Linking governance structure and sustainable operations of Chinese manufacturing firms: The moderating effect of internationalization

JOURNAL OF CLEANER PRODUCTION

卷:253

Article

Liu, Tiansen^1,5  Liu, He^2,6  Zhang, Yufeng^3,7  Song, Yazhi^4,8  Su, Yi^1,9  Zhu, Yue^2,6 

[1] Harbin Engn Univ, Sch Econ & Management, Harbin, Heilongjiang, Peoples R China

[2] Harbin Inst Technol, Sch Management, Harbin, Heilongjiang, Peoples R China

[3] Univ Birmingham, Business Sch, Birmingham, W Midlands, England

[4] Jiangsu Normal Univ, Business Sch, Xuzhou, Jiangsu, Peoples R China

[5] Rm 402,Unit 4,73 Youyi Rd, Harbin 150010, Heilongjiang, Peoples R China

[6] 92 West Dazhi St, Harbin 150001, Heilongjiang, Peoples R China

[7] Univ House,Edgbaston Pk Rd, Birmingham B15 2TY, W Midlands, England

[8] 101 Shanghai Rd, Xuzhou 221116, Jiangsu, Peoples R China

[9] 145 Nantong Ave, Harbin 150001, Heilongjiang, Peoples R China

关键词: Corporate governance;    Sustainable operations;    Size of exported products;    Internationalization;    Chinese manufacturing firms;   

DOI  :  10.1016/j.jclepro.2019.119949

来源: Elsevier

【 摘 要 】

Based on 2,775 firm-year observations of Chinese manufacturing firms (CMFs) as their significant impact on mitigating climate change and distinctive governance structures, this paper examines whether CMFs' internationalization degree (INTD) improves the effect of their governance structure (GS) on sustainable operations (SO). Specifically, we define GS from aspects of ownership concentration, size of independent director, and state-holding intensity. Through OLS regression, Fixed Effect Test, and Random Effect Test, the change of SO can be robustly explained in a systematic manner. Empirical results present that CMFs' INTD is lower in general. Stronger state-holding can significantly improve SO, and INTD can motivate ownership concentration to act on SO. Further, INTD that exceeds the average of all sample significantly improves ownership concentration's effect on SO, but lower INTD is unable to promote any GS indicator to produce a positive effect. Additionally, the size of independent director has not been able to improve SO. Our findings indicate that key shareholders' decision-making authority more directly guides firms' sustainability, and thus CMFs with centralized governance mode are more likely to develop SO. What's more, global-market expansion provides a feasible path that helps link corporate governance and SO. (C) 2020 Elsevier Ltd. All rights reserved.

【 授权许可】

Free