Institutional investors and corporate green innovation: Evidence from China

IF 1.1 4区经济学 Q3 ECONOMICS

Pacific Economic Review Pub Date : 2023-11-06 DOI:10.1111/1468-0106.12440

Zhen Yang, Dongwei Su, Shulin Xu, Xu Han

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Abstract

Abstract Using data for manufacturing firms listed on China A‐share markets between 2003 and 2018, this research explores the impact of institutional investors on corporate green innovation. The study finds that pressure‐resistant institutional investors (PR investors) positively contribute to green innovation, whereas pressure‐sensitive institutional investors (PS investors) hinder it. In addition, this study examines the moderating effect of political ties, distinguishing between ascribed and achieved ties. Ascribed ties weaken the positive relationship between PR investors and green innovation, whereas achieved ties strengthen it and weaken the negative association between PS investors and green innovation. Moreover, the study investigates the influence of institutional development on the relationship between institutional investors and green innovation, and finds that managerial myopia is the mechanism through which institutional investors influence green innovation. Furthermore, this study reveals that there are heterogeneity effects among small and large firms, polluting and non‐polluting firms, and firms facing different levels of market competition. Overall, the study sheds new light on how institutional investors, acting as ‘invisible hands’, interact with political ties, acting as ‘visible hands’, to impact green innovation in transition economies.

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机构投资者与企业绿色创新:来自中国的证据

摘要本文利用2003 - 2018年中国A股制造业上市公司的数据，探讨了机构投资者对企业绿色创新的影响。研究发现，抗压型机构投资者(PR投资者)积极促进绿色创新，而压力敏感型机构投资者(PS投资者)则阻碍绿色创新。此外，本研究检验了政治关系的调节作用，区分了归属关系和实现关系。归因关系弱化了公关投资者与绿色创新之间的正相关关系，实现关系强化了公关投资者与绿色创新之间的正相关关系，弱化了公关投资者与绿色创新之间的负相关关系。此外，研究还考察了制度发展对机构投资者与绿色创新关系的影响，发现管理近视是机构投资者影响绿色创新的机制。此外，研究还发现，中小企业和大型企业、污染企业和非污染企业以及面临不同程度市场竞争的企业之间存在异质性效应。总的来说，这项研究揭示了机构投资者作为“看不见的手”如何与政治关系互动，作为“看得见的手”，影响转型经济体的绿色创新。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： The Pacific Economic Review (PER) publishes high-quality articles in all areas of economics, both the theoretical and empirical, and welcomes in particular analyses of economic issues in the Asia-Pacific area. Published five times a year from 2007, the journal is of interest to academic, government and corporate economists. The Pacific Economic Review is the official publication of the Hong Kong Economic Association and has a strong editorial team and international board of editors. As a highly acclaimed journal, the Pacific Economic Review is a source of valuable information and insight. Contributors include Nobel Laureates and leading scholars from all over the world.