Non-State Shareholder Governance,ESG Performance and Corporate Value
Taking state-owned listed companies from 2011 to 2020 as a research sample,this paper examines the impact of non-state shareholder governance on the value of state-owned enterprises(SOEs)in terms of two dimensions:equity governance and board governance.It is found that non-state shareholder governance can effectively enhance the value of SOEs,and both equity governance and board governance enhance the value of SOEs.The mechanism test finds that non-state shareholder governance enhances SOE value by improving ESG performance.The heterogeneity test shows that the enhancement effect of non-state shareholder governance on SOE value is mainly seen in commercially competitive SOEs and large SOEs.The findings of this paper enrich the research on the economic consequences of non-state shareholder governance,and provide empirical lessons for further promoting mixed ownership reform to realize the green and high-quality development of SOEs.
Non-State shareholder governanceESG performanceEquity governanceBoard governanceCorporate value
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