| Title | Institutional Investors and Green Innovation of State-owned Enterprises-Based on the Intermediary Role of Green Agency Costs |
|---|---|
| ID_Doc | 35415 |
| Authors | Long, LX; Yang, JQ |
| Title | Institutional Investors and Green Innovation of State-owned Enterprises-Based on the Intermediary Role of Green Agency Costs |
| Year | 2022 |
| Published | |
| Abstract | In the context of promoting mixed ownership reform and developing green economic policies, whether these two policies can have synergistic effects is the problem we have studied in this paper. Taking Chinese A-share state-owned companies listed in Shanghai and Shenzhen exchanges from 2012 to 2018 as the research sample we empirically examine the impact of institutional investors' participation on green technology innovation activities of Chinese state-owned enterprises and find that institutional investors tend to promote the development the green innovation in SOEs. The conclusion still holds after taking endogenous problems into consideration, and we adopt instrumental variable, lagged variables and Tobit model to ease the endogenous problems. Furthermore, we innovatively introduce green agency costs to study the inner mechanism. The results show that the participation of institutional investors affects green technology innovation by alleviating green agency cost, indicating a promoting and monitoring role of institutional investors. This study puts forward the development path and policy guidance about green innovation from the internal perspective of enterprises, which is of profound significance to the development of mixed ownership reform and green economy strategy. |
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