Strategic Emerging Industry Policies and Corporate ESG Performance
During the 14th Five Year Plan period,the country has formulated more comprehensive plans and long-term goals for strategic emerging industries,continuously strengthening policy support for these industries.This article takes the ESG performance of enterprises as the starting point,and uses the listing formula of the Shanghai and Shenzhen A-shares from 2007 to 2021 as the research sample to empirically test the impact and mechanism of strategic emerging industry policies on the ESG performance of enterprises,in order to evaluate the implementation effect of strategic emerging industry policies.The empirical results show that strategic emerging industry policies significantly improve the ESG performance of enterprises,and the above conclusion still holds after a series of robustness tests.Mechanism testing has found that strategic emerging industry policies enhance corporate ESG performance by promoting green technology innovation,alleviating financing constraints,and attracting analytical attention.Further research has found that in companies where the roles of chairman and general manager are separated,as well as in environments with high economic policy stability,strategic emerging industry policies have a more significant effect on improving ESG performance.
strategic emerging industry policiesenterprise ESG performancegreen technology innovationfinancing constraintsanalytical coverage
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