Independent Green Innovation, Shareholder Concentration, Supervisory Pay and Firm Performance – Evidence from China

This study examines the relationships between independent green innovation, shareholder concentration, supervisory compensation, and firm performance among Chinese listed companies. Using panel data from the CSMAR database covering 2003–2020, the study applies panel regression methods to investigate firm performance measured by return on assets (ROA). The empirical results indicate that independent green innovation is negatively associated with ROA, while shareholder concentration and supervisory compensation exhibit positive associations with firm performance. These findings contribute to the understanding of how corporate sustainability initiatives and governance mechanisms relate to financial performance in China's emerging market context. Preprint Status: This document is the author's original manuscript submitted to Emerging Markets Finance and Trade. It is publicly archived as a preprint and should not be regarded as a formally accepted or published journal article.