Theoretical Evidence for Green Innovation Driven by Multiple Major Shareholders: Empirical Evidence from Chinese Listed Companies

The green innovation strategy has gradually become the key for enterprises as microeconomic entities to gain competitive advantages and adapt complex changes in external environment. Using data of A-share listed companies Shanghai Shenzhen from 2010 2020, this paper empirically explores impact specific mechanism ownership structure multiple major shareholders on enterprises. results show that, compared with shareholding a single shareholder, publicly traded company multi-stakeholder higher level innovation. test shows that equity arrangement promotes by alleviating fluctuation cash flow enterprise. This further examines effect regulation corporate finds finance protection intellectual property can form an effective complementary shareholders, thereby strengthening After robustness is carried out double-difference method, two-stage instrumental variable substitution empirical are still valid.