Driving Corporate Green Investment: Investigating the Role of Common Ownership Along the Supply Chain in Environmental Sustainability

This study uses supplier–customer relationship data from China’s A-share listed companies as a sample to explore the impact and mechanisms of common ownership along the supply chain on corporate green investment. The research hypothesizes that common ownership along the supply chain can have a positive impact on green investment, primarily through three key mechanisms: improving environmental information disclosure between upstream and downstream firms, alleviating financing constraints, and curbing managerial myopia. This study finds that common ownership along the supply chain significantly increases the scale of green investment, and the positive impact is stronger in regions with stronger environmental regulations, heavily polluting industries, companies with lower media attention, lower management shareholding ratios, and lower levels of digital transformation. This research not only enriches the study of factors influencing corporate green investment but also provides new empirical evidence and policy insights for promoting corporate green transformation and achieving “dual carbon” goals through optimizing supply chain governance structures.