Research on the Mechanisms and Effects of ESG Performance on Chinese Firms'Overseas Earning
ESG is an important basis for measuring the sustainable development of enterprises,and it is of great significance to enterpri-ses and society.This paper uses the ESG rating data of Chinese A-share listed companies from 2009 to 2022 to study the mecha-nism and effect of ESG performance on the overseas earnings of Chinese enterprises.The study finds that ESG performance can significantly improve the overseas earnings of Chinese enterprises,and this conclusion is still valid after controlling for endogene-ity and conducting robustness tests.In terms of impact mechanism,ESG mainly promotes the improvement of overseas earnings of enterprises by promoting green innovation,improving commercial credit and corporate reputation,and alleviating the mismatch of investment and financing terms.Further analysis shows that digital tax collection and management,carbon emission market trading,and internal digital transformation will enhance the positive impact of ESG on Chinese enterprises'overseas earnings.In addition,there is also a"better-than-average effect"in the impact of corporate ESG performance on overseas earnings,that is,the better the ESG performance of enterprises is better than the average level of peer companies,the more conducive to the im-provement of overseas earnings of enterprises,and at the same time,it is also conducive to enhancing the resilience of overseas earnings of enterprises.This study provides an important reference for policy formulation and strategic decision-making for Chi-nese international enterprises to actively practice the concept of ESG.
NETL
NSTL
万方数据
