Ethnic green culture in leadership and corporate green investment: Evidence from China

IF 5.2 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-03 DOI:10.1016/j.gfj.2025.101133

Yuan Du , Lu Sun , Wei Cui , Hongxin Wang

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引用次数: 0

Abstract

Drawing on the distinct ecological cultures and ethics upheld by China's ethnic minority groups and the Han majority, this study investigates how ethnic ecological values influence corporate pro-environmental decision-making. Based on 28,945 firm-year observations from 2010 to 2022, we find that firms led by ethnic minority leaders engage in significantly higher levels of green investment. Furthermore, this positive effect strengthens as the proportion of minority leaders within corporate leadership increases. Using difference-in-differences and other econometric techniques, we confirm that these results are not driven by geographic location or reverse causality. Finally, we find that the green investment–enhancing effect is moderated by the age, tenure, and board directorship of ethnic minority leaders. This study contributes to the diversity literature by uncovering cultural and ethical pathways through which ethnicity shapes corporate strategies, offering new insights into the drivers of green investment in multiethnic contexts.

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领导中的民族绿色文化与企业绿色投资：来自中国的证据

本研究利用中国少数民族和汉族所秉持的独特生态文化和伦理，探讨民族生态价值观如何影响企业的亲环境决策。基于2010 - 2022年28,945个企业年的观察，我们发现少数民族领导的企业参与绿色投资的水平显著更高。此外，这种积极效应随着少数族裔领导者在企业领导层中所占比例的增加而增强。使用差异中的差异和其他计量经济学技术，我们确认这些结果不是由地理位置或反向因果关系驱动的。最后，我们发现少数民族领导人的年龄、任期和董事职位对绿色投资促进效应有调节作用。本研究通过揭示种族塑造公司战略的文化和伦理途径，为多元种族背景下绿色投资的驱动因素提供了新的见解，从而为多样性文献做出了贡献。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.