ESG disclosure facilitator: How do the multiple large shareholders affect firms’ ESG disclosure? evidence from China

The Environmental, social, and governance (ESG) disclosure is an important aspect of firms’ strategies. Therefore, exploring how to facilitate the ESG necessary. This paper examines role multiple large shareholders (MLS, hereafter) in facilitating a firm’s disclosure. Using sample Chinese listed firms during 2011–2020, we compare having MLS with that single shareholder (SLS, find associated significantly higher After addressing endogeneity altering measurement MLS, benchmark results still hold after. Additional analysis shows exerts more prominent positive effect on SOEs. We also examine other Our findings reveal bright side MLS: it facilitates by monitoring. this paper’s conclusion sheds new light from perspective provides insights into improve