Will ESG Performance Suppress Corporate Financial Fraud?——Empirical Evidence from A-share Listed Companies
In the context of increasing attention to corporate social responsibility and sustainable development,ESG(Environmental,Social,and Corporate Governance)performance has become an important indicator for evaluating the comprehensive value of enterprises.This article is based on data from Chinese A-share listed companies from 2013 to 2022,and examines the impact of ESG performance on corporate financial fraud.The re-search results indicate that:ESG performance can inhibit corporate financial fraud behavior,including reducing the probability and severity of fraud occurrence.This conclusion still holds after a series of robustness tests.Mechanism studies have shown that ESG performance suppresses corporate fi-nancial fraud by reducing the degree of information asymmetry,alleviating financing constraints,and reducing agency costs.Heterogeneity analysis shows that in enterprises with poor internal control quality,non-state-owned enterprises,and high levels of legal environment,ESG performance has a more significant inhibitory effect on financial fraud.Economic consequence testing has found that ESG performance promotes financial perform-ance improvement and reduces operational risks by suppressing corporate financial fraud.The above research results provide empirical evidence for improving ESG investment strategies,promoting the formulation of ESG regulatory policies,and promoting the improvement of corporate governance levels.
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万方数据
