环境、社会和公司治理绩效是否表明企业经济的可持续性?基于可持续增长率的证据

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-05-01 DOI:10.1016/j.bir.2024.02.010
Zihao Lin
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引用次数: 0

摘要

本研究以 2009 年至 2021 年的中国上市公司为样本,发现环境、社会和治理(ESG)绩效对可持续增长率(SGR)有积极影响。我们的异质性分析表明,环境、社会和治理绩效会导致更高的可持续增长率,尤其是在可持续增长率较低的企业或非国有企业中。机制分析表明,环境、社会和治理绩效通过刺激专利申请、降低代理成本和减轻企业风险来提高可持续增长率。进一步的分析表明,环境得分对 SGR 有负面影响,而社会和治理得分则有正面影响。最终,这项研究强调,环境、社会和治理绩效可以通过推动 SGR 来提高财务绩效。
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Does ESG performance indicate corporate economic sustainability? Evidence based on the sustainable growth rate

Based on a sample of Chinese listed companies from 2009 to 2021, this study finds that environmental, social, and governance (ESG) performance has a positive impact on having a sustainable growth rate (SGR). Our heterogeneity analysis reveals that ESG performance leads to higher SGR, particularly among firms with lower SGR or non-state-owned enterprises. The mechanism analysis suggests that ESG performance enhances SGR by stimulating patent applications, reducing agency costs, and mitigating corporate risk. Further analysis indicates that the environmental score has a negative influence on SGR, whereas social and governance scores have a positive impact. Ultimately, this research emphasizes that ESG performance can enhance financial performance by driving SGR.

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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
期刊最新文献
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