Peer Effect of ESG Disclosure and Enterprise Financing Costs—Being Influenced by the Surroundings
Previous studies have confirmed the important role of ESG disclosure in corporate financing,but the impact of ESG disclosure from the perspective of peer effect is not yet clear.Therefore,based on the data of A-share listed companies in Shanghai and Shenzhen from 2011-2021,this paper empirically tests the impact of peer effect of ESG disclosure on financing costs.The results show that there is an industry peer effect in ESG disclosure of enterprises,and the effect significantly reduces the financing costs of enterprises.After using robustness tests such as instrumental variable and propensity score matching(PSM),the conclusion still holds.Mechanism testing shows that the peer effect of ESG disclosure can reduce financing costs by alleviating corporate financing constraints,increasing information disclosure willingness,and promoting the effectiveness of information transmission.Heterogeneity analysis found that among non-heavily polluting enterprises,those enterprises in the growth and maturity stages,and those audited by non-Big4 accounting firms,the peer effect of ESG disclosure has a more significant effect on reducing financing costs.The article provides new evidence for the relationship between corporate ESG disclosure and financing costs from the perspective of peer effects,providing new basis for regulatory authorities to govern the differentiation of corporate ESG disclosure,and has reference significance for promoting the deep integration of ESG construction and the real economy.
万方数据
维普
