ESG Responsibility and Firm Value of State-owned Enterprises:Based on the Moderating Effect of Directors,Supervisors and Executives Appointed by Private Shareholders
Taking Shanghai and Shenzhen A-share state-owned listed firms from 2006 to 2020,this paper adapts"Access"and takes the omitted variable of"directors,supervisors and executives appointed by private shareholders"(DSMs)into consideration to investigate the impact of ESG respon-sibility on the firm value of state-owned enterprises.The results show that there exists a U-shaped nonlinear relationship between ESG responsibility and firm value of stated owned enterprises,and DSMs strengthen the U-shaped relationship.Compared with supervisors and executives,directors appointed by private shareholders do strengthen the relationship.Compared to environment indicators and corporate governance indicators,the U-shaped relationship of social indicators to firm value is more significant.In additional analysis,we find that a U-shaped nonlinear relationship between ESG responsibility and firm value is more prominent in local state-owned enterprise and those in competitive industries.We also find that DSMs can have a spillover effect on the ESG responsibility of other types of state owned enterprises those with private shareholders but without DSMs through co-private shareholders.This paper provides useful enlightenment for improving the ESG responsibility of state-owned enterprises.
State-owned EnterprisesESG ResponsibilityFirm ValueDirectors,Supervisors and Executives Appointed by Private ShareholdersCorporate Governance
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