Impact of ESG disclosure on corporate sustainability

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-05-01 Epub Date: 2025-03-05 DOI:10.1016/j.frl.2025.107134

Kai Duan , Chuan Qin , Shenglin Ma , Xue Lei , Qianqian Hu , Jinhuika Ying

引用次数: 0

Abstract

Using long-term panel data from Chinese A-share listed manufacturing companies from 2009 to 2022, this study investigates the relationship between environmental, social, and governance (ESG) disclosure and corporate sustainability. Findings indicate that ESG disclosure positively affects economic and social-environmental sustainability performance, with corporate earnings persistence and financing restrictions acting as mediators. The heterogeneity study suggests that the positive effect of ESG disclosure on corporate sustainability performance is more pronounced in non-state-owned enterprises and those with higher analyst attention. Therefore, whether corporate sustainability performance can be enhanced by disclosing integrated environmental, social, and corporate governance information is a current academic issue worthy of study.

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ESG信息披露对企业可持续发展的影响

本文利用2009 - 2022年中国a股制造业上市公司的长期面板数据，探讨了环境、社会和治理（ESG）披露与企业可持续发展的关系。研究结果表明，ESG信息披露对经济和社会环境可持续性绩效有正向影响，其中企业盈利持续性和融资限制是中介因素。异质性研究表明，ESG信息披露对企业可持续发展绩效的正向影响在非国有企业和分析师关注度较高的企业中更为显著。因此，通过披露环境、社会和公司治理的综合信息，能否提高公司的可持续发展绩效，是当前值得研究的学术问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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