Research on the Influence of Patience Capital on ESG Performance of Enterprises
With the gradual popularity of ESG concept,how to improve the ESG performance of enterprises has become the focus of public attention.Patience capital advocates long-term investment concept,which is in line with ESG concept and may become an important engine to promote ESG performance of enterprises.Therefore,based on the sample of A-share listed companies from 2009 to 2022,this paper empirically tests the influence of patient capital on ESG performance of enterprises.It is found that patient capital can promote the ESG performance of enterprises;The mechanism test shows that agency cost,financing constraints and information asymmetry are important mechanisms for patient capital to affect ESG performance.Heterogeneity analysis shows that patient capi-tal has a more obvious improvement effect on ESG performance of enterprises with higher attention level of ana-lysts,higher media and key pollution monitoring units;It is found that patient capital mainly promotes the perfor-mance of corporate society and corporate governance,but has no significant effect on environmental performance.The research conclusion has important reference value for cultivating and expanding patient capital and promoting ESG performance improvement of enterprises.
万方数据
维普
