ESG Performance and Corporate Risk-taking:An Empirical Study Based on A-shares
Based on a sample of Shanghai and Shenzhen A-share companies from 2012 to 2022,this paper empirically studies the relationship between ESG performance and corporate risk-taking.We find that good ESG performance increases corporate risk-taking levels.Moreover,the sub-item test results show that E(environmental),S(social)and G(governance)factors all have a promoting effect on improving the level of risk-taking.Further research shows that the effect of ESG on improving corporate risk-taking levels is mainly more significant among corporate entities with relatively scarce resources.Specifically,for companies with weak competitive positions and operate in a highly competitive market,the positive feedback on ESG performance increases their risk-taking level.Moreover,enterprises subject to higher financing constraints and are non-state-owned,their risk-taking levels also increase.Our conclusions not only provide inspiration for regulatory agencies to further improve the ESG disclosure framework and standardize disclosure requirements,but also provide certain ideas for them to fully stimulate the enthusiasm and initiative of enterprises to fulfill ESG responsibilities through policy guidance.
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