Common institutional ownership and corporate green performance, do state-owned institutions make a difference?
Résumé
We investigate the influence of common institutional ownership on corporate environmentalperformance. Using a large sample of Chinese listed firms, we find that firms having aninstitutional cross-owner are associated with significantly higher corporate green performancecompared with those who do not have such a cross-owner. Further analysis indicates thatinstitutional cross-owners enhance corporate green innovation and increase firm productivity,which explains the positive effect of common ownership on corporate green performance.Moreover, institutional cross-owners facilitate industry coordination and increase industry’sgreen total factor productivity. This result supports the coordination effects of institutionalcross-owners. We also explore the role of state-owned institutional cross-owners on corporateenvironmental engagement and find that state-owned institutional cross-owners improveenvironmental performance in general, but the effect is only significant in privately-ownedfirms but not in state-owned enterprises (SOEs), which have strong social objectives naturally.
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