ESG Information Disclosure and Enterprise Total Factor Productivity
In the context of fully implementing the new development concept,the long-term value attribute of ESG information is increasingly evident.Actively practicing ESG concepts in business activities is one of the important means for enterprises enhancing their sustainable development capabilities.Therefore,how corporate ESG information disclosure,as important non-financial information,affects the production and operation activities of enterprises has been focused in both practical and academic circles.On the basis,the impact and mechanism of ESG information disclosure on total factor productivity of A-share companies in Shanghai and Shenzhen are empirically analyzed from 2009 to 2021.It has found that,firstly,ESG disclosure has a significant promoting effect on total factor productivity of enterprises.After a series of robustness tests,the conclusion still holds up.Secondly,the intermediary mechanism indicates that ESG information disclosure affects the total factor productivity of enterprises through two paths:improving innovation level and human capital level.Specifically,ESG information disclosure can enhance innovation output,enhance employee trust level,and optimize the human capital structure of enterprises,thereby enhancing their total factor productivity.Thirdly,further analysis indicates that ESG information disclosure has a stronger enhancing effect on the total factor productivity of enterprises when the degree of marketization is low and external analysts paying high attention.Based on the research findings,the following suggestions are proposed:Firstly,enterprises should actively practice the ESG concept,improve their awareness of ESG information disclosure,cultivate ESG competitive advantages,and empower high-quality development of enterprises.At present,the entire economy and society are in a period of transformation.If enterprises blindly pursue short-term economic performance improvement while neglecting sustainable development and green strategic transformation,it will be difficult to keep pace with the times.Secondly,companies should abandon the negative externality perception that ESG development will increase additional costs of the company.On the contrary,cultivating ESG disclosure advantages in enterprises can reduce the cost of information acquisition and identification for employees,customers,and government stakeholders,alleviate information asymmetry with stakeholders,and reduce adverse selection and ethical costs.Thirdly,enterprises can utilize information transmission functions such as analysts and media to alleviate the asymmetry of ESG information with stakeholders and establish a good image of business operations.Relying on the use of big data tools,such as big data and artificial intelligence,enterprises can more conveniently disclose ESG information.It not noly improves the efficiency of enterprise information transmission,but also increases the risk of information manipulation,which can easily lead to the"greenwashing"of enterprise ESG information.Enterprises can utilize information transmission functions such as analysts and media to convey their advantages in participating in ESG activities such as environmental protection,employee diversity,and labor relations,alleviate information asymmetry among stakeholders,and establish a good image of enterprise operation.In summary,the conclusions have enlightening significance for constructing and improving ESG information disclosure mechanisms with Chinese characteristics,promoting ESG information disclosure by enterprises,cultivating ESG competitive advantages,improving the regulatory environment of China's capital market,and achieving high-quality economic development.
ESGinformation disclosuretotal factor productivityinnovationhuman capital
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