Research on the impact of corporate ESG performance on operational efficiency
Improving corporate operational efficiency is not only an important means to enhance competitiveness but also a key factor in promoting high-quality development.For this purpose,ESG provides a new engine.This paper puts forward hypotheses that need to be tested through theoretical analysis and then uses relevant data from A-share listed companies from 2012 to 2023 to empirically examine the impact of corporate ESG performance on operational efficiency.The results indicate that corporate ESG performance significantly promotes corporate operational efficiency.Even after carrying out alternative variable replacements,changing core explanatory variables and modifying fixed effects,the regression results remain robust.Mechanism analysis shows that ESG affects corporate operational efficiency through two channels:reducing corporate financing constraints and providing management with incentive compensation.Heterogeneity analysis reveals that the impact of ESG performance on non-state-owned enterprises is more significant compared to state-owned enterprises.Lastly,it is discovered that among the various indicators of ESG,governance ratings have the most significant effect.This research provides empirical evidence for the promotion of operational efficiency in enterprises through ESG investment.
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