Chinese A-share listed firms over the 2010–2023 period, we find that both types of ownership exert inverted U-shaped effects on corporate green innovation. Furthermore, by introducing environmental uncertainty as a critical external moderator, we find that environmental uncertainty weakens this inverted U-shaped relationship. Our study contributes to a more nuanced understanding of the intricate dynamics between ownership structures and corporate green innovation outcomes.

Suggested Citation

  • Liang, Haiyan & Fang, Qiaoyun & Wang, Qi & Liu, Zijia, 2026. "Ownership and corporate green innovation: an inverted U-shaped relationship based on agency theory," Finance Research Letters, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:finlet:v:95:y:2026:i:c:s1544612326002448
    DOI: 10.1016/j.frl.2026.109713
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