ScholarWorks@중앙대학교

초록

This study empirically analyzes the relationship between institutional investor ownership and corporate ESG performance, examining heterogeneous effects based on investor type and ownership structure. Using panel data of Chinese A-share listed companies from 2019 to 2023, we applied a fixed-effects regression model. The empirical results confirm a significant U-shaped relationship between institutional ownership and ESG performance. Specifically, in the low ownership range, ESG activities are suppressed due to a focus on short-term financial outcomes; however, once ownership exceeds a certain threshold, ESG performance improves, driven by reputation management and the pursuit of long-term value. Furthermore, long-term stable investors were found to have a positive impact on ESG performance, whereas the influence of short-term trading investors was not statistically significant. The analysis also reveals that state-owned enterprises (SOEs) exhibit a higher threshold for the positive governance effect compared to non-SOEs. These findings highlight the governance role of institutional investors and suggest that promoting long-term capital participation and designing differentiated regulations are essential for enhancing corporate sustainability.

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