The Impact of Environmental,Social,and Corporate Governance on the Financial Performance of Textile Firms
The article analyses the relationship between environmental,social,and corporate governance(ESG ratings),financing constraints,and financial performance of listed companies in the textile industry in China from 2015 to 2022 as a research sample.The study finds that the fulfillment of ESG responsibilities of textile enterprises is significantly positively correlated with their financial performance.The promotion effect is stronger in the central region and non-state-owned enterprises.The mechanism test concludes that fulfilling ESG responsibilities promotes financial performance by alleviating financing constraints and that financing constraints play a partial intermediary role.The study's findings are useful for guiding enterprises to comprehensively green transformation and upgrading,and improving the financial performance of textile enterprises.
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