Corporate ESG Information Manipulation:Impacts,Methods and Motivations
ESG information manipulation has hindered the development of China's ESG evaluation system.Based on the annual data of A-share listed companies from 2009 to 2022,the article discusses in detail the impact,methods and motives of ESG information manipulation of listed companies in China.The empirical results show that in the short term,corporate ESG information manipula-tion is a"double-edged sword",and corporate ESG information manipulation will deteriorate non-financial performance while im-proving financial performance.In the long run,corporate ESG information manipulation is a"thirst quencher",corporate non-finan-cial performance degradation and financial performance enhancement counterbalance each other,and ESG information manipulation has no significant impact on corporate performance.Further research finds that listed companies can objectively manipulate their ESG evaluation results by misleading the ratings of third-party agencies and avoiding third-party regulation,and that lower ESG rat-ings and higher financing constraints are important motives for listed companies to manipulate ESG information.This paper explores and confirms the negative impacts of ESG information manipulation and the real motives of firms'ESG information manipulation,and provides ideas and paths for third-party rating agencies and the government to improve the regulation of corporate ESG information.
万方数据
维普
