股东环境积极主义与企业绿色创新——来自中国重污染行业上市公司的经验证据  

Environmental Shareholder Activism and Corporate Green Innovation:Empirical Evidence from China's Heavily Polluting Listed Companies

作　　者：严若森[1] 吕志栋 李浩[1] 周燃 Yan Ruosen;Lyu Zhidong;Li Hao;Zhou Ran(Economic and Management School,Wuhan University,Wuhan 430072,China;College of Economics and Management,Hubei University of Arts and Science,Xiangyang 441053,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072 [2]湖北文理学院经济管理学院,湖北襄阳441053

出　　处：《科技进步与对策》2024年第18期12-22,共11页Science & Technology Progress and Policy

基　　金：国家社会科学基金重点项目(22AGL015)。

摘　　要：基于股东治理视角,以2013—2022年中国沪深两市A股重污染行业上市公司为研究样本,实证检验股东环境积极主义对企业绿色创新的影响。结果发现,股东环境积极主义能够显著促进企业绿色创新,这一结论在系列内生性检验及稳健性检验后依然成立。机制检验表明,提高企业管理层环境关注度,是股东环境积极主义促进企业绿色创新的重要机制路径。异质性分析发现,股东环境积极主义对企业绿色创新的促进作用在环境规制较强、所处地区市场化程度较高、国有产权性质企业中更加显著。结论可丰富企业绿色创新前置因素研究,拓展与深化股东积极主义研究,从而为企业绿色创新提供理论支撑。Shareholder activism in modern enterprises has a positive impact on corporate reputation as well as long-term growth,and thus it is an important factor affecting corporate operations.The demands of activist shareholders include not only improving financial performance,but also actively seeking the improvement of corporate social performance and paying attention to the sustainable development of enterprises.Environmental shareholder activism has emerged in the context of a growing global consensus on environmental and climate issues,and enterprises that are targeted by shareholder activism are more likely to respond positively to environmental needs.Green innovation is the most effective way for firms to tackle pollution,especially those in heavily polluting industries,but few studies have yet explored the impact of environmental shareholder activism on corporate green innovation.The most important influencing factor for enterprises in heavily polluting industries to carry out green innovation comes from the enterprises themselves.Among them,differences in corporate governance will have different effects on corporate green innovation.Shareholders will naturally pay more attention to green innovation in order to enhance the profitability of enterprises.Thus,this paper explores the impact of environmental shareholder activism on corporate green innovation based on the fact that enterprises in heavily polluted industries are the focus of attention in the promotion of green development in China.This study selects A-share listed enterprises in the heavy pollution industry in China's Shanghai and Shenzhen stock markets from 2013 to 2022 as the research sample.After screening the preliminary matched samples,it obtains a total of 1037 enterprises and 8076 observation samples.Then,the study collects data on environmental shareholder activism and green innovation of sample companies,empirically examines the impact of environmental shareholder activism on corporate green innovation,and explores the role mechanism of manageme

关 键 词：股东环境积极主义 企业绿色创新 管理层环境关注度 

分 类 号：F273.1[经济管理—企业管理]