Major Shareholder Control,External Supervision Hierarchy and Firm ESG Performance
This paper takes A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as the research object,and conducts A theoreti-cal discussion and empirical test on the nonlinear relationship between majority shareholder control and corporate ESG performance,and examines the moderating effect of external supervision on majority shareholder control and corporate ESG performance,and further examines the difference of the nonlinear relationship from the perspective of different shareholder characteristics.The results show that the influence of majority shareholder control on ESG performance is an inverted U-shaped nonlinear feature.The inverse-U relationship is more obvious in higher external supervision environment and changes with the level of external supervision.The moderating effect of external supervision becomes weaker at the macro level and stronger at the micro level.The mechanism test shows that the control rights of major shareholders affect the ESG performance of enterprises through two kinds of agency costs and related transaction behavior.There are heterogeneous effects of different shareholder characteristics on the control rights of major shareholders.This paper not only deepens the research on factors affecting ESG performance of enterprises,but also helps to deeply under-stand the role of major shareholders in corporate governance,which is of great significance for understanding the governance role of major shareholde-rs and how to improve ESG performance of enterprises and promote sustainable development of enterprises.
万方数据
维普
