How does ESG Performance Affect the High-quality Development of Enterprises?:Also on the Regulatory Role of Media Attention
ESG performance is a comprehensive index to measure the non-financial performance of enterprises,injecting endogenous impetus into their high-quality development.The A-share listed companies in China from 2010 to 2021 was taken as research samples to empirically test the impact of ESG performance on the high-quality development of enterprises.The study shows that the improved ESG performance can significantly promote the high-quality development of enterprises.The conclusion still holds after the stability test by replacing variables,lagging by one period and shortening the lifespan.Further research shows that media attention has a positive regulatory effect on the relationship between ESG performance and the high-quality development of enterprises.The higher the media attention,the stronger the effect of ESG performance in promoting the high-quality development of enterprises.Mechanism inspection shows that ESG performance mainly promotes the high-quality development of enterprises by promoting green technology innovation and reducing operational risks.Heterogeneity analysis shows that the promotion effect of enterprise ESG performance is more significant in state-owned enterprises and heavily polluting enterprises.The above research indicates the positive effect of ESG and the external governance role of media attention,and provides certain empirical evidence for relevant departments to improve and promote ESG policies.
ESG performancehigh-quality development of the enterprisemedia attentiongreen technology innovationoperational risks
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