Mixed Ownership and Sustainable Development of Private Firms:From the Perspective of ESG Performance
Taking Shanghai-Shenzhen A-share private listed firms from 2011 to 2021 as samples,this paper explores the relationship between mixed ownership and sustainable development of private firms from the perspective of ESG performance.It is found that state-owned capital participation in private firms significantly improves firms'ESG performance,and this conclusion is still established after robustness tests such as Heckman two-stage model,difference-in-differences model,propensity score matching meth-od,Oster test,and alternative measures of key variables.The mechanism test indicates that state-owned shareholders affect firms'ESG performance by enhancing the participation of medium and small shareholde-rs in governance and improving the firm's ability to obtain resources.Heterogeneity analysis shows that for private firms with higher institutional shareholding ratio and higher media attention,in the period of stronger economic policy uncertainty,state-owned capital participation has a more obvious improvement effect on firms'ESG performance.
private firmsmixed ownershipESG performancesustainable development
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