Controlling shareholders' stock pledge, internal control and enterprise ESG performance
ESG plays a crucial strategic role in promoting high-quality growth of enterprises and accelerating China's achievement of carbon neutrality goals. This article selects listed companies from 2013 to 2022 as samples and empirically tests the relationship between controlling shareholder equity pledge, internal control, and corporate ESG performance by constructing a moderated mediation model. Research has found that pledging equity of controlling shareholders can inhibit the ESG performance of enterprises, and this conclusion remains robust after testing for omitted variables, reverse causality, and sample selection bias; The inhibitory effect of controlling shareholder equity pledge on ESG performance is more significant in non-state-owned enterprises and enterprises with higher equity concentration;The equity pledge of controlling shareholders lowers the quality of internal control of the enterprise, thereby reducing its ESG performance. Financing constraints positively regulate the intermediary role of internal control. By exploring the inherent mechanism between controlling shareholder equity pledge and corporate ESG performance, this article has important reference value for enterprises on how to improve internal governance and enhance ESG performance.
NETL
NSTL
万方数据
