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《Business Management Journal》 2019-08
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Governance Participation of Party Organization and Green Behavior of Private Enterprises

WANG Shu-yang;WU Rui;GAO Xu-dong;LI Xiao-hua;School of Economics and Management,Tsinghua University;Research Center for Technological Innovation,Tsinghua University;Schwarzman Scholars,Tsinghua University;  
Presently,with a growing tendency that society has focus more on nature environments,private enterprises need to subjectively take more responsibility.The China government enacts a series of policies to enhance the environmental regulation and supervision step-by-step.In response,private enterprises must play roles in economic green and sustainable development.Consequently,green behaviors of private enterprises are meaningful.However,in spite of driving force from regional environment regulation,what can incentive private enterprises to subjectively be engaged in environmental protection activities? Or,in the region where environmental regulation is relatively low,how government use other means to push private enterprises to invest more on environmental protection?We propose that party organization in private enterprises can undertake the responsibility to promote enterprises to protect the environment.As an important nexus,party organization can be an internal force for enterprises to protect the environment.Based on theoretical analysis,this paper investigates the impact of the party organization on private enterprises' environmental protection investment,as well as the interaction with environmental regulation.What's more,environmental protection investment is an important firm level green behavior.Party organization has to effectively participant in the process of firm decision-making behavior.Specifically,boosting governance participation of party organization in private enterprises is more effective than only setting it.Party organization's governance participation determines the degree that the opinion of party organization can influence firm decision.Therefore,governance participation of Party organization is also related to firm environmental protection investment.Using the data from 8~(th) and 9~(th) Chinese Private Enterprises Survey(CPES),we empirically test our hypotheses.Empirical results show that party organization setting is positively related to environmental protection investment,yet this relationship vanishes when we use instrumental variable to deal with the endogeneity.However,the interaction between environmental regulation and party organization setting(instrument) is statistically significant,such that private enterprises with the presence of party organization tend to invest more in environmental protection in low environmental regulation regions but the effect of party organization declinesalong with the increase ofregional environmental regulation.Further,governanceparticipation of party organization highly increases private enterprises' environmental protection investment,and regional environmental regulation will strengthen this positive relationship.Finally,we conduct robust check for our empirical section.Because of the endogeneity of party organization set,the relationship between party organization set and environmental protection investment is not so robust.However,party organization's governance participation shows a strong robustness in enhancing firm environmental protection investment and in the effect of interaction with environmental regulation.Accordingly,the party organization in some private enterprises should be further constructed and governance participations of party organizations need to be paid more attention.In sum,our research explores the role played by private enterprises' party organization in firm green behavior; discusses the interacting relationship between party organization and regional environmental regulation; and emphasize the importance ofparty organization'sgovernance participation.The research extends the literature of private enterprise research by bridging party organization of private enterprise and environmental protection investment.We also contribute to social green governance research and Chinese corporate governance theory.The effect of governance participation of party organization is unique and powerful,and how to explore and exploit the power of party organization is worth to deliberate for both the government and private enterprises.
【Fund】: 国际自然科学基金委广东省政府联合资助基金项目“建设创新生态系统下的广东经济结构调整和产业转型升级研究”(U1601217);; 清华大学自主科研项目“中国创业者个体特征研究”(523002009)
【CateGory Index】: F276.5;D267.1
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