Do tax incentives matter in promoting corporate ESG performance toward sustainable development?

IF 12.5 1区管理学 Q1 BUSINESS Business Strategy and The Environment Pub Date : 2024-09-27 DOI:10.1002/bse.3966

Xiaosan Zhang, Qingquan Jiang, Javier Cifuentes‐Faura, Xiaojie Hu, Yuyan Li

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Abstract

Environmental, Social, and Governance (ESG) reflects the new concept of global sustainable development. This paper, integrating institutional theory, stakeholder theory, and the resource‐based view (RBV), aims to explain how tax incentives enhance corporate ESG performance. Using listed companies in China as the research sample, this paper employs a two‐way fixed effects model to empirically test the causal relationship between the variables. The empirical results show that tax incentives significantly promote overall corporate ESG performance as well as its individual dimensions. Mechanism analysis reveals that tax incentives enhance ESG performance by improving corporate technological innovation capabilities. Heterogeneity analyses indicate that the positive impact of tax incentives on ESG performance is more pronounced when firms are state‐owned, from nonpolluting industries, and located in the eastern region. Our findings contribute valuable insights to scholars and industry experts researching the impact of fiscal policies on corporate ESG performance.

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税收激励措施对促进企业的环境、社会和治理绩效以实现可持续发展重要吗？

环境、社会和治理（ESG）反映了全球可持续发展的新理念。本文结合制度理论、利益相关者理论和资源观（RBV），旨在解释税收优惠政策如何提升企业的环境、社会和治理绩效。本文以中国上市公司为研究样本，采用双向固定效应模型对变量之间的因果关系进行了实证检验。实证结果表明，税收优惠政策显著提升了企业的整体环境、社会和公司治理绩效，同时也提升了各个维度的绩效。机制分析表明，税收激励通过提高企业的技术创新能力来提升企业的环境、社会和治理绩效。异质性分析表明，当企业为国有企业、来自非污染行业且位于东部地区时，税收优惠政策对企业环境、社会和治理绩效的积极影响更为明显。我们的研究结果为研究财政政策对企业环境、社会和治理绩效影响的学者和行业专家提供了宝贵的见解。

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.