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Common institutional ownership and corporate green performance, do state-owned institutions make a difference?

Author

Listed:
  • Xutang Liu

    (Massey University, New Zealand)

  • Sabri Boubaker

    (Groupe ESC Troyes en Champagne, Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School)

  • Jing Liao

    (State Key Lab CAD&CG [HangZhou] - Zhejiang University [Hangzhou, China], Digital Media and Internet Technology [Zhejiang University] - Zhejiang University [Hangzhou, China])

  • Shouyu Yao

    (TJU - Tianjin University)

Abstract

We investigate the influence of common institutional ownership on corporate environmentalperformance. Using a large sample of Chinese listed firms, we find that firms having aninstitutional cross-owner are associated with significantly higher corporate green performancecompared with those who do not have such a cross-owner. Further analysis indicates thatinstitutional cross-owners enhance corporate green innovation and increase firm productivity,which explains the positive effect of common ownership on corporate green performance.Moreover, institutional cross-owners facilitate industry coordination and increase industry'sgreen total factor productivity. This result supports the coordination effects of institutionalcross-owners. We also explore the role of state-owned institutional cross-owners on corporateenvironmental engagement and find that state-owned institutional cross-owners improveenvironmental performance in general, but the effect is only significant in privately-ownedfirms but not in state-owned enterprises (SOEs), which have strong social objectives naturally.

Suggested Citation

  • Xutang Liu & Sabri Boubaker & Jing Liao & Shouyu Yao, 2022. "Common institutional ownership and corporate green performance, do state-owned institutions make a difference?," Post-Print hal-05337493, HAL.
    • Handle: RePEc:hal:journl:hal-05337493
    Note: View the original document on HAL open archive server: https://hal.science/hal-05337493v1
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