{"title":"ESG performance and corporate financialization: A dual perspective of risk management and value creation","authors":"Chengyin Gao , Shujun Zhang","doi":"10.1016/j.frl.2024.106442","DOIUrl":null,"url":null,"abstract":"<div><div>This paper explores the link between corporate ESG performance and financialization using a sample of publicly listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022. Baseline regression results indicate that engaging in ESG practices can effectively curb tendencies towards financialization, achieved through enhanced corporate risk management capabilities. Mechanism analysis reveals that value creation mitigates the restrictive effect of ESG performance on financialization. Additionally, heterogeneity analysis shows that different policies and levels of technological advancement influence the effectiveness of ESG impacts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106442"},"PeriodicalIF":7.4000,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014715","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper explores the link between corporate ESG performance and financialization using a sample of publicly listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022. Baseline regression results indicate that engaging in ESG practices can effectively curb tendencies towards financialization, achieved through enhanced corporate risk management capabilities. Mechanism analysis reveals that value creation mitigates the restrictive effect of ESG performance on financialization. Additionally, heterogeneity analysis shows that different policies and levels of technological advancement influence the effectiveness of ESG impacts.
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