{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,30]],"date-time":"2025-10-30T05:53:14Z","timestamp":1761803594733,"version":"build-2065373602"},"reference-count":50,"publisher":"MDPI AG","issue":"11","license":[{"start":{"date-parts":[[2025,10,29]],"date-time":"2025-10-29T00:00:00Z","timestamp":1761696000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72503173"],"award-info":[{"award-number":["72503173"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>With sustainable development becoming a global strategic priority, advancing corporate green governance is now pivotal for driving the systemic shift toward a green economic model. This research examines how non-actual controllers shape corporate green governance performance through a systemic lens. The results indicate that non-actual controllers exert a substantial negative impact on the performance of corporate green governance. Mechanism analysis demonstrates that non-actual controllers suppress green governance performance by reducing corporate environmental investment, increasing green agency costs, and weakening corporate social responsibility. Additionally, the inhibitory effect is found to be more pronounced in non-state-owned enterprises, companies with a lower proportion of institutional investors, firms with weaker external audit quality, and those operating under higher levels of environmental uncertainty. The results offer practical pathways for enhancing corporate green governance and deliver informed strategies for performance optimization.<\/jats:p>","DOI":"10.3390\/systems13110963","type":"journal-article","created":{"date-parts":[[2025,10,30]],"date-time":"2025-10-30T05:08:47Z","timestamp":1761800927000},"page":"963","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["The Effect of Non-Actual Controllers on Corporate Green Governance Performance"],"prefix":"10.3390","volume":"13","author":[{"given":"Yanyan","family":"Tang","sequence":"first","affiliation":[{"name":"School of Economics, Wuhan University of Technology, Wuhan 430070, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Wenyu","family":"Jiang","sequence":"additional","affiliation":[{"name":"School of Economics, Wuhan University of Technology, Wuhan 430070, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Daqian","family":"Shi","sequence":"additional","affiliation":[{"name":"School of Economics, South-Central Minzu University, Wuhan 430074, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2025,10,29]]},"reference":[{"key":"ref_1","first-page":"23","article-title":"Global green governance principle: Realization of the inclusive development of human and nature","volume":"5","author":"Li","year":"2017","journal-title":"Nankai Bus. Rev."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"986","DOI":"10.2307\/258963","article-title":"A natural-resource-based view of the firm","volume":"20","author":"Hart","year":"1995","journal-title":"Acad. Manag. Rev."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"620","DOI":"10.1080\/13504851.2020.1728220","article-title":"Actual controller\u2019s foreign residency and firm leverage: Evidence from China","volume":"27","author":"Lu","year":"2020","journal-title":"Appl. Econ. Lett."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"100253","DOI":"10.1016\/j.cjar.2022.100253","article-title":"Non-actual controllers and corporate innovation: Evidence from China","volume":"15","author":"Du","year":"2022","journal-title":"China J. Account. Res."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"401","DOI":"10.1016\/j.eneco.2018.11.031","article-title":"Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries","volume":"78","author":"Alam","year":"2019","journal-title":"Energy Econ."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"81","DOI":"10.1016\/S0304-405X(00)00067-2","article-title":"The separation of ownership and control in East Asian corporations","volume":"58","author":"Claessens","year":"2000","journal-title":"J. Financ. Econ."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","article-title":"Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure","volume":"3","author":"Jensen","year":"1976","journal-title":"J. Financ. Econ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"695","DOI":"10.1016\/j.emj.2021.01.008","article-title":"Ownership and corporate social responsibility: \u201cThe power of the female touch\u201d","volume":"39","year":"2021","journal-title":"Eur. Manag. J."},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Zang, Z., Zhu, Q., and Mogorr\u00f3n-Guerrero, H. (2019). How does R&D investment affect the financial performance of cultural and creative enterprises? The moderating effect of actual controller. Sustainability, 11.","DOI":"10.3390\/su11020297"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1504\/IJTM.2023.129564","article-title":"Disproportional ownership structures and corporate R&D investment: From the investor protection perspective","volume":"92","author":"Zhou","year":"2023","journal-title":"Int. J. Technol. Manag."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"103487","DOI":"10.1016\/j.frl.2022.103487","article-title":"Multiple large shareholders and corporate environmental performance","volume":"51","author":"Zhang","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"277","DOI":"10.1257\/aer.103.1.277","article-title":"Innovation and institutional ownership","volume":"103","author":"Aghion","year":"2013","journal-title":"Am. Econ. Rev."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"737","DOI":"10.1111\/j.1540-6261.1997.tb04820.x","article-title":"A survey of corporate governance","volume":"52","author":"Shleifer","year":"1997","journal-title":"J. Financ."},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Zhou, Z., Liu, Z., and Fan, H. (2024). Non-actual controller and enterprise technology innovation. Ann. Oper. Res.","DOI":"10.1007\/s10479-024-05832-w"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"27375","DOI":"10.1007\/s10668-023-03764-2","article-title":"Seeking legitimacy? \u201cOwnerless\u201d companies and environmental performance","volume":"26","author":"Meng","year":"2024","journal-title":"Environ. Dev. Sustain."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"105961","DOI":"10.1016\/j.frl.2024.105961","article-title":"Does the absence of actual controllers affect corporate ESG performance? Evidence from Chinese listed companies","volume":"68","author":"Jia","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"117","DOI":"10.1016\/j.leaqua.2007.12.008","article-title":"Defining the socially responsible leader","volume":"19","author":"Waldman","year":"2008","journal-title":"Leadersh. Q."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"10991","DOI":"10.1016\/j.egyr.2022.08.210","article-title":"Study on the impact of green management of paper enterprises on carbon performance in the background of carbon peaking and carbon neutrality","volume":"8","author":"Hou","year":"2022","journal-title":"Energy Rep."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"131877","DOI":"10.1016\/j.jclepro.2022.131877","article-title":"Structural relationships of a firm\u2019s green strategies for environmental performance: The roles of green supply chain management and green marketing innovation","volume":"356","author":"Roh","year":"2022","journal-title":"J. Clean. Prod."},{"key":"ref_20","first-page":"90","article-title":"Corporate green governance: The power of public and media","volume":"8","author":"Huang","year":"2022","journal-title":"Account. Res."},{"key":"ref_21","first-page":"117","article-title":"Do green investors play a role? Empirical research on firms\u2019 participation in green governance","volume":"5","author":"Jiang","year":"2021","journal-title":"J. Financ. Res."},{"key":"ref_22","first-page":"22","article-title":"Carbon emission trading system and corporate green governance","volume":"35","author":"Zhang","year":"2022","journal-title":"J. Manag. Sci."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"321","DOI":"10.1002\/bse.1746","article-title":"Environmental requirements, knowledge sharing and green innovation: Empirical evidence from the electronics industry in China","volume":"22","author":"Wong","year":"2013","journal-title":"Bus. Strategy Environ."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"487","DOI":"10.1016\/S0921-8009(00)00249-4","article-title":"Inspections, pollution prices, and environmental performance: Evidence from China","volume":"36","author":"Dasgupta","year":"2001","journal-title":"Ecol. Econ."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1002\/csr.283","article-title":"Stakeholders\u2019 influences on corporate green innovation strategy: A case study of manufacturing firms in China","volume":"20","author":"Qi","year":"2013","journal-title":"Corp. Soc. Responsib. Environ. Manag."},{"key":"ref_26","first-page":"323","article-title":"Agency costs of free cash flow, corporate finance, and takeovers","volume":"76","author":"Jensen","year":"1986","journal-title":"Am. Econ. Rev."},{"key":"ref_27","first-page":"513","article-title":"Postcards from the edge: A review of the business and environment literature","volume":"3","author":"Berchicci","year":"2008","journal-title":"Acad. Manag. Ann."},{"key":"ref_28","first-page":"173","article-title":"Research on the green innovation promoted by green credit policies","volume":"37","author":"Wang","year":"2021","journal-title":"J. Manag. World"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"483","DOI":"10.1287\/orsc.2015.1039","article-title":"Scrutiny, norms, and selective disclosure: A global study of greenwashing","volume":"27","author":"Marquis","year":"2016","journal-title":"Organ. Sci."},{"key":"ref_30","unstructured":"Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach, Pitman Publishing."},{"key":"ref_31","first-page":"120","article-title":"Green and competitive: Ending the stalemate","volume":"73","year":"1995","journal-title":"Harv. Bus. Rev."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"717","DOI":"10.2307\/1556363","article-title":"Why companies go green: A model of ecological responsiveness","volume":"43","author":"Bansal","year":"2000","journal-title":"Acad. Manag. J."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1016\/j.ibusrev.2009.12.003","article-title":"International business, corporate social responsibility and sustainable development","volume":"19","author":"Kolk","year":"2009","journal-title":"Int. Bus. Rev."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1111\/j.1530-9134.2010.00282.x","article-title":"Greenwash: Corporate environmental disclosure under threat of audit","volume":"20","author":"Lyon","year":"2011","journal-title":"J. Econ. Manag. Strategy"},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"705","DOI":"10.1287\/orsc.2014.0949","article-title":"Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure","volume":"26","author":"Kim","year":"2015","journal-title":"Organ. Sci."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"227","DOI":"10.1007\/s10551-011-1122-4","article-title":"The harm of symbolic actions and green-washing: Corporate actions and communications on environmental performance and their financial implications","volume":"109","author":"Walker","year":"2012","journal-title":"J. Bus. Ethics"},{"key":"ref_37","doi-asserted-by":"crossref","unstructured":"Angrist, J.D., and Pischke, J.S. (2009). Mostly Harmless Econometrics: An Empiricist\u2019s Companion, Princeton University Press.","DOI":"10.1515\/9781400829828"},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1017\/S026646661400022X","article-title":"Causal analysis after Haavelmo","volume":"31","author":"Heckman","year":"2015","journal-title":"Econom. Theory"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"1863","DOI":"10.3982\/ECTA8121","article-title":"The Persistent Effects of Peru\u2019s Mining Mita","volume":"78","author":"Dell","year":"2010","journal-title":"Econometrica"},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"3393","DOI":"10.1257\/aer.20191414","article-title":"Arrival of young talent: The send-down movement and rural education in China","volume":"110","author":"Chen","year":"2020","journal-title":"Am. Econ. Rev."},{"key":"ref_41","unstructured":"(2015). Environmental Management Systems\u2014Requirements with Guidance for Use. Standard No. ISO 14001:2015."},{"key":"ref_42","first-page":"183","article-title":"Local environmental governance pressure, executive\u2019s working experience and enterprise investment in environmental protection: A quasi-natural experiment based on China\u2019s \u201cAmbient Air Quality Standards 2012\u201d","volume":"54","author":"Zhang","year":"2019","journal-title":"Econ. Res. J."},{"key":"ref_43","first-page":"197","article-title":"Institutional investors drive corporate green governance: Monitoring effect and internal mechanism","volume":"40","author":"Zhang","year":"2024","journal-title":"J. Management. World"},{"key":"ref_44","first-page":"97","article-title":"Do institutional investors care firm environmental performance? Evidence from the most polluting Chinese listed firms","volume":"12","author":"Li","year":"2015","journal-title":"J. Financ. Res."},{"key":"ref_45","first-page":"72","article-title":"Can the Exit Threat of Institutional Investors Play Green Governance? Based on the Greenwashing Behavior of Enterprises","volume":"37","author":"Li","year":"2023","journal-title":"Econ. Manag."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"59","DOI":"10.2308\/accr.00000005","article-title":"Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting","volume":"86","author":"Dhaliwal","year":"2011","journal-title":"Account. Rev."},{"key":"ref_47","first-page":"65","article-title":"Transparency, financial accounting information, and corporate governance. Financial accounting information, and corporate governance","volume":"9","author":"Bushman","year":"2003","journal-title":"Econ. Policy Rev."},{"key":"ref_48","first-page":"82","article-title":"Value-added service or supervisory control? Management patterns of venture capital institutes to entrepreneurial firms: Views from industrial specialty and uncertainty","volume":"6","author":"Dong","year":"2017","journal-title":"Manag. World"},{"key":"ref_49","first-page":"36","article-title":"Environmental uncertainty, diversification and capital cost","volume":"2","author":"Lin","year":"2015","journal-title":"Account. Res."},{"key":"ref_50","first-page":"113","article-title":"State ownership, environment uncertainty and investment efficiency","volume":"7","author":"Shen","year":"2012","journal-title":"Econ. Res. J."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/11\/963\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,30]],"date-time":"2025-10-30T05:48:27Z","timestamp":1761803307000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/11\/963"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,10,29]]},"references-count":50,"journal-issue":{"issue":"11","published-online":{"date-parts":[[2025,11]]}},"alternative-id":["systems13110963"],"URL":"https:\/\/doi.org\/10.3390\/systems13110963","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,10,29]]}}}