Impacts of Corporate ESG Performance on Their Financing Constraints
Environmental,Social,and Governance(ESG)is an essential metric for assessing corporate sustainability and is highly valued by investors.To support economic and social transition and high-quality development,this article examines the relationship between corporate ESG performance and financing constraints using panel data from 1 279 A-share listed companies in China from 2009 to 2020.Employing a fixed effects model,the article also explores the roles of total factor productivity and institutional investor shareholding in alleviating financing constraints.The findings reveal that strong ESG performance helps ease financing constraints,with total factor productivity and institutional investor ownership acting as mitigating factors in this relationship.Additionally,the article finds heterogeneity in the impact of ESG performance on financing constraints among Chinese companies:the effect is stronger for firms in the eastern region and for state-owned enterprises.
万方数据
