企业战略激进度、数字化转型与ESG表现——企业生命周期的调节作用
Corporate Strategic Radicality,Digital Transformation,and ESG Performance:Moderating Effect of Corporate Life Cycle Stage
王晓红 1赵美琳 1张少鹏 1成蕾1
作者信息
- 1. 哈尔滨工业大学经济与管理学院,哈尔滨 150001
- 折叠
摘要
基于2010-2020年中国沪深A股上市企业面板数据,研究企业战略激进度对ESG表现的影响机制,研究表明:(1)企业战略激进度显著促进了 ESG表现,并且随着企业ESG表现的提高,企业战略激进度对其影响呈现边际效应递增趋势;(2)数字化转型在企业战略激进度与ESG表现的关系间发挥部分中介作用;(3)相对成长阶段和衰退阶段,企业战略激进度仅在企业生命周期的成熟阶段对ESG表现存在积极影响;(4)进一步分析发现,企业在成长阶段融资约束的挤出效应以及衰退阶段盈余管理的替代效应,是导致成长阶段和衰退阶段中战略激进度对ESG表现贡献力有限的原因.
Abstract
Based on the panel data of Shanghai and Shenzhen A-share listed enterprises from 2010 to 2020,this paper in-vestigates the impact mechanism of corporate strategic radicality on ESG performance,which shows that(1)corporate strate-gic radicality significantly promotes ESG performance and the impact of corporate strategic radicality on it shows a trend of increasing marginal effect.(2)Digital transformation plays a partially mediating role in the relationship between corporate strategic radicality and ESG performance.(3)Corporate strategic radicality has a positive impact on ESG performance only in the maturity stage of the life cycle compared to the growth and decline stages.(4)Further analysis finds that the crow-ding out effect of financing constraints in the growth stage and the surplus management substitution effect in the decline stage lead to a limited contribution of corporate strategic radicality to ESG performance.
关键词
企业战略激进度/ESG表现/数字化转型/企业生命周期Key words
corporate strategic radicality/ESG performance/digital transformation/corporate life cycle引用本文复制引用
基金项目
国家自然科学基金(71874042)
山东省社会科学规划研究项目(22DGLJ01)
中央高校基本科研业务费专项哈尔滨工业大学项目(HIT.HSS.202102)
出版年
2024
NETL
NSTL
万方数据