Corporate ESG performance and trade credit financing: Moderating effect of life cycle

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.012
Liyue Wang , Liuyong Yang
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Abstract

This study examines the influence of environmental, social, and governance (ESG) performance on corporate trade credit financing based on Chinese A-share listed companies' data from 2018 to 2022. The empirical results revealed that enterprises with better ESG performance receive more trade credit from suppliers. This study found that ESG performance has a significant effect on trade credit in customer industries, polluting industries, and enterprises with high supplier concentration and low government grants. The Mechanism analysis indicated that ESG performance minimizes information and agency risks, thereby affecting trade credit. Further examination indicated that a firm's degree of maturity weakens the beneficial influence of ESG performance on trade credit and that a substitution relationship exists between corporate maturity and ESG performance in trade credit financing.

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企业环境、社会和公司治理绩效与贸易信贷融资:生命周期的调节作用
本研究基于2018年至2022年中国A股上市公司数据,研究环境、社会和治理(ESG)绩效对企业贸易信贷融资的影响。实证结果显示,ESG绩效较好的企业从供应商处获得的贸易信贷更多。本研究发现,ESG绩效对客户行业、污染行业、供应商集中度高且政府补助少的企业的贸易信贷有显著影响。机制分析表明,环境、社会和公司治理绩效能最大限度地降低信息风险和代理风险,从而影响贸易信贷。进一步的研究表明,企业的成熟度削弱了环境、社会和治理绩效对贸易信贷的有利影响,企业成熟度与环境、社会和治理绩效在贸易信贷融资中存在替代关系。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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