How to Empower Green Technology Innovation of Private Enterprises by Environmental Protection Oriented Shareholders

Zeyu Tian

doi:10.62177/apemr.v2i5.821

Authors

Zeyu Tian Xi'an Polytechnic University

DOI:

https://doi.org/10.62177/apemr.v2i5.821

Keywords:

State-Owned Shareholders, Green Shareholders, Green Technology Innovation, Substitution Effect, Complementary Effect

Abstract

Based on the fact that green shareholders and state-owned shareholders are generally considered as two types of shareholders to promote the performance of green technology innovation in enterprises, we know little about whether and how these two types of shareholders can play a synergistic effect in empowering the performance of green technology innovation in private enterprises under the background of vigorously promoting new quality productivity and emphasizing high quality and sustainable development in China. Based on the stakeholder and resource-based theory, this study empirically tests the impact of environmental oriented shareholders on the performance of green technology innovation of enterprises and the synergy effect of green shareholders and state-owned shareholders in the process, taking China's A-share private listed companies from 2012 to 2022 as the research sample. The results show that: (1) environmental oriented shareholders have a significant positive impact on private enterprises' green technology innovation, and the result is still valid after the robustness test; (2) Environmental protection oriented shareholders promote the green technology innovation performance of private enterprises by improving their risk-taking ability; (3) The proportion of environmental protection oriented shareholders strengthens the positive impact of environmental protection oriented shareholders on green technology innovation performance, and strengthens the intermediary role of enterprise risk-taking ability; (4) The heterogeneity test shows that among the eastern and central regions, non heavy pollution industries, large-scale and private enterprises with low separation of ownership and ownership, the positive effect of environmental protection oriented shareholders on green technology innovation is more significant. The main implications are as follows: (1) enterprises should pay attention to the role of environmental protection oriented shareholders in the green transformation, and actively attract the investment of such shareholders; (2) The synergy test results show that in the process of enabling the green technology innovation performance of private enterprises, the state-owned shareholders have crowding out effect on the green shareholders, and the green shareholders have complementary effect on the state-owned shareholders; (3) The results of heterogeneity analysis show that the crowding out effect of state-owned shareholders on green shareholders is more significant in the eastern region and heavy pollution industries; At the same time, it is found that the synergy effect of state-owned shareholders on green shareholders is complementary in the central region and enterprises with environmental protection background.

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