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Building Eco-friendly Corporations: The Role of Minority Shareholders

Author

Listed:
  • Shouyu Yao

    (Tianjin University)

  • Yuying Pan

    (Shandong University of Finance and Economics)

  • Lu Wang

    (Zhejiang University of Finance and Economics
    Massey University)

  • Ahmet Sensoy

    (Bilkent University
    Lebanese American University)

  • Feiyang Cheng

    (Tianjin University
    Macquarie University)

Abstract

Based on China’s mandatory requirement for listed firms to implement online voting in their annual general shareholder meetings, we investigate whether and how minority shareholders influence corporate environmental performance (CEP). We use the difference-in-difference approach and find that the implementation of online voting promotes minority shareholders’ participation in shareholder meetings, which, in turn, leads to improved CEP of listed firms. We discover that “local pollution” exposure and “the increasing awareness of listed firms’ environmental risks” are the main motives of minority shareholders concerning listed firms’ environmental performance. Furthermore, we find that the minority shareholders improve CEP of listed firms through influencing groups with greater bargaining power.

Suggested Citation

  • Shouyu Yao & Yuying Pan & Lu Wang & Ahmet Sensoy & Feiyang Cheng, 2023. "Building Eco-friendly Corporations: The Role of Minority Shareholders," Journal of Business Ethics, Springer, vol. 182(4), pages 933-966, February.
    • Handle: RePEc:kap:jbuset:v:182:y:2023:i:4:d:10.1007_s10551-022-05291-y
    DOI: 10.1007/s10551-022-05291-y
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    More about this item

    Keywords

    Minority shareholders’ activism; Online voting; Corporate environmental performance; Bargaining power;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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