Jiang, Jie ORCID: 0000-0002-5461-1574 , Seng, Julian ORCID: 0000-0002-3899-5520 , Huo, Wenjin ORCID: 0009-0000-8252-4606 and Shi, Jingwen ORCID: 0009-0009-9464-5734 (2024) Mitigating managerial short-sightedness in green technology innovation and corporate financial performance: the role of “National Team” shareholding. International Review of Financial Analysis, 96 (PART A):103622. ISSN 1057-5219 (Print), 1873-8079 (Online) (doi:https://doi.org/10.1016/j.irfa.2024.103622)

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Abstract

The potential for green technology innovation (GTI) to enhance corporate financial performance continues to be the core motivation for sustained investment by companies. However, the micro-mechanisms to enhancing financial performance have not yet received sufficient attention in the academic literature. Internal corporate governance and corporate management constitute crucial factors that affect the process in which GTI contributes to corporate technological progress, and to the enhancement of corporate financial performance. Specifically, this paper will examine the role of “National Team” shareholding in corporate governance in mitigating managerial short-sightedness in GTI. A two-way fixed effects panel OLS model will be applied for individual-time on 618 listed companies with consistent R&D activities from 2015 to 2022. The results show that corporate GTI promotes corporate financial performance via technological progress. Through the conditional process analysis, it shows that the interaction of CEO narcissism and the “National Team” shareholding proportion together moderate the relationship between corporate GTI and technological progress, with the “National Team” shareholding proportion contributing to the impact of technological progress on corporate financial performance. From a corporate governance point of view, the presence of institutional investors helps mitigate the negative impact of managerial short-sightedness in technological progress.

Item Type:	Article
Uncontrolled Keywords:	green technology innovation, corporate financial performance
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > Executive Business Centre Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA)
Last Modified:	17 Oct 2024 09:34
URI:	http://gala.gre.ac.uk/id/eprint/48331

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