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Ethnic green culture in leadership and corporate green investment: Evidence from China

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  • Du, Yuan
  • Sun, Lu
  • Cui, Wei
  • Wang, Hongxin

Abstract

Drawing on the distinct ecological cultures and ethics upheld by China's ethnic minority groups and the Han majority, this study investigates how ethnic ecological values influence corporate pro-environmental decision-making. Based on 28,945 firm-year observations from 2010 to 2022, we find that firms led by ethnic minority leaders engage in significantly higher levels of green investment. Furthermore, this positive effect strengthens as the proportion of minority leaders within corporate leadership increases. Using difference-in-differences and other econometric techniques, we confirm that these results are not driven by geographic location or reverse causality. Finally, we find that the green investment–enhancing effect is moderated by the age, tenure, and board directorship of ethnic minority leaders. This study contributes to the diversity literature by uncovering cultural and ethical pathways through which ethnicity shapes corporate strategies, offering new insights into the drivers of green investment in multiethnic contexts.

Suggested Citation

  • Du, Yuan & Sun, Lu & Cui, Wei & Wang, Hongxin, 2025. "Ethnic green culture in leadership and corporate green investment: Evidence from China," Global Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:glofin:v:67:y:2025:i:c:s1044028325000602
    DOI: 10.1016/j.gfj.2025.101133
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