ISSN 2096-2533

CN 42-1881/F



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发布时间:2024-03-29作者:肖建忠 李浩楠 李卫伟浏览次数:56



How Can Green Fund Holdings Improve Company's Environmental Performance

Abstract: Under the background of the construction of green financial system, can green funds play a role in promoting China's enterprises and even the whole capital market through their own green advantages to realize sustainable development? Based on the sample of listed companies from 2009 to 2020, this paper conducts an empirical study and finds that green funds' shareholding has a significant role in promoting the green performance of listed companies, and improves the environmental performance of enterprises by supervising the management. After categorizing green funds into active and passive green funds based on different investment strategies, this paper investigates the heterogeneity of their paths of action: the quality of information disclosure plays a crucial role in passive green funds; market concern play a crucial role in active green funds. Further research finds that higher shareholdings in green funds are more conducive to the promotion of direct incentives and indirect incentives for good environmental performance by enterprises. The findings provide a new theoretical basis for the role of green funds in corporate governance from the perspective of environmental responsibility, which is of great significance in promoting the realization of green and sustainable development of enterprises and the construction of a complete green financial system.

Keywords: Green Funds; Environmental Performance; Disclosure Quality; Market Concerns


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