ESG Performance Empowers Financial Flexibility in Manufacturing Firms—Empirical Evidence from China

Sustainability, Год журнала: 2025, Номер 17(3), С. 1171 - 1171

Опубликована: Янв. 31, 2025

In the context of slowing economic growth and increasing uncertainty, enhancing financial flexibility manufacturing enterprises is a critical foundation for promoting high-quality development real economy. This study selects sample Chinese A-share-listed firms from Shanghai Shenzhen, spanning years 2012 to 2022, constructs fixed-effects model examine impact ESG performance on these its underlying mechanisms. The finds that: (1) significantly enhances corporate flexibility. (2) promotes primarily through mechanisms such as alleviating financing constraints, improving competitive advantages, attracting analysts’ attention. (3) Heterogeneity analysis reveals that positive effect more pronounced in high-tech non-heavily-polluted firms. (4) Sub-dimensional shows governance has significant enhancement than social responsibility, while environmental investment exerts an inhibitory (5) uncertainty associated with ratings weakens contribution practices Based findings, this paper suggests should be encouraged actively adopt practices, accelerate improvement their disclosure systems, support strong foster development.

Язык: Английский

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The Nexus between Biodiversity and Sovereign Credit Ratings: Global Environmental and Economic Interdependencies in Biodiversity-Centric Perspective

Опубликована: Янв. 1, 2025

Язык: Английский

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The Nexus between Biodiversity and Sovereign Credit Ratings: Global Environmental and Economic Interdependencies in Biodiversity-Centric Perspective

Опубликована: Янв. 1, 2025

Язык: Английский

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Can industry competition stimulate enterprises ESG performance?

International Review of Financial Analysis, Год журнала: 2025, Номер unknown, С. 104274 - 104274

Опубликована: Апрель 1, 2025

Язык: Английский

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