“…Existing studies on the mixed ownership reform of SOEs have mainly explored around firm performance (Dong et al, 2022;Iwasaki et al, 2022), innovation (Zhang et al, 2020;Cao et al, 2020;Yang et al, 2023), risk-taking (Khaw et al, 2016;Zhang et al, 2021) and governance effectiveness (Zhang et al, 2022). Existing research studies on corporate environmental behaviour focus on environmental policies such as environmental protection laws (Fang et al, 2021;Liu et al, 2021a), environmental regulation (Huang and Lei, 2021;Cui et al, 2022), stakeholders (Yu et al, 2022) and other factors to study corporate behaviours such as green innovation (Li et al, 2023) and social responsibility (Xue et al, 2022;Bardos et al, 2020). Relevant studies have concluded that with the continuous entry of non-state capital and continuous decline of state-owned shareholding ratio, business objectives have been purified to a certain extent and the policy obligations undertaken by enterprises have been significantly reduced (Zhang et al, 2022;Li et al, 2020).…”