ESG performance and the total factor productivity of enterprises:An empirical analysis based on private listed enterprises
ESG refers to the concept of evaluating companies from three dimensions:environment,society and corporate governance.This paper uses the sample data of private listed companies in our country from 2011 to 2022 to explore the impact of ESG performance on the total factor productivity of enterprises.The conclusion finds:first,ESG performance can effectively promote the total factor productivity of enterprises.After replacing core variables,using instrument variable method,adding individual effects for robustness and endogeneity tests,the research conclusion still holds;Second,from the mechanism path and the heterogeneity analysis results,Financing constraints and R&D innovation play a mediating role in the impact of ESG performance on the total factor productivity of enterprises,and the role of corporate ESG performance in improving the total factor productivity is more significant in manufacturing enterprises and large enterprises.The conclusion has some reference value for our private listed companies to strengthen ESG construction,actively practice ESG,and then achieve high-quality development.
ESG performancetotal factor productivityhigh-quality development
NETL
NSTL
万方数据
