Environmental Assessment,ESG Performance,and Enterprise Value:Based on the Quasi-natural Experiment of Leading Cadres'Natural Resources Assets Departure Audit Pilot
Environmental Assessment,ESG Performance,and Enterprise Value:Based on the Quasi-natural Experiment of Leading Cadres'Natural Resources Assets Departure Audit Pilot
This paper examines the impact of the new environmental assessment system of leading cadres'natural resource assets audit on enterprise value,and its functional mechanisms.We take China's A-share listed companies in 2010-2019 as the research object,deploy both stakeholder theory and signal transmission theory,and adopt the quasi-natural experiment of the multi-stage dual difference model.Our results show that the audit of natural resource assets of leading cadres can improve the value of enterprises by improving their environmental,social,and corporate governance(ESG)performance;further analysis results show that this impact is more significant in businesses that produce relatively low levels of pollution,that attract little media attention,and that have limited access to green finance.The results provide a reference for how to improve the environmental assessment mechanisms of leading cadres and to encourage local leading cadres to implement sustainable development strategies and promote the comprehensive development of the economy and society.This work is of great significance to the deepening implementation of outgoing audits,helping to improve the environment and promote high-quality economic development.
关键词
领导干部自然资源资产离任审计/ESG/企业价值/多期DID
Key words
the audit of natural resource assets of leading cadres/ESG/the value of enterprises/multi-phase DID
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