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| Research on the Impact of Non-Controlling Large Shareholders on Corporate ESG Performance |
| BAI Xuelian，ZHAO Xin，HE Meng |
| 1.Capital University of Economics and Business, Beijing, China;2. Qilu Institute of Technology， Qufu， Shandong， China |
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Abstract Using Chinese A-share listed companies from 2011 to 2022 as the research sample, this study empirically examines the impact of non-controlling large shareholders on corporate ESG performance. The findings reveal that non-controlling large shareholders can enhance corporate ESG performance, with a higher shareholding percentage correlating with better governance outcomes. Mechanism analysis indicates that “governance effects” and “resource effects” are two pathways through which non-controlling large shareholders enhance corporate ESG performance. An analysis based on the heterogeneity of non-controlling large shareholder types suggests that long-term strategic non-controlling large shareholders have a stronger positive impact on corporate ESG performance than short-term profit-oriented non-controlling large shareholders. Moreover, the study finds that non-controlling large shareholders exert a positive influence on the social responsibility(S) and corporate governance(G) dimensions, while their impact on the environmental(E) dimension is relatively limited. Heterogeneity analysis shows that the influence of non-controlling large shareholders on corporate ESG performance is more pronounced in companies with lower levels of investor protection.
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Received: 13 October 2023
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