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<p>This paper examines the impact of common ownership on the two-stage green innovation efficiency (GIE) of listed companies in China. The results show that common ownership significantly improves both green R&amp;D efficiency (GRDE) and green achievement transformation efficiency (GATE). Further heterogeneity analysis reveals that the positive effect of common ownership is more pronounced in firms operating in highly competitive markets and in regions with a higher level of green finance development. In addition, the effect on GRDE is more substantial for state-owned enterprises, whereas the effect on GATE is more pronounced for non-state-owned enterprises. Mechanism analysis suggests that common ownership enhances GIE through two main channels: internal governance (by alleviating principal-agent problems, fostering executives’ innovation consciousness, and promoting the greening of corporate strategies) and external coordination (by enhancing joint innovation capacity, easing financial constraints, and increasing market recognition). Further analysis indicates that robust university-industry collaboration and strong environmental pollution control intensity are critical factors enabling enterprises to upgrade their green innovation efficiency from lower to higher tiers. These findings offer important guidance for China and other emerging economies in fully leveraging capital markets to support corporate sustainable development.</p>

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Common ownership and corporate green innovation efficiency-based on a two stage value chain perspective

  • 期刊论文

  • 发表日期：

    2026年1月6日

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  • Zeyu Wang,
  • Qingze Wang

摘要

This paper examines the impact of common ownership on the two-stage green innovation efficiency (GIE) of listed companies in China. The results show that common ownership significantly improves both green R&D efficiency (GRDE) and green achievement transformation efficiency (GATE). Further heterogeneity analysis reveals that the positive effect of common ownership is more pronounced in firms operating in highly competitive markets and in regions with a higher level of green finance development. In addition, the effect on GRDE is more substantial for state-owned enterprises, whereas the effect on GATE is more pronounced for non-state-owned enterprises. Mechanism analysis suggests that common ownership enhances GIE through two main channels: internal governance (by alleviating principal-agent problems, fostering executives’ innovation consciousness, and promoting the greening of corporate strategies) and external coordination (by enhancing joint innovation capacity, easing financial constraints, and increasing market recognition). Further analysis indicates that robust university-industry collaboration and strong environmental pollution control intensity are critical factors enabling enterprises to upgrade their green innovation efficiency from lower to higher tiers. These findings offer important guidance for China and other emerging economies in fully leveraging capital markets to support corporate sustainable development.