Systems, Journal Year: 2025, Volume and Issue: 13(5), P. 315 - 315
Published: April 25, 2025
As environmental, social, and governance (ESG) concerns increasingly shape corporate behavior, understanding their financial implications remains critical. This study investigates the impact of ESG performance on shareholder value, focusing mediating role dividend policy. A multi-period difference-in-differences (DID) approach is applied to panel data from Chinese A-share listed firms between 2011 2022 address endogeneity establish causal inference. The empirical findings indicate that strong significantly enhances value policy a credible transmission mechanism by signaling stability quality. Heterogeneity analysis reveals magnitude effect further shaped firm size, profitability, ownership concentration, with larger, more profitable, less concentrated benefiting more. Industry-level stronger effects in capital- technology-intensive sectors, comparatively minor labor-intensive industries. These results extend literature clarifying how translates into identifying contextual conditions amplify or attenuate its impact. also offer practical insights for aligning strategies policies tailoring sustainability regulation organizational industry-specific dynamics.
Language: Английский