业务
中心性
公司治理
中国
机构投资者
持续性
控制(管理)
竞赛(生物学)
质量(理念)
产业组织
会计
财务
经济
组合数学
管理
生物
法学
数学
生态学
政治学
哲学
认识论
作者
Baochen Yang,Chunying Guo,Ying Fan
标识
DOI:10.1080/1540496x.2023.2206515
摘要
This paper examines whether and how the network centrality of institutional investors affects firms' sustainability development. Using data from the Chinese market, we find that central institutional investors in the social network significantly increase firms' overall ESG performance. For the environmental, social, and governance pillars of ESG, we find that environmental performance is more likely to be driven by central institutional investors. We further show that central institutional investors act as active monitors and resource providers, enhancing firms' ESG performance by improving corporate internal control quality, promoting the corporate information environment, alleviating financing constraints, and increasing green innovation capability. Furthermore, the relationship between centrality and ESG performance is considerably more pronounced for firms with political connections or under a high degree of industry competition but more diminished in periods of high economic policy uncertainty.
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