Can ESG Ratings Enhance Corporate Resilience—An Empirical Examination Based on the Multi-Time-Point Difference-in-Differences Model
Based on the exogenous shock of ESG ratings disclosed by Sino-Green Finance for the first time,this paper selects the listed companies from 2011 to 2022 as samples and utilizes a multi-time point difference-in-differences model to investigate the impact and mechanism of ESG ratings on corporate resilience.The empirical re-sults indicate that ESG ratings significantly enhance corporate resilience,and this conclusion remains robust after a series of tests.Meanwhile,the mechanism analysis reveals that ESG ratings improve corporate resilience by allevi-ating financing constraints,reducing corporate risks and enhancing innovation capabilities.Further research finds that the positive impact of ESG ratings on corporate resilience is more apparent in the state-owned enterprises and heavily polluting enterprises.Therefore,enterprises should actively form a long-term mechanism for ESG invest-ment,and government should accelerate the promotion of ESG institutionalization to enhance the resilience of en-terprises in responding to crises and shocks.
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