Research On The Impact Of Common Institutional Ownership On Corporate Social Responsibility Performanc

While creating social wealth,enterprises fulfill their social responsibilities and give back to society,which plays an important role in promoting China’s current common prosperity in high-quality development.As China’s economy enters the new normal,mergers and acquisitions by institutional investors are becoming increasingly frequent.The phenomenon that the same institutional investor holds multiple listed companies at the same time is becoming increasingly common in the capital market,namely,joint institutional ownership.With the development of research methods and the abundance of data,a series of studies have been conducted around the ownership of joint institutions at home and abroad.Research suggests that joint institutional ownership,as a "bridge",provides a channel for collaborative governance among enterprises.However,it may also lead to competition and collusion among enterprises,which may have a beneficial or adverse impact on the performance of corporate social responsibility.Based on data from all A-share listed companies in China from 2010 to 2021,this article analyzes the impact of joint institutional ownership on corporate social responsibility performance and its mechanism.The research results show that:(1)Joint institutional ownership can significantly improve corporate social responsibility performance.After a series of robustness tests,the conclusion remains valid.In further discussion,the inverted U-shaped relationship was used to explain the reasons for the differences in the impact of joint institutional ownership on corporate social responsibility performance between China and the United States.The analysis of economic consequences showed that joint institutional ownership would enhance corporate social responsibility while achieving better stock price returns and market value.(2)Mechanism analysis shows that joint institutional ownership improves corporate social responsibility performance through institutional synergy and supervisory governance effects.(3)Heterogeneity analysis shows that in long-term shareholding,immature enterprises,capital markets in a "bear market" stage,non-state owned enterprises,and manufacturing enterprises,the role of joint institutional ownership in improving corporate social responsibility performance is more obvious.The research conclusions of this article are conducive to helping regulators correctly understand the institutional synergy and supervisory governance effects of joint institutional ownership,thereby optimizing corporate governance,enhancing corporate value,maintaining the healthy development of the real economy and the smooth operation of the capital market.It has certain reference significance for China’s capital market regulators to formulate targeted regulatory policies for listed companies.