气候变化领域集成服务门户(CCPortal): Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm

CCPortal

DOI	10.1016/j.techfore.2023.122676
	Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm
	Wu, Bao; Gu, Qiuyang; Liu, Zijia; Liu, Jiaqiang
发表日期	2023
ISSN	0040-1625
EISSN	1873-5509
卷号	194
英文摘要	As individual investors who act independently can generate only limited influence on corporate decisions, this paper considers clustered institutional investors connected through investor networks as salient external stakeholders and investigates whether shared preferences for environmental, social, and governance (ESG) among clustered institutional investors induce more low-carbon innovation of family firms. Using a dataset with 9249 observations over the period of 2007-2019 of Chinese family firms, we develop a novel measurement for the shared preferences for ESG activities among clustered institutional investors and find that such shared preferences are positively related to corporate low-carbon innovation. From a stakeholder perspective, we explore the moderating effects of green finance and family control. Our findings suggest that green finance strengthens the above relationship, but this positive moderating effect is significant only in the low-uncertainty economic context. We also find that as family control increases, the positive impact of the shared preferences for ESG among clustered institutional investors on low-carbon innovation becomes less pronounced, and such a negative moderating effect disappears if a family successor is present in the top management team.
英文关键词	Institutional investor networks; Low-carbon innovation; Green finance; Family control
语种	英语
WOS研究方向	Business ; Regional & Urban Planning
WOS类目	Social Science Citation Index (SSCI)
WOS记录号	WOS:001033473500001
来源期刊	TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281433
作者单位	Zhejiang University of Technology
推荐引用方式 GB/T 7714	Wu, Bao,Gu, Qiuyang,Liu, Zijia,et al. Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm[J],2023,194.
APA	Wu, Bao,Gu, Qiuyang,Liu, Zijia,&Liu, Jiaqiang.(2023).Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm.TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE,194.
MLA	Wu, Bao,et al."Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm".TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE 194(2023).