State-owned Shareholder, Property Rights, Equity Concentration and Corporate Green Investment——An Empirical Study Based on Listed Companies of Heavy Pollution Industry in China’s A-share Market
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Changlong Liu, Crystal Xiaobei Chen
This paper took 246 listed companies of heavy pollution industry in China’s A-share market with time series between 2008 and 2017 as the sample to study the impact of state-owned shareholders on the corporate green investment. The results show that the state-owned shareholders have a significant positive impact on corporate green investment. They will promote enterprises to carry out green investment and improve the level of that when participating in governance. Further considering the property rights and equity concentration, results showed that state-owned shareholders can play a better role in green investment in state-owned enterprises or enterprises with high equity concentration.
State-owned Shareholder, Corporate Green Investment, Property Rights, Equity Concentration