ESG is based on a long-term value orientation,and how the implementation of ESG concepts affects the long-term value of enterprises is an important topic that needs to be studied at present.Based on the data of Chinese listed companies from 2015 to 2022,this study examines the impact of ESG performance on corporate performance from short-term and long-term,static and dynamic perspectives.Research has found that fulfilling ESG responsibilities by listed companies cannot improve corporate financial performance in the short term,but can improve long-term performance that represents the company's sustainable development ability.Companies can achieve financial performance improvement around the third year of ESG practice.The impact of fulfilling ESG responsibilities on corporate performance has a time lag and continuity.Enterprises fulfilling their ESG responsibilities mainly improve their long-term performance through two channels:promoting enterprise innovation and optimizing enterprise management.Heterogeneity analysis shows that compared to state-owned enterprises,enterprises with low executive shareholding and high media attention,fulfilling ESG responsibilities has a greater impact on non-state-owned enterprises,enterprises with high executive shareholding and high media attention.This article is of great significance for deepening insights into the ESG value creation mechanism.
ESGshort-term performancelong-term performancedynamic effectsevent research method
NETL
NSTL
万方数据
