How does green industrial policy influence institutional investor ownership? Evidence from a quasi-natural experiment

IF 5.2 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-12-01 Epub Date: 2025-11-02 DOI:10.1016/j.gfj.2025.101209

William Mbanyele , Ying Liu , Xinwei Qu , Hongyun Huang

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Abstract

This paper investigates whether institutional investors respond to green industrial policies. Although previous research has largely emphasized the adverse effects of climate risks on investor behavior, little evidence exists on how supportive policy shocks shape capital allocation. Using data from 3554 Chinese listed firms between 2013 and 2023, we assess whether institutional investors increase holdings in policy-endorsed firms. Results show that institutional investors substantially raise ownership in green factory firms, with stronger effects among both green-focused and general investors. Two mechanisms (i.e., signaling and strategic resource advantages) appear to drive this response. Moreover, policy-endorsed firms later exhibit higher firm value, better environmental disclosure quality, and greater environmental protection investment. These findings demonstrate that green industrial policies can redirect capital by influencing investor demand, providing timely evidence on the link between finance and sustainability.

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绿色产业政策如何影响机构投资者所有权？来自准自然实验的证据

本文考察了机构投资者对绿色产业政策的响应。尽管以往的研究主要强调气候风险对投资者行为的不利影响，但关于支持性政策冲击如何影响资本配置的证据很少。利用2013年至2023年3554家中国上市公司的数据，我们评估了机构投资者是否增持了政策支持公司的股份。结果表明，机构投资者大幅提高了绿色工厂企业的所有权，对绿色重点投资者和普通投资者的影响都更强。两种机制（即信号和战略资源优势）似乎推动了这种反应。政策支持型企业在后期表现出更高的企业价值、更好的环境信息披露质量和更大的环保投资。这些发现表明，绿色产业政策可以通过影响投资者需求来转移资本，为金融与可持续性之间的联系提供了及时的证据。

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

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.