Guo Li Xin, Lin Kuen-Lin, Zhang Li-Ting, Liu Chi-Fang
School of Business, Huaiyin Institute of Technology, Huai'an, China.
Department of Business Administration, Cheng Shiu University, Kaohsiung, Taiwan.
Front Psychol. 2021 Aug 25;12:707582. doi: 10.3389/fpsyg.2021.707582. eCollection 2021.
This study empirically tests the impacts of equity structure on strategic investment psychology in green affairs in R&D vs. Marketing dimensions and company performance. Based on data from Chinese high-tech industry listed companies, the empirical results show that: (1) the largest shareholder's shareholding ratio has a positive effect on marketing investment psychology and a negative impact on R&D investment psychology, (2) other large shareholders' shareholding ratio are positive related to R&D investment psychology; (3) R&D investment psychology has a negative effect and marketing investment psychology has a positive influence on the current performance; (4) equity counterbalance is positive related to R&D investment psychology and has a negative effect on the current performance. This study contributes to the literature of corporate governance on sustainability issue by providing a new psychological perspective. The results also provide an important guidance for the corporate governance practice in green economies.
本研究实证检验了股权结构在研发与营销维度的绿色事务中对战略投资心理及公司绩效的影响。基于中国高科技产业上市公司的数据，实证结果表明：（1）大股东持股比例对营销投资心理有正向影响，对研发投资心理有负向影响；（2）其他大股东持股比例与研发投资心理呈正相关；（3）研发投资心理对当前绩效有负向影响，营销投资心理对当前绩效有正向影响；（4）股权制衡与研发投资心理呈正相关，对当前绩效有负向影响。本研究通过提供一个新的心理学视角，为企业治理中可持续性问题的文献做出了贡献。研究结果也为绿色经济中的企业治理实践提供了重要指导。
