贵州财经大学学报

贵州财经大学学报 ›› 2025 ›› Issue (04): 61-70.

• 工商管理 • 上一篇    

共同股权网络下企业ESG表现同群效应研究

袁朋伟1, 李娇1, 董晓庆2   

  1. 1. 济南大学 管理科学与工程学院, 山东 济南 250002;
    2. 济南大学 商学院, 山东 济南 250002
  • 收稿日期:2024-09-12 发布日期:2025-07-17
  • 作者简介:袁朋伟(1984—),男,山东东营人,博士,济南大学管理科学与工程学院副教授,硕士生导师,研究方向为企业ESG理论;李娇(2000—),女,山东济南人,济南大学管理科学与工程学院硕士研究生,研究方向为资源环境评价与统计;董晓庆(1984—),女,山东莱西人,博士,济南大学商学院副教授、硕士生导师,研究方向为技术创新与经济增长。
  • 基金资助:
    国家社科基金一般项目"竞争性国企创新效率损失及优化对策研究"(20BGL047)。

The Peer Effect of Corporate ESG Performance under the Network of Common Ownership

YUAN Pengwei1, LI Jiao1, DONG Xiaoqing2   

  1. 1. School of Management Science and Engineering, University of Jinan, Jinan, Shandong 250002, China;
    2. School of Business, University of Jinan, Jinan, Shandong 250002, China
  • Received:2024-09-12 Published:2025-07-17

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摘要： 现有企业ESG表现影响因素的相关研究主要基于企业间的决策和行为相互独立的假设,忽视了其在共同股权网络中可能存在的同群效应。基于此,文章选取2012—2022年中国沪深A股企业为样本,探究共同股权网络下企业ESG表现同群效应的存在性及产生机制。研究发现:共同股权网络中企业的ESG表现存在同群效应,并且该结论经过一系列内生性检验和稳健性检验后依旧存在。机制研究表明,共同股权网络下企业ESG表现的同群效应主要源于信息传递机制、退出威胁机制及资源获取机制,即同群企业信息透明度越低、共同股东退出威胁越大、企业资源获取需求越高,企业ESG表现的同群效应越显著。异质性分析表明,共同股东为专业的机构投资者或处于控股地位时,共同股权网络下的ESG表现同群效应更加显著;同时,同一行业或同一地区内的共同股权网络中的ESG表现同群效应更为显著。研究结论丰富了企业ESG表现影响因素的相关研究,为上市企业、共同股东、政府制定相关决策提供理论支持。

关键词: ESG, 同群效应, 信息传递, 退出威胁, 资源获取

Abstract: Existing studies on the determinants of corporate ESG (Environmental, Social, and Governance) performance are primarily based on the assumption of independent decision-making among firms, overlooking potential peer effects embedded in shared ownership networks. Based on this, a sample of Chinese A-share firms in Shanghai and Shenzhen from 2012 to 2022 is selected to examine the existence and mechanisms of peer effects in ESG performance within common ownership networks. The empirical results show that corporate ESG performance exhibits significant peer effects in such networks, and the findings remain robust after a series of endogeneity and robustness tests. Mechanism analysis reveals that these peer effects are mainly driven by information transmission, exit threat, and resource acquisition mechanisms—that is, peer effects are more pronounced when the information transparency of peer firms are lower, when the threat of co-shareholder exit is stronger, and when the demand for firms’ resource acquisition is higher. Further heterogeneity analysis indicates that peer effects are more significant when the common shareholders are institutional investors or hold controlling stakes. Moreover, ESG peer effects are stronger within industry- and region-based common ownership networks. This study enriches the literature on the determinants of corporate ESG performance and provides theoretical implications for listed companies, common shareholders, and policymakers.

Key words: ESG, peer effect, information transmission, exit threat, resource acquisition

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