ESG Performance of Enterprises and International Capital Flows——Empirical Research from Cross-Border Data
ESG,as the fundamental competitive advantage of corporate sustainable development,may become a new driv-er of international capital flows.This paper employs panel data from 51 countries from 2004 to 2021 to investigate the im-pact,mechanism of action,heterogeneous performance,and non-linear relationship between corporate ESG and interna-tional capital flows.The findings indicate that ESG has a significant and robust impact on international capital flows.The mechanism analysis demonstrates that ESG,as a crucial instrument for promoting sustainable development and enhancing corporate value,influences corporate values and facilitates international capital flows by enhancing corporate productivity and financial development.Furthermore,the heterogeneity analysis reveals a"marginal effect"and a nonlinear relation-ship between the effects of ESG on international capital.Further heterogeneity analysis demonstrates that the impact of ESG on international capital is characterised by a nonlinear decreasing marginal effect.Consequently,in light of the piv-otal role ESG plays in the global capital market,it is imperative to expedite the establishment of a robust ESG system in China,enhance the ESG disclosure guidelines,and elevate the standards of corporate ESG disclosure and ESG govern-ance.
sustainable developmentESGenterprise productivityinternational capital
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