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Dr. Shipeng YAN is a management scholar with a sociological orientation and a scholarly interest in ESG (Environmental, Social, and Governance) issues as well as the broader political economy from an organization theory perspective. His studies have been published in prestigious management journals such as Administrative Science Quarterly, Organization Science, and Journal of International Business Studies. He also serves as a deputy editor for the journal Organization & Environment and as a senior editor for the journal Management and Organization Review.
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Ningxia has emerged as a key wine production region in China, contributing nearly half of the country's total output. The wineries here not only stimulate local economic growth but also lead in Environmental, Social, and Governance (ESG) initiatives, promoting sustainable agriculture, biodiversity, and cultural preservation.
Environmental protection is traditionally seen as a state responsibility, and the private market is meant to focus on creating shareholder value rather than preserving nature. Still, market-based solutions such as green investing have emerged. The research addresses whether green investment funds can influence firm-level environmental performance in relation to the presence of state environmental- and shareholder protection policies.
環境、社會及管治（Environmental, Social, and Governance，簡稱ESG）近年好似雨後春筍般，已經無處不在。當眾人還分不清這3個字母順序的時候，ESG早已牽動無數跨國公司的重大決策，也深刻影響各國政府的監管決定。
環境、社會及管治（Environmental, Social, and Governance，簡稱ESG）近年好似雨後春筍般，已經無處不在。當眾人還分不清這3個字母順序的時候，ESG早已牽動無數跨國公司的重大決策，也深刻影響各國政府的監管決定。
Environmental protection is widely perceived as a state responsibility, but market-based solutions such as green investing have emerged in the financial sector. Little research has addressed whether green investing can affect corporate environmental performance and how the state would moderate such an impact. Using an institutional logics perspective, we extend the literature on institutional complexity by exploring the factors leading to compatibility of logics and practices. We theorize that the success of green investing as a novel hybrid practice combining financial means and environmental goals depends on the legitimacy it achieves as an appropriate solution to the stated goal, and this legitimacy can be boosted or dampened by other hybrid practices in the field. Analyzing a panel dataset of 3,706 firms from 20 countries between 2002 and 2013, we find a positive relationship between the relative size of green investment in the economy and firm-level environmental performance in that country. This relationship is moderated by state policies: a strong environmental protection policy weakens the positive relationship between green investing and corporate environmental performance, and a strong shareholder protection policy strengthens the relationship. We contribute to research on institutional complexity, logic compatibility, and public–private cooperation in pursuing the common good.
