Targeted poverty alleviation is a special manifestation form of social responsibility fulfilled by Chinese listed companies in recent years.By taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2016 to 2021 as samples,this study empirically tests the relationship between foreign shareholders and targeted poverty alleviation.It is found that foreign shareholders are willing to actively participate in targeted poverty alleviation.Specifically,the listed companies with foreign shareholders have a higher probability of participating in targeted poverty alleviation and greater investment in targeted poverty alleviation compared with the listed companies without foreign shareholders,and moreover,the listed companies with more foreign shareholders have an even higher probability of participating in targeted poverty alleviation and even greater investment in targeted poverty alleviation.This conclusion holds true after both robust factors and endogenous factors are controlled.The heterogeneity test results in different contexts indicate that the driving effect of foreign shareholders on targeted poverty alleviation is more clearly manifested in non-state-owned enterprises,low institutional environment areas and low stock price collapse risk enterprises.These research conclusions have provided the empirical evidence on the impact of foreign shareholders on targeted poverty alleviation,expanding the research perspectives on the influencing factors of targeted poverty alleviation.
维普
万方数据