CEO内部债务对企业ESG行为的影响：大股东的作用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-07-01 Epub Date: 2025-04-22 DOI:10.1016/j.frl.2025.107462

Ruoyu Fan , Ziming Ren

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引用次数: 0

摘要

本研究考察了ceo内部债务持有量与企业ESG绩效之间的关系。利用2013年至2023年的中国上市公司样本，我们提供了强有力的证据，证明内部债务对公司ESG绩效有积极影响，尽管这种影响因大股东的存在而减弱。我们的分析还表明，CEO内部债务通过降低债务融资成本和提高财务报告质量来提高ESG绩效。这些发现在各种敏感性和内生性测试中保持一致。总的来说，本研究对迅速扩大的内部债务和ESG文献做出了有意义的贡献。

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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Effects of CEO inside debt on corporate ESG behavior: role of major shareholders

This study examines the connection between CEOs’ inside debt holdings and corporate ESG performance. Using a sample of publicly listed Chinese firms from 2013 to 2023, we provide strong evidence that inside debt positively influences corporate ESG performance, though this effect is diminished by the presence of large shareholders. Our analysis also shows that CEO inside debt improves ESG performance by lowering debt financing costs and enhancing the quality of financial reporting. These findings remain consistent across various sensitivity and endogeneity tests. Overall, this research makes a meaningful contribution to the rapidly expanding literature on inside debt and ESG.

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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

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