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Abstract Taking private listed companies from 2007 to 2019 as research sample, this study empirically tests the impact of state-owned capital participation on ESG performance of private enterprises. It is found that state-owned capital participation improves the ESG performance of private enterprises. Based on the perspective of external stakeholders, it is found that the positive impact of state-owned capital participation on ESG performance is more significant in private enterprises with strong government intervention degree, strong IN competition degree, high supply chain concentration degree and high media attention. Furthermore, the mechanism test shows that state-owned capital participation improves the ESG performance of private enterprises by exerting the governance effect and resource effect. The economic consequences test shows that the synergistic effect of state-owned capital participation and ESG performance promotes the sustainable development of private enterprises in the future.
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Received: 04 May 2022
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