Abstract：This study takes listed companies in heavy polluting industries from 2007 to 2021 as the research objects, and empirically tests the impact of common institutional ownership on corporate environmental investment decisions. The study finds that common institutional ownership reduces the level of corporate environmental investment and supports the competitive collusion hypothesis, and this effect becomes more obvious with the improvement of the collusion motivation and ability of common institutional investors. Further research finds that the mechanism of common institutional ownership reducing corporate environmental investment is to enhance the market monopoly position of enterprises, thus weakening the internal motivation of enterprises to carry out environmental investment; at the same time, the shareholding of common institutions mainly reduces the strategic environmental protection investment of enterprises, without affecting the compliance environmental protection investment of enterprises. Moreover, the decline in the level of corporate environmental investment is not the result of the synergistic governance effect of common institutional shareholdings; in addition, the competitive collusion effect of common institutional ownership on corporate environmental investment decisions is more significant in non-state-owned enterprises, enterprises with low media attention and low environmental regulation intensity.
彭伊，韩亮亮. 共同机构持股对企业环保投资决策的影响研究[J]. 管理学报, 2025, 22(6): 1103-.
PENG Yi，HAN Liangliang. Research on the Influence of Common Institutional Ownership on Corporate Environmental Investment. Chinese Journal of Management, 2025, 22(6): 1103-.
