Common Institutional Ownership and Corporate Green Innovation:Coordination in Governance or Collusion in Market—Empirical Evidence from Heavily Polluting Companies
Common Institutional Ownership and Corporate Green Innovation:Coordination in Governance or Collusion in Market—Empirical Evidence from Heavily Polluting Companies
Green innovation is one of the important paths for enterprises to achieve high-quality economic development.In recent years,the phenomenon of common institutional ownership has become increasingly common.Taking A-share listed companies in China's heavily polluting industries from 2011 to 2021 as a sample,the impact of common institutional ownership on corporate green innovation is explored.The results show that common institutional ownership promotes green innovation and supports synergistic governance.The mechanism of action test finds that common institutional ownership promotes corporate green innovation by improving firms'information transparency and mitigating agency costs.Further analysis shows that the impact of common institutional ownership on corporate green innovation is more obvious than that of non-state-owned enterprises.
关键词
共同机构所有权/绿色创新/协同治理
Key words
common institutional ownership/green innovation/coordination in governance
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