Research on the Impact of ESG Performance on Enterprise Resilience
There are many factors that affect the sustainable development of enterprises.In ad-dition to the interdependence between enterprises,the resilience and security of the industrial and supply chains are crucial for the development of enterprises.As the international and domes-tic environment undergoes profound changes,the role of environmental,social,and governance(ESG)factors becomes increasingly evident when businesses face risks and challenges.At the same time,it should be noted that enterprises'social responsibility is not a panacea.ESG per-formance can promote the intrinsic value enhancement of enterprises to a certain extent,but it cannot solve all problems of enterprises,especially when facing systemic risks.Exploring the role and mechanism of ESG performance on enterprise resilience can provide recommendations for achieving long-term sustainable development of enterprises from a micro perspective.Based on A-share listed companies in the past decade,the paper reveals that ESG performance has a significant promoting effect on enterprise resilience.Mechanism testing shows that ESG perform-ance could promote enterprise resilience through alleviating financing constraints and optimizing internal controls.Further analysis reveals that the promotion effect of incorporating ESG ratings on enterprise resilience is significantly enhanced.Heterogeneity analysis shows that ESG per-formance has a better promoting effect on enterprise resilience in enterprises with high audit quality,non-heavily polluting industries,and low competition industries.
万方数据
维普
