Abstract

Purpose

The main purpose of this study is to investigate the impact of state capital participation (SCP) on the corporate environmental engagement (CEE) of privately controlled listed firms in China.

Design/methodology/approach

We use a sample of 20,133 firm-year observations from 2009 to 2021. We use three different measures to proxy corporate environmental engagement and two different measures to proxy for state capital participation. We employ a difference-in-difference regression model to estimate the effect of state capital participation on corporate environmental engagement.

Findings

Using a sample of 20,133 firm-year observations from 2009 to 2021, we find that SCP significantly increases corporate expenditure on environmental protection, corporate environmental performance and ESG ratings. Specifically, SCP increases environmental investment capacity and attracts more media coverage, online attention and analysts’ following, which leads to better environmental engagement. Further analyses show that after state shareholders exit privately controlled firms, CEE deteriorates, while private capital injection in state-owned firms has no significant impact on CEE. The positive effect of SCP is stronger in privately controlled firms with local government ownership, a larger number of state shareholders, longer state shareholder holding periods, those without politically connected managers and firms operating in heavy pollution industries. Lastly, we show that minority government ownership reduces firm-level toxic emissions and enhances financial performance.

Research limitations/implications

We enrich the literature on the role of minority state ownership in corporate financial and environmental performance.

Originality/value

We enrich the literature on the role of minority state ownership in corporate financial and environmental performance. In light of the escalating environmental concerns and the growing emphasis on corporate environmental responsibility, this study highlights the beneficial role of minority government ownership in driving environmental performance. By providing resources and attracting external scrutiny, the government, as a minority shareholder, can significantly enhance the environmental engagement of privately controlled firms.

The genus Trichoderma plays a vital role in agriculture by promoting plant growth, enhancing nutrient uptake, and protecting crops from pathogens through biocontrol mechanisms. This can be largely attributed to its production of diverse secondary metabolites (SMs), including epidithiodiketopiperazines (ETPs). Our previous study has reported the complex biosynthesis of α, β'-disulfide bridged ETPs, in which TdaH and TdaG are highly conserved in catalyzing C6'-O-methylation and C4, C5-epoxidation, respectively. Here we proved the functional diversification of ETP methylation and oxidation by TdaH and TdaG towards eleven pathogenic fungi, including Fusarium, Aspergillus, and Botrytis species. Elimination of C6'-O-methylation and C4, C5-epoxidation reduced the antagonistic effects of Trichoderma hypoxylon against various pathogenic fungi. However, each deletion mutant showed varying antagonistic effects against different pathogenic fungi. Our results highlight the importance of ETP structural diversity in T. hypoxylon's ecological adaptation and biocontrol potential, offering insights into developing enhanced antifungal agents against plant pathogens.

A research team from Zhengzhou University designed a low-cost polymer donor (PTQ15) for organic solar cells, achieving 19.96% efficiency with ultrafast charge transfer (1.40 ps) and low voltage loss (0.506 V). The material costs just $35,000/kg (1/5 of competitors) and device works in open-air conditions, paving the way for affordable, scalable green energy.