As an important means for enterprises to achieve green transformation,ESG has attracted widespread attention.As an important market participant,the impact of Cross-Ownership on corpo-rate ESG performance is worth further exploring.Based on data from Chinese A-share listed compa-nies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022,this study examines the in-fluence of Cross-Ownership on corporate ESG performance.The research reveals the following:First,Cross-Ownership play a facilitating role in enhancing corporate ESG performance,a conclu-sion that holds true even after endogeneity and robustness tests.Second,mechanism analysis indi-cates that Cross-Ownership promote improvements in corporate ESG performance by increasing ana-lyst attention levels and internal control quality,demonstrating an information effect and governance effect.Third,digital transformation in companies positively moderates the relationship between Cross-Ownership and corporate ESG performance,strengthening the positive impact of Cross-Own-ership on ESG performance.Fourth,heterogeneity analysis reveals that in non-state-owned enter-prises,companies with higher media attention,and non-heavy-polluting companies,the role of Cross-Ownership in promoting improvements in corporate ESG performance is more pronounced.This study extends the research on the economic consequences of Cross-Ownership and provides managerial insights for companies seeking to enhance their ESG performance.
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万方数据
