ESG Performance and Trade Credit Supply:the Empirical Evidence from a Customer Perspective
Based on the unbalanced panel data of companies listed on the Shanghai and Shenzhen A-shares from 2012 to 2022,this study empirically tests the relationship between ESG performance and trade credit supply.The findings highlight that superior ESG performance can markedly diminish a company's trade credit offerings.A closer analysis reveals that as a company's disclosed ESG performance improves,the loyalty and stability of its customer base increase,leading to a reduced inclination to extend trade credit for operational purposes.Further research shows that state-owned enterprises and those in less competitive sectors demonstrate a more pronounced negative correlation between ESG performance and trade credit supply.
万方数据
