Practicing ESG concepts is the only way for enterprises to develop sustainably,and institutional inves-tors,one of the internal stakeholders,have an impact on corporate operation and management,thereby affecting cor-porate ESG performance.This paper takes China's Shanghai and Shenzhen A-share listed enterprises from 2011 to 2021 as a research sample to empirically examine the impact of heterogeneous institutional investors'shareholding on corporate ESG performance.The study finds that pressure-resistant institutional investors are more likely to im-prove the ESG performance of enterprises,and this promotion effect is stronger in non-state-owned enterprises and high-tech enterprises.Further mechanism tests show that pressure-resistant institutional investors can promote enter-prises ESG performance by alleviating enterprises financing constraints and improving their internal control levels.
维普
万方数据