{"title":"State ownership and green innovation in family firms","authors":"Ying Tang, Tingting Yang, Jinyu Chen, Zhiyong Li","doi":"10.1111/irfi.70039","DOIUrl":null,"url":null,"abstract":"<p>This paper delves into the influence of state ownership on green innovation in family firms using a sample of Chinese listed companies from 2008 to 2021. Our results show that state ownership significantly promotes family firms' green innovation performance. Intergenerational succession, CEO's green experience, and Confucian cultural atmosphere moderate this positive relationship significantly. Channel tests indicate that state ownership positively affects green innovation in family firms by enhancing their corporate social responsibility, facilitating their access to external resources, and improving their internal control quality. Cross-sectional analysis shows that the promoting effect of state ownership on green innovation is more prominent among family firms in non-heavily polluting industries, those with higher levels of information transparency, and those facing lower levels of market competition. These findings provide new insights into the reverse mixed-ownership reform in China and offer valuable guidance for family firms in formulating effective green innovation strategies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6000,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/irfi.70039","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This paper delves into the influence of state ownership on green innovation in family firms using a sample of Chinese listed companies from 2008 to 2021. Our results show that state ownership significantly promotes family firms' green innovation performance. Intergenerational succession, CEO's green experience, and Confucian cultural atmosphere moderate this positive relationship significantly. Channel tests indicate that state ownership positively affects green innovation in family firms by enhancing their corporate social responsibility, facilitating their access to external resources, and improving their internal control quality. Cross-sectional analysis shows that the promoting effect of state ownership on green innovation is more prominent among family firms in non-heavily polluting industries, those with higher levels of information transparency, and those facing lower levels of market competition. These findings provide new insights into the reverse mixed-ownership reform in China and offer valuable guidance for family firms in formulating effective green innovation strategies.
期刊介绍：
The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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