How does enterprise ESG performance affect green investor entry?
Against the backdrop of increasingly severe resource bottlenecks and environmental constraints in economic growth,green investment is gaining momentum. Based on panel data from A-share listed companies from 2009 to 2017,this paper employs fixed-effects models and instrumental variable methods to examine the impact of corporate ESG performance on the entry of green investors and its underlying mechanisms. The study finds that:( 1 ) corporate ESG performance is significantly positively correlated with the number of green investors,with robustness tests supporting a causal relationship between the two;( 2 ) ESG performance primarily exerts a positive effect on the entry of green investors by incentivizing companies to engage in green innovation;( 3 ) the positive impact of corporate ESG performance on the entry of green investors is more pronounced in non-state-owned enterprises,large-scale enterprises,and non-heavy polluting industries. Therefore,efforts should be made to promote ESG system development,establish a sound government-guided and supervisory mechanism for ESG,continually improve mechanisms for protecting green investors,and actively promote green innovation projects,increase investment in green research and development,and form a virtuous cycle model of enterprise development.
ESG performancegreen investorsESG information disclosuregreen innovationenterprise heterogeneity
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