RESEARCH ARTICLE
Multiple large shareholders and ESG performance: Evidence from the cost-sharing and resource-provision view
Fuxiu Jiang,
Jia Ma,
Xiaojia Zheng,
Fuxiu Jiang
School of Business, Renmin University of China, Beijing, China
Search for more papers by this authorJia Ma
School of Business, Renmin University of China, Beijing, China
Search for more papers by this authorCorresponding Author
Xiaojia Zheng
School of International Trade and Economics, University of International Business and Economics, Beijing, China
Correspondence
Xiaojia Zheng, School of International Trade and Economics, University of International Business and Economics, 10 Huixin East Street, Chaoyang District, Beijing, 100029, China.
Email: [email protected]
Search for more papers by this authorFuxiu Jiang,
Jia Ma,
Xiaojia Zheng,
Fuxiu Jiang
School of Business, Renmin University of China, Beijing, China
Search for more papers by this authorJia Ma
School of Business, Renmin University of China, Beijing, China
Search for more papers by this authorCorresponding Author
Xiaojia Zheng
School of International Trade and Economics, University of International Business and Economics, Beijing, China
Correspondence
Xiaojia Zheng, School of International Trade and Economics, University of International Business and Economics, 10 Huixin East Street, Chaoyang District, Beijing, 100029, China.
Email: [email protected]
Search for more papers by this authorAbstract
This paper investigates how multiple large shareholders (MLS) influence firms' environmental, social and governance (ESG) performance. Based on Chinese data, we find that firms with MLS perform better on ESG compared to firms with a single blockholder. This impact is stronger in firms with a more balanced ownership structure and in the pandemic period, which supports the cost-sharing of other large shareholders in motivating ESG activities. Such impact is also intensified in firms with different types of large shareholders and with foreign shareholders, aligning the resource provision mechanism. This study reveals a novel role of other large shareholders in driving ESG.
Open Research
DATA AVAILABILITY STATEMENT
Data are available from the corresponding author upon reasonable request.
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