Leviathan Inc. and Corporate Environmental Engagement

• 成果类型: Article
• 署名作者: Hsu, Po-Hsuan; Liang, Hao; Matos, Pedro
• 署名单位: National Tsing Hua University; Singapore Management University; European Corporate Governance Institute
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4064
• 发表日期: 2023
• 页码: 7719-7758
• 关键词: State Ownership; environmental engagement; sustainability; Ownership structure

摘要

In a 2010 special report, The Economist magazine termed the resurgence of stateowned, publicly listed enterprises Leviathan Inc. and criticized the poor governance and low efficiency of these firms. We compile a new comprehensive data set of state ownership of publicly listed firms in 44 countries over the period of 2004-2017 and show that state-owned enterprises are more responsive to environmental issues. The effect is more pronounced in economies lacking energy security and strong environmental regulation, and among firms with more local operations and higher domestic government ownership. We find a similar effect on corporate social engagement but not on governance quality. These results suggest a different role for Leviathan Inc., especially in dealing with environmental externalities.