ESG绩效与投资扩张:来自中国上市公司的证据

IF 7.4 2区 经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-09-07 DOI:10.1016/j.frl.2024.106072
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引用次数: 0

摘要

本文利用 2010-2022 年的上市公司数据集,探讨了环境、社会和治理(ESG)绩效如何影响企业的投资扩张。通过运用一系列前沿实证方法,我们的研究发现,环境、社会和治理(ESG)绩效较好的企业具有更高的投资扩张倾向。在考虑内生性问题和稳健性检验时,结论显示出稳健性。此外,我们还探讨了 ESG 对投资扩张的动态影响以及不同支柱的影响。最后,我们从融资来源的角度讨论了这一机制。本研究为促进中国经济结构转型提供了启示。
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ESG performance and investment expansion: Evidence from Chinese listed firms

Using the listed company datasets from 2010 – 2022, this paper explores how environment, society, and governance (ESG) performance affects enterprises’ investment expansion. By employing a series of forefront empirical methods, our study finds that enterprises with better ESG performance have higher propensity of investment expansion. The conclusion shows robustness when considering the endogeneity problem and in robustness tests. Additionally, we explore the dynamics of ESG's effects on investment expansion and the impacts from different pillars. Finally, we discuss the mechanism from the perspective of financing sources. This study provides insights for promoting the structural transformation of China's economy.

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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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