Abstract：Based on the text analysis of investors’ questions on “Hu Dong Yi” and “e Hu Dong” platforms, this study empirically tests the impact of minority shareholder activism for climate change on the corporate carbon performance. The results demonstrate that minority shareholder activism can significantly increase corporate carbon performance by improving information transparency (the information effect) and reducing two types of agency costs (the governance effect). Further analysis reveals that the governance effect of minority shareholder activism is more pronounced in firms faced with weaker product market competition and in firms with CEO duality. This supports the quiet life hypothesis rather than the career concern hypothesis. Additionally, the positive effect of minority shareholder activism on corporate carbon performance is more significant in regions with advanced green finance development, in areas piloting carbon trading systems, in firms with fewer short-sighted investors, and when investors’ questions are more negative and the quality of interaction is higher.
张晓庆，马连福，袁琛. 中小股东“气候变化”积极主义对企业碳绩效的影响研究[J]. 管理学报, 2025, 22(7): 1347-.
ZHANG Xiaoqing，MA Lianfu，YUAN Chen. Study on the Impact of Minority Shareholder Activism for Climate Change on Corporate Carbon Performance. Chinese Journal of Management, 2025, 22(7): 1347-.
