The Impact of Pro-social Performance of Heavily Polluting Enterprises on the High-quality Development of Enterprises—A Study of the Mediating Effect Based on Financing Constraints
This paper selects heavily polluting enterprises listed on China's A-share market from 2011 to 2021 as the research sample,analyzes the relationship between pro-social behav-iors of heavily polluting enterprises and high-quality development of enterprises,and further ex-amines the mediating role of corporate financing constraints between pro-social behaviors of en-terprises and high-qualitily development of enterprises on this basis.The results of the study found that the pro-social behavior of heavily polluting enterprises can significantly promote the high-quality development of enterprises,and the paper verifies the mediating role of corporate fi-nancing constraints in it.The pro-social behavior of the enterprises helps them improve their im-age,which in turn influences the stakeholders and reduces the financing constraints of the enter-prises,thus helping them to obtain better financing,further enhancing their market competitive-ness,and contributing to the realization of high-quality development of the enterprises.In addi-tion,the study further analyzes the heterogeneity based on a series of factors such as the nature of property rights,geographic location,and so on.This paper enriches the theoretical connota-tion of high-quality development of enterprises and provides empirical evidence and more ideas and suggestions on how heavily polluting enterprises can carry out high-quality transformation and improve the quality of development.
pro-social behavior of enterprisesheavily polluting enterpriseshigh-quality de-velopment of enterprisesfinancing constraint
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