Does Institutional Investor Ownership Affect ESG Performance?——Evidence from Chinese Listed Companies
Under the strategic goal of"carbon peaking and carbon neutrality",the implementation of"envi-ronment,social,and governance"(ESG)is an important way for enterprises to achieve sustainable development.Institutional investors are important forces in the capital market,actively participate in corporate governance,and contribute to the planning and practice of corporate ESG.This study uses the sample of A-share listed companies in China between 2010 and 2021,explores the mechanism relationship between institutional investor ownership and corporate ESG performance.The findings show that there is a significant positive correlation between institutional in-vestor ownership and ESG performance.Institutional investors ownership has a significant promoting effect on the performance of environment(E),social responsibility(S)and corporate governance(G),which supports the"ef-fective supervision hypothesis".Heterogeneity analysis of institutional investors shows that stable institutional inves-tors and dedicated institutional investors play a more active supervisory and governance role,and have a significant-ly positive impact on corporate ESG performance.The results of this study provide practical guidence for cultivating long-term and stable institutional investors,improving the ESG performance of Chinese listed companies,and a-chieving the sustainable development of enterprises,society and environment.
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