State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- El Ghoul, Sadok & Guedhami, Omrane & Kwok, Chuck C.Y. & Mishra, Dev R., 2011. "Does corporate social responsibility affect the cost of capital?," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2388-2406, September.
- Boubakri, Narjess & Saffar, Walid, 2019. "State Ownership and Debt Choice: Evidence from Privatization," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(3), pages 1313-1346, June.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002.
"Ferreting out Tunneling: An Application to Indian Business Groups,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2000. "Ferreting Out Tunneling: An Application to Indian Business Groups," NBER Working Papers 7952, National Bureau of Economic Research, Inc.
- Mark Cordano & R. Marshall & Murray Silverman, 2010. "How do Small and Medium Enterprises Go “Green”? A Study of Environmental Management Programs in the U.S. Wine Industry," Journal of Business Ethics, Springer, vol. 92(3), pages 463-478, March.
- Markus Fitza & Laszlo Tihanyi, 2017. "How Much Does Ownership Form Matter?," Strategic Management Journal, Wiley Blackwell, vol. 38(13), pages 2726-2743, December.
- Fang Yang & Xu Li, 2023. "Corporate Financialization, ESG Performance and Sustainability Development: Evidence from Chinese-Listed Companies," Sustainability, MDPI, vol. 15(4), pages 1-28, February.
- Wu, Keping & Fu, Yumei & Kong, Dongmin, 2022. "Does the digital transformation of enterprises affect stock price crash risk?," Finance Research Letters, Elsevier, vol. 48(C).
- Dyck, Alexander & Lins, Karl V. & Roth, Lukas & Wagner, Hannes F., 2019.
"Do institutional investors drive corporate social responsibility? International evidence,"
Journal of Financial Economics, Elsevier, vol. 131(3), pages 693-714.
- Alexander Dyck & Karl V. Lins & Lukas Roth & Hannes F. Wagner, 2018. "Do Institutional Investors Drive Corporate Social Responsibility? International Evidence," BAFFI CAREFIN Working Papers 1873, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Fatemi, Ali & Fooladi, Iraj & Tehranian, Hassan, 2015. "Valuation effects of corporate social responsibility," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 182-192.
- Ricardo Francisco Reier Forradellas & Luis Miguel Garay Gallastegui, 2021. "Digital Transformation and Artificial Intelligence Applied to Business: Legal Regulations, Economic Impact and Perspective," Laws, MDPI, vol. 10(3), pages 1-22, August.
- Najah Attig & Sadok El Ghoul & Omrane Guedhami, 2009. "Do Multiple Large Shareholders Play A Corporate Governance Role? Evidence From East Asia," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 32(4), pages 395-422, December.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999.
"Corporate Ownership Around the World,"
Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei, 1999. "Corporate Ownership Around the World," Scholarly Articles 30747162, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
- Ningning Kong & Yu Bao & Yiyuan Sun & Yawen Wang, 2023. "Corporations’ ESG for Sustainable Investment in China: The Moderating Role of Regional Marketization," Sustainability, MDPI, vol. 15(4), pages 1-22, February.
- Yuan Yuan Hu & Yanhui Zhu & Jon Tucker & Yuxiao Hu, 2018. "Ownership influence and CSR disclosure in China," Accounting Research Journal, Emerald Group Publishing Limited, vol. 31(1), pages 8-21, May.
- Samuel Drempetic & Christian Klein & Bernhard Zwergel, 2020. "The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review," Journal of Business Ethics, Springer, vol. 167(2), pages 333-360, November.
- Aluchna, Maria & Roszkowska-Menkes, Maria & Kamiński, Bogumił & Bosek-Rak, Dominika, 2022. "Do institutional investors encourage firm to social disclosure? The stakeholder salience perspective," Journal of Business Research, Elsevier, vol. 142(C), pages 674-682.
- Birger Wernerfelt, 1984. "A resource‐based view of the firm," Strategic Management Journal, Wiley Blackwell, vol. 5(2), pages 171-180, April.
- Shuping Li, 2018. "Increased non‐family ownership in family‐owned firms: How does it affect CEO turnover‐performance sensitivity?," Strategic Management Journal, Wiley Blackwell, vol. 39(13), pages 3434-3457, December.
- Michael N. Young & Mike W. Peng & David Ahlstrom & Garry D. Bruton & Yi Jiang, 2008. "Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 196-220, January.
- Luc Laeven & Ross Levine, 2008.
"Complex Ownership Structures and Corporate Valuations,"
The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 579-604, April.
- Luc Laeven & Ross Levine, 2006. "Complex Ownership Structures and Corporate Valuations," NBER Working Papers 12675, National Bureau of Economic Research, Inc.
- Mr. Luc Laeven & Mr. Ross Levine, 2007. "Complex Ownership Structures and Corporate Valuations," IMF Working Papers 2007/140, International Monetary Fund.
- Remmer Sassen & Anne-Kathrin Hinze & Inga Hardeck, 2016. "Impact of ESG factors on firm risk in Europe," Journal of Business Economics, Springer, vol. 86(8), pages 867-904, November.
- Ferreira, João J.M. & Fernandes, Cristina I. & Ferreira, Fernando A.F., 2019. "To be or not to be digital, that is the question: Firm innovation and performance," Journal of Business Research, Elsevier, vol. 101(C), pages 583-590.
- Zhou, Bing & Li, Yu-meng & Sun, Fang-cheng & Zhou, Zhong-guo, 2021. "Executive compensation incentives, risk level and corporate innovation," Emerging Markets Review, Elsevier, vol. 47(C).
- Jeremy Galbreath, 2013. "ESG in Focus: The Australian Evidence," Journal of Business Ethics, Springer, vol. 118(3), pages 529-541, December.
- Kusnadi, Yuanto & Yang, Zhifeng & Zhou, Yuxiao, 2015. "Institutional development, state ownership, and corporate cash holdings: Evidence from China," Journal of Business Research, Elsevier, vol. 68(2), pages 351-359.
- Detmar W. Straub & Richard T. Watson, 2001. "Research Commentary: Transformational Issues in Researching IS and Net-Enabled Organizations," Information Systems Research, INFORMS, vol. 12(4), pages 337-345, December.
- Fu, Xiaolan, 2012. "How does openness affect the importance of incentives for innovation?," Research Policy, Elsevier, vol. 41(3), pages 512-523.
- Yan Zhang & Nandini Rajagopalan, 2010. "Once an outsider, always an outsider? CEO origin, strategic change, and firm performance," Strategic Management Journal, Wiley Blackwell, vol. 31(3), pages 334-346, March.
- Marco Pagano & Ailsa Röell, 1998. "The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to Go Public," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(1), pages 187-225.
- Anthony P Cannizzaro & Robert J Weiner, 2018. "State ownership and transparency in foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 172-195, February.
- Ellen Pei‐yi Yu & Christine Qian Guo & Bac Van Luu, 2018. "Environmental, social and governance transparency and firm value," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 987-1004, November.
- Breuer, Wolfgang & Müller, Torbjörn & Rosenbach, David & Salzmann, Astrid, 2018. "Corporate social responsibility, investor protection, and cost of equity: A cross-country comparison," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 34-55.
- Dorothée Baumann-Pauly & Christopher Wickert & Laura Spence & Andreas Scherer, 2013. "Organizing Corporate Social Responsibility in Small and Large Firms: Size Matters," Journal of Business Ethics, Springer, vol. 115(4), pages 693-705, July.
- Yingjia Zhong & Hongyan Zhao & Tianbao Yin, 2023. "Resource Bundling: How Does Enterprise Digital Transformation Affect Enterprise ESG Development?," Sustainability, MDPI, vol. 15(2), pages 1-18, January.
- Jay B. Barney, 2018. "Why resource‐based theory's model of profit appropriation must incorporate a stakeholder perspective," Strategic Management Journal, Wiley Blackwell, vol. 39(13), pages 3305-3325, December.
- Kai Chang & Xiaochang Cheng & Yiran Wang & Qiming Liu & Jie Hu, 2023. "The impacts of ESG performance and digital finance on corporate financing efficiency in China," Applied Economics Letters, Taylor & Francis Journals, vol. 30(4), pages 516-523, February.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Aref M. Eissa & Arafat Hamdy & Ahmed Diab, 2024. "Governmental Ownership, Board Gender Diversity, and ESG Performance: Evidence from an Emerging Market," Sustainability, MDPI, vol. 16(16), pages 1-17, August.
- Han, Wei & Wu, Di, 2024. "ESG ratings, business credit acquisition, and corporate value," International Review of Financial Analysis, Elsevier, vol. 95(PA).
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.- El Ghoul, Sadok & Guedhami, Omrane & Wang, He & Kwok, Chuck C.Y., 2016. "Family control and corporate social responsibility," Journal of Banking & Finance, Elsevier, vol. 73(C), pages 131-146.
- Sabri Boubaker & Hind Sami, 2011.
"Multiple large shareholders and earnings informativeness,"
Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 10(3), pages 246-266, August.
- Sabri Boubaker & Hind Sami, 2011. "Multiple Large Shareholders and Earnings Informativeness," Post-Print halshs-00623867, HAL.
- Chandera, Yane & Setia-Atmaja, Lukas & Utama, Cynthia Afriani & Husodo, Zaäfri Ananto, 2021. "Ownership dispersion across large shareholders and loan-syndicate structure," Research in International Business and Finance, Elsevier, vol. 55(C).
- Sabri Boubaker & Riadh Manita & Wael Rouatbi, 2021. "Large shareholders, control contestability and firm productive efficiency," Annals of Operations Research, Springer, vol. 296(1), pages 591-614, January.
- Mário Santos & António Moreira & Elisabete Vieira, 2014. "Ownership concentration, contestability, family firms, and capital structure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 1063-1107, November.
- Minghui Yang & Yan Wang & Lu Bai & Petra Maresova, 2023. "Corporate social responsibility, family involvement, and stock price crash risk," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1204-1225, May.
- Jiang, Fuxiu & Ma, Yunbiao & Wang, Xue, 2020. "Multiple blockholders and earnings management," Journal of Corporate Finance, Elsevier, vol. 64(C).
- Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2023. "Environmental engagement and stock price crash risk: Evidence from the European banking industry," International Review of Financial Analysis, Elsevier, vol. 88(C).
- Sabri Boubaker & Pascal Nguyen & Wael Rouatbi, 2016. "Multiple Large Shareholders and Corporate Risk†taking: Evidence from French Family Firms," European Financial Management, European Financial Management Association, vol. 22(4), pages 697-745, September.
- Chen, Fengqin & Huyghebaert, Nancy & Lin, Sen & Wang, Lihong, 2019. "Do multiple large shareholders reduce agency problems in state-controlled listed firms? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
- Di Cai & Jin-hui Luo & Di-fang Wan, 2012. "Family CEOs: Do they benefit firm performance in China?," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 923-947, December.
- Fuxiu Jiang & Kenneth A Kim, 2020. "Corporate Governance in China: A Survey [The role of boards of directors in corporate governance: a conceptual framework and survey]," Review of Finance, European Finance Association, vol. 24(4), pages 733-772.
- Jiang, Fuxiu & Cai, Wenjing & Wang, Xue & Zhu, Bing, 2018. "Multiple large shareholders and corporate investment: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 66-83.
- Ben-Nasr, Hamdi & Boubaker, Sabri & Rouatbi, Wael, 2015. "Ownership structure, control contestability, and corporate debt maturity," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 265-285.
- Jiang, Fuxiu & Kim, Kenneth A. & Nofsinger, John R. & Zhu, Bing, 2017. "A pecking order of shareholder structure," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 1-14.
- Rossi, Fabrizio & Barth, James R. & Cebula, Richard J., 2018. "Do shareholder coalitions affect agency costs? Evidence from Italian-listed companies," Research in International Business and Finance, Elsevier, vol. 46(C), pages 181-200.
- Najah Attig & Sadok El Ghoul & Omrane Guedhami & Sorin Rizeanu, 2013. "The governance role of multiple large shareholders: evidence from the valuation of cash holdings," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 419-451, May.
- Cao, Feng & Peng, Songlan (Stella) & Ye, Kangtao, 2019. "Multiple large shareholders and corporate social responsibility reporting," Emerging Markets Review, Elsevier, vol. 38(C), pages 287-309.
- Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014.
"The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders,"
Journal of Banking & Finance, Elsevier, vol. 43(C), pages 226-246.
- Sabri Boubaker & Alexis Cellier & Wael Rouatbi, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Working Papers 2014-186, Department of Research, Ipag Business School.
- Sabri Boubaker & Alexis Cellier & Wael Rouatbi, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Post-Print hal-01155449, HAL.
- Bian, Wenlong & Ren, Yan & Zhang, Hao, 2022. "Do multiple large shareholders matter in financial firms? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
More about this item
Keywords
ESG; state-owned equity; top management incentives; sustainability; digital transformation;All these keywords.
Statistics
Access and download statisticsCorrections
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:gam:jsusta:v:15:y:2023:i:15:p:11507-:d:1202151. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.