Nudging corporate environmental responsibility through green finance? Quasi-natural experimental evidence from China

Journal of Business Research, Journal Year: 2023, Volume and Issue: 167, P. 114147 - 114147

Published: July 17, 2023

Language: Английский

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Green Finance Policy and ESG Performance: Evidence from Chinese Manufacturing Firms

Sustainability, Journal Year: 2023, Volume and Issue: 15(8), P. 6781 - 6781

Published: April 17, 2023

While the literature has examined key role of green finance policy on firms’ innovation and environmental performance, little attention been paid to environmental, social, governance (ESG) which is increasingly important stakeholders. Exploiting heterogeneity in exposure pilot zones China 2017 as a quasi-natural experiment, this paper employs difference-in-differences model explore effect ESG performance. Based data listed manufacturing firms during 2013–2020, our results indicate that could promote Moreover, overall positive driven mainly by pillar. Utilizing subsample estimation triple differences method, we further find higher performance with less financial constraints, economically more developed zones, state-owned enterprises (SOEs). Mechanism analysis indicates promotes even if it worsens constraints. Our study contributes research both impacts relationship between constraints well structure.

Language: Английский

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ESG resilience: Exploring the non-linear effects of ESG performance on firms sustainable growth

Research in International Business and Finance, Journal Year: 2024, Volume and Issue: 70, P. 102305 - 102305

Published: March 2, 2024

Language: Английский

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Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies

Borsa Istanbul Review, Journal Year: 2024, Volume and Issue: 24(2), P. 324 - 340

Published: Jan. 5, 2024

Under the UN sustainable development goals (SDGs), United States (US) and China have ambitious environmental, social, governance (ESG) investment plans. However, dichotomy is found in literature about how rising ESG practices affect firm value (FV). This study examines linear nonlinear effect of on FV growth-option (GV) moderates this connection real-option framework. We use data 5220 listed US Chinese firms from 2018 to 2022 with a generalized method moments model. The empirical results confirm that nonlinearly FV, implying turn trajectory positive negative, degree varies across sample but more pronounced at than firms. also find GV negatively nexus between sample. Our endogeneity-adjusted pass robustness tests important policy implications.

Language: Английский

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From risk to resilience: Climate change risk, ESG investments engagement and Firm's value

Heliyon, Journal Year: 2024, Volume and Issue: 10(5), P. e26757 - e26757

Published: Feb. 27, 2024

In line with Sustainable Development Goals, firms are increasingly incorporating Environmental, Social, and Governance (ESG) considerations in their investment strategies. The effect of firms' climate change risk (FCCR) on Value (FV), how such engagements moderate this effect, is a prominent subject debate among scholars, investors, policymakers. To examine these dynamics, we analyze dataset 1771 Unites States (US)-listed from 2006 to 2021 quantify the FCCR FV. We use generalized method moments model achieve our objectives. major findings summarized as follows: First, has negative significant Second, ESG investments positively significantly influence Third, FCCR-FV relationship. confirm estimations robust under different Finally, article provides fresh perspective management policy implications for managers, regulators US. suggest that investing an important strategic catalyst US firms.

Language: Английский

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How does organizational resilience promote firm growth? The mediating role of strategic change and managerial myopia

Journal of Business Research, Journal Year: 2024, Volume and Issue: 177, P. 114636 - 114636

Published: March 24, 2024

Language: Английский

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Green Awakening: The Rising Influence of Minority Shareholders and ESG in Shaping China's Sustainable Future

Sustainable Futures, Journal Year: 2025, Volume and Issue: unknown, P. 100441 - 100441

Published: Jan. 1, 2025

Language: Английский

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Greening or greenwashing? Corporate green bonds and stock pricing efficiency in China

Sustainability Accounting Management and Policy Journal, Journal Year: 2025, Volume and Issue: unknown

Published: Jan. 21, 2025

Purpose This paper aims to unveil the greenwashing intention of green bonds issuing in Chinese enterprises through lens stock pricing efficiency. Design/methodology/approach Drawing on data listed companies during 2012–2021, this study uses a difference-in-differences method how and what mechanisms impacts Findings Issuing lowers efficiency, verifying China. Potential underlie increased investor attention sentiment resulting from information disclosures about corporate low-carbon development. issue is more pronounced firms facing lower financing constraints, having stronger relations with government, located highly marketized regions. In context uncertainty surrounding economic policies, especially trade can signal weakening effect. Practical implications The quality disclosure should be emphasized ensure substantive commitment environmental responsibility signaled by bond issuance, thereby mitigating concerns. Social Regulators standard-setters improve issuance system for promote sustainable development market formulating unified certification criteria implementing stringently periodic reporting system. Originality/value First, best authors’ knowledge, it first draw perspective efficiency identify whether engage greenwashing. Second, uncovers black-box underlying examines further moderating role policy uncertainties.

Language: Английский

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Sustainable artificial intelligence in finance: impact of ESG factors

Frontiers in Artificial Intelligence, Journal Year: 2025, Volume and Issue: 8

Published: March 6, 2025

There is a growing concern about the sustainability of artificial intelligence, in terms Environmental, Social and Governance (ESG) factors. We contribute to debate measuring impact ESG factors on one most relevant applications AI finance: credit rating. not yet conclusive evidence whether EGS In this paper, we propose several machine learning models measure such impact, set metrics that can improve their ability do so. way, and, more generally, decisions based become sustainable.

Language: Английский

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The AI ESG protocol: Evaluating and disclosing the environment, social, and governance implications of artificial intelligence capabilities, assets, and activities

Sustainable Development, Journal Year: 2022, Volume and Issue: 31(2), P. 1027 - 1037

Published: Oct. 31, 2022

Abstract AI and data are key strategic resources enablers of the digital transition. Artificial Intelligence (AI) also intimately related to a company's environment, social, governance (ESG) performance generation sustainability impacts. These impacts increasingly scrutinized by markets other stakeholders, as ESG both valuation risk assessments. It an entity's potential contribute good, but it relates risks concerning, for example, alignment with current coming regulations frameworks. There is currently limited information on lack unified approach need tools systematically assessing disclosing capabilities. I here propose protocol, which flexible high‐level tool evaluating such impacts, engendering increased awareness better governance, stakeholder communication.

Language: Английский

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