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Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage

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Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage. / Chen, Shuanglian; Wang, Yan; Albitar, Khaldoon; Huang, Zhehao.

In: Borsa Istanbul Review, 11.02.2021.

Research output: Contribution to journalArticlepeer-review

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@article{0aa7c7247f054c9aaef7101f91d7009c,
title = "Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage",
abstract = "This paper examines the effect of ownership concentration on engagement in corporate environmental responsibility (CER) in time and spatial dimensions. The time dimension focuses on the macroeconomic environment, in particular, periods of rapid and moderate-speed economic growth. The spatial dimension focuses on industry characteristics and different types of ownership (state or private). Further, it explores the mediating role of corporate leverage using panel regression models and stepwise regression with a sample of Chinese A-share listed companies over the period 2008-2016. The results show that ownership concentration has a significantly negative effect on CER. In addition, when we consider the macroeconomic growth rate, ownership type, and industry characteristics, the effect is heterogeneous. In periods with rapid economic growth, ownership concentration has a significantly negative effect on CER whereas it is not significant in a period with moderate economic growth. Further, the negative effect exists at state-owned and non-state-owned companies and at non-heavy-polluting industries. Corporate leverage has a partial mediating effect between ownership concentration and engagement in CER.",
keywords = "corporate leverage, engagement in corporate environmental responsibility, heterogenous effect, ownership concentration",
author = "Shuanglian Chen and Yan Wang and Khaldoon Albitar and Zhehao Huang",
year = "2021",
month = feb,
day = "11",
doi = "10.1016/j.bir.2021.02.001",
language = "English",
journal = "Borsa Istanbul Review",
issn = "2214-8450",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage

AU - Chen, Shuanglian

AU - Wang, Yan

AU - Albitar, Khaldoon

AU - Huang, Zhehao

PY - 2021/2/11

Y1 - 2021/2/11

N2 - This paper examines the effect of ownership concentration on engagement in corporate environmental responsibility (CER) in time and spatial dimensions. The time dimension focuses on the macroeconomic environment, in particular, periods of rapid and moderate-speed economic growth. The spatial dimension focuses on industry characteristics and different types of ownership (state or private). Further, it explores the mediating role of corporate leverage using panel regression models and stepwise regression with a sample of Chinese A-share listed companies over the period 2008-2016. The results show that ownership concentration has a significantly negative effect on CER. In addition, when we consider the macroeconomic growth rate, ownership type, and industry characteristics, the effect is heterogeneous. In periods with rapid economic growth, ownership concentration has a significantly negative effect on CER whereas it is not significant in a period with moderate economic growth. Further, the negative effect exists at state-owned and non-state-owned companies and at non-heavy-polluting industries. Corporate leverage has a partial mediating effect between ownership concentration and engagement in CER.

AB - This paper examines the effect of ownership concentration on engagement in corporate environmental responsibility (CER) in time and spatial dimensions. The time dimension focuses on the macroeconomic environment, in particular, periods of rapid and moderate-speed economic growth. The spatial dimension focuses on industry characteristics and different types of ownership (state or private). Further, it explores the mediating role of corporate leverage using panel regression models and stepwise regression with a sample of Chinese A-share listed companies over the period 2008-2016. The results show that ownership concentration has a significantly negative effect on CER. In addition, when we consider the macroeconomic growth rate, ownership type, and industry characteristics, the effect is heterogeneous. In periods with rapid economic growth, ownership concentration has a significantly negative effect on CER whereas it is not significant in a period with moderate economic growth. Further, the negative effect exists at state-owned and non-state-owned companies and at non-heavy-polluting industries. Corporate leverage has a partial mediating effect between ownership concentration and engagement in CER.

KW - corporate leverage

KW - engagement in corporate environmental responsibility

KW - heterogenous effect

KW - ownership concentration

U2 - 10.1016/j.bir.2021.02.001

DO - 10.1016/j.bir.2021.02.001

M3 - Article

JO - Borsa Istanbul Review

JF - Borsa Istanbul Review

SN - 2214-8450

ER -

ID: 26235881