Does the ESG Performance of Enterprises Have a Peer Effect?——Empirical Testing Based on Spatial Econometric Models
With the introduction of"peak carbon dioxide emissions and carbon neutrality"target and the promotion of green and sustainable development,ESG concept provides new ideas for enterprise decision-making.Based on this,the article takes Chi-nese A-share listed companies from 2015 to 2022 as the research sample,introduces a spatial panel econometric model,con-structs a regional and industry spatial weight matrix,and examines the peer effect of ESG performance of enterprises.The research results indicate that the ESG performance of peer firms(endogenous peer effect)and its characteristic variable(exogenous peer effect)have a positive impact on the ESG performance of target enterprises,and the industry peer effect is stronger than the re-gional peer effect.Model enterprises can motivate enterprises in the same region and industry to actively fulfill their social respon-sibilities.Mechanism testing found that in industries with more intense market competition and regions with better legal environ-ment,the peer effect of ESG performance of enterprises is more significant.By analyzing the economic consequences of peer effect,it is found that the regional and industry peer effects respectively have significant positive effects on the stock returns and stock liquidity of enterprises.Therefore,China should give full play to the leading role of benchmark enterprises,strengthen the construction of regional legal environment,improve the ESG disclosure standards,pay attention to the construction of industry as-sociations,and then enhance the ESG performance and stock market performance of enterprises.
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