With the increasing attention to ESG practices,the impact of ESG performance on corporate value creation has been increasingly discussed.This paper empirically examines the relationship between ESG performance and corporate value creation,and the mediating and moderating effects of information asymmetry using data from A-share listed companies from 2013 to 2022 as samples.The results show that good ESG performance can have a positive impact on corporate value creation;information asymmetry plays a partly mediating role in the impact of ESG performance on corporate value creation;good ESG performance can alleviate information asymmetry,which promotes the creation of more corporate value;information asymmetry also plays a positive moderating role,when the degree of information asymmetry is reduced,ESG performance can better promote corporate value creation.Therefore,enterprises should pay attention to ESG performance,improve the quality of information disclosure,effectively alleviate information asymmetry,enhance the accuracy of stakeholders'decision-making,and jointly promote the long-term sustainable development of enterprises.
关键词
ESG表现/企业价值创造/信息不对称/利益相关方
Key words
ESG performance/corporate value creation/information asymmetry/stakeholders
万方数据