ESG performance and green innovation of Chinese enterprises: Based on the perspective of financing constraints

Journal of Environmental Management, Journal Year: 2024, Volume and Issue: 370, P. 122955 - 122955

Published: Oct. 17, 2024

Language: Английский

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ESG performance and cross-region investment: evidence from China

International Journal of Emerging Markets, Journal Year: 2025, Volume and Issue: unknown

Published: Jan. 31, 2025

Purpose This study examines the impact of environmental, social and governance (ESG) performance on cross-region investment in China. Design/methodology/approach utilized firm-level data from China Stock Market Accounting Research database covering 2009 to 2021, comprising 3,600 Chinese listed firms. Cross-region activities were measured using establishing subsidiaries across regional borders obtained TianYanCha website. Besides, this also implemented instrumental variables (IV) difference-in-differences approach address potential endogeneity issues. The panel Poisson negative binomial models are used for robustness tests. Findings findings indicate that companies with better ESG more likely establish subsidiaries, positively affecting cross-regional activities. Strong reduces financing constraints, enhances information transparency improves corporate reputation resource allocation efficiency, thereby increasing investment. Well-established helps overcome judicial barriers. Moreover, investments driven by less motivated tax avoidance, pollution transfer management self-interest. limitations/implications We focus China, which may limit applicability our conclusions other regions. Our measurement might underestimate its extent due diverse methods. suggest two future research directions: first, studies could explore ESG-facilitated investments; second, further analysis assess whether effectively dismantles administrative barriers mitigates market segmentation. Originality/value Under China’s distinctive segmentation phenomenon, fills a gap providing new causal evidence role managerial mitigating capital flow boundaries.

Language: Английский

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ESG certification, green innovation, and firm value: A quasi-natural experiment based on SynTao Green Finance's ESG ratings: A pre-registered study

Pacific-Basin Finance Journal, Journal Year: 2024, Volume and Issue: 88, P. 102572 - 102572

Published: Nov. 1, 2024

Language: Английский

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Environmental, social, and governance performance, financing constraints, and corporate investment efficiency: Empirical evidence from China

Heliyon, Journal Year: 2024, Volume and Issue: 10(22), P. e40401 - e40401

Published: Nov. 1, 2024

This study explores the connection between environmental, social, and governance (ESG) performance, financing constraints, corporate investment efficiency. The hypotheses in this are formulated based on principles of stakeholder agency theories. We used secondary data from Chinese A-share listed companies 2010 to 2021 conduct an empirical analysis using Ordinary Least Squares (OLS) Fixed Effect (FE) estimators. results indicate that good ESG performance can enhance Compared over-investment, has a more pronounced effect mitigating under-investment. Using mediating model, we also find exerts inhibitory influence both under- over-investments by constraints. Heterogeneity indicates enhancing efficiency is significant non-state-owned corporations, low-pollution corporations with higher proportion institutional investors. provides insights for improve capital allocation promote sustainable development.

Language: Английский

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Environmental Justice Specialization and Corporate ESG Performance: Evidence from China Environmental Protection Court

Sustainability, Journal Year: 2024, Volume and Issue: 16(21), P. 9531 - 9531

Published: Nov. 1, 2024

In order to implement the dual-carbon strategy and achieve sustainable economic development, it is essential guarantee environmental protection through establishment of an effective rule law. This study employs a quasi-natural experiment, namely courts in China’s intermediate people’s courts, investigate impact on ESG performance A-share listed companies from 2010 2022. A double-difference model utilized for this purpose. reveals that specialization justice means promoting enterprises. The results mechanism tests indicate has positive enterprises, primarily by enhancing external supervision garnering greater media attention analyst interest. Furthermore, heterogeneity analysis influence corporate particularly pronounced eastern regions, contexts characterized high uncertainty heavily polluting These findings offer invaluable insights into development advancement growth.

Language: Английский

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Green Innovation and the ESG Disconnect: Evidence from Green Patenting in the Construction Industry in China

Journal of Management in Engineering, Journal Year: 2024, Volume and Issue: 41(1)

Published: Nov. 26, 2024

Language: Английский

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