Version 1
: Received: 2 June 2023 / Approved: 5 June 2023 / Online: 5 June 2023 (13:38:27 CEST)
How to cite:
Yang, C.; Qian, T. State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives. Preprints2023, 2023060328. https://doi.org/10.20944/preprints202306.0328.v1
Yang, C.; Qian, T. State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives. Preprints 2023, 2023060328. https://doi.org/10.20944/preprints202306.0328.v1
Yang, C.; Qian, T. State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives. Preprints2023, 2023060328. https://doi.org/10.20944/preprints202306.0328.v1
APA Style
Yang, C., & Qian, T. (2023). State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives. Preprints. https://doi.org/10.20944/preprints202306.0328.v1
Chicago/Turabian Style
Yang, C. and Ting Qian. 2023 "State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives" Preprints. https://doi.org/10.20944/preprints202306.0328.v1
Abstract
This study examines the unique circumstances surrounding state-owned equity participation in non-state-controlled enterprises in China. Specifically, this study examines the impact of state-owned equity participation on the environmental, social, and governance (ESG) performance of non-state-controlled enterprises. Focusing on A-share listed firms on the Shanghai and Shenzhen Stock Exchanges and using data from 2013 to 2021, empirical testing shows that state-owned equity participation can significantly improve the ESG performance of non-state-controlled enterprises, with this conclusion remaining reliable after a series of robustness tests. Top management incentives is a mediating mechanism for state-owned equity participation in enhancing ESG performance. This study also finds that when state-owned equity participates in large enterprises or companies with a high degree of digital transformation, the effect on ESG performance is greater than that of small to medium-sized enterprises (SMEs) or enterprises with a low level of digital transformation. The findings of this study add to the current body of the existing field of research on the factors influencing corporate ESG performance and the impact of state-owned equity on corporate non-financial performance.
Keywords
ESG; State-owned equity; Top management incentives; Sustainability; Digital transformation
Subject
Business, Economics and Management, Business and Management
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
