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Institutional Complexity and Corporate Environmental Investments: Evidence from China's Mixed-Ownership Reform of State-Owned Enterprises

Published online by Cambridge University Press:  06 January 2025

Huiying Li ,
Yu Chang ,
Xinchun Wang  and
Nan Zhang
Huiying Li
Affiliation:
Northwestern Polytechnical University, China
Yu Chang*
Affiliation:
Northwestern Polytechnical University, China
Xinchun Wang
Affiliation:
West Virginia University, USA
Nan Zhang
Affiliation:
Northwestern Polytechnical University, China
*
Corresponding author: Yu Chang ([email protected])
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Abstract

While environmental concerns are increasingly driving firms’ strategic decisions, insights into why firms make heterogeneous environmental investments are limited. Taking an institutional view, we explore the effect of institutional complexity resulting from multiple but incongruent institutional logics within an organization on firms’ environmental investments. Using China's mixed-ownership reform as a research context, we identify a unique condition in which institutional complexity arises as the privatization process results in two coexisting but incongruent institutional logics – namely, state and financial logic. We further propose that privatization plays both enabling and constraining roles in state-owned enterprises’ (SOEs’) strategic decisions about environmental investments, depending on the relative dominance of each institutional logic, resulting in an inverted U-shaped relationship between privatization and environmental investments. Moreover, we examine the moderating effects of CEO background characteristics and firms’ external environmental context to uncover how these factors influence the relative dominance of state or financial logic in privatized SOEs, thereby reshaping SOEs’ environmental investments. Analyses of multisource panel data from Chinese listed SOEs from 2013 to 2020 support our theoretical propositions. The findings contribute to the literature on how institutional factors affect firm environmental practices and provide new insights to better understand the influence of institutional complexity on firm strategic actions.

摘要

摘要

虽然环境问题日益驱动企业的战略决策，但关于企业为何进行异质性环境投资的见解仍然有限。本文从制度视角出发，探讨组织内部多重但不一致的制度逻辑所导致的制度复杂性对企业环境投资的影响。以中国的混合所有制改革为研究背景，我们识别出一种企业所面临的独特的困境，即在私有化过程中产生了两种并存但不一致的制度逻辑——国家逻辑和金融逻辑。本研究提出，私有化在国有企业（SOE）的环境投资战略决策中既起到促进作用，又起到制约作用。具体哪种机制起主导作用则取决于每种制度逻辑的相对主导地位。这种动态性导致私有化与环境投资之间呈倒U型关系。此外，我们还考察了CEO 背景特征和企业外部环境对国有企业私有化后制度逻辑相对主导地位的调节作用。对 2013 年至 2020 年中国上市国有企业多源面板数据的分析支持了我们的理论假设。本文的研究发现为理解制度因素如何影响企业环境实践做出了贡献，同时提供了新的视角以帮助更好地理解制度复杂性对企业战略行动的影响。

Keywords

corporate environmental investmentinstitutional complexitymixed-ownership reformSOE privatization制度复杂性国有企业私有化企业环境投资混合所有制改革
Type
Article
Information
Management and Organization Review , First View , pp. 1 - 32
Copyright
Copyright © The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research

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