중국 상장기업의 기관 투자자 지분 보유와 기업ESG 성과 간 관계 분석

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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