Chain Shareholders and Corporate ESG Performance:Enhancement or Detriment?
As a bridge of capital linkage between enterprises in the same industry,there are two different views on the positive and negative effects of chain shareholders on corporate decision-making.This paper empirically examines the relationship between chain shareholders and Corporate ESG performance with the data of Chinese A-share listed companies.The results show that chain shareholders exerted a positive effect on corporate ESG performance,contributing to its improvement.The intermediation effect test shows that the enhancement of corporate ESG performance is attributed to the super-visory and resource effects of chain shareholders in reducing agency costs and easing fi-nancing constraints.Heterogeneity analysis indicates that the improvement in corporate ESG performance is more pronounced in institutional shareholders,non-high-tech com-panies,and companies in the eastern region.Therefore,this study suggests a dialectical view of the chain shareholder effect,distinguishing the impact of different types of chain shareholders on corporate decision-making and the differential impact of different cate-gories of chain shareholders on corporate ESG performance.It emphasizes leveraging the role of institutional chain shareholders in enhancing corporate ESG performance and calls for regulatory authorities to standardize the establishment of corporate social rela-tions networks and implement categorized supervision.
万方数据
维普
