Can Companies Strengthen ESG Practices to Boost High-Quality Corporate Development?:Evidence from Chinese Listed Companies
The high-quality development of micro enterprises is crucial to the high-quality development of the macro economy.The ESG system,which is centered on sustainable development,will reshape the business philosophy of enterprises and profoundly influence their behaviors,thus becoming an effective tool to promote the high-quality development of enterprises.This paper takes Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as the research sample,measures the high-quality development of enterprises from multiple dimensions,and empirically examines the role of strengthening ESG practices for the high-quality development of enterprises.The study finds that(1)Strengthening ESG practices by firms can contribute to high-quality development by alleviating financing constraints,increasing R&D investment,and improving supply chain stability,and this finding is still valid after a series of robustness tests.(2)Heterogeneity tests show that the effect is more significant for state-owned enterprises and enterprises in regions with better business environments.(3)Extended analysis shows that the uncertainty of ESG ratings can mislead and blur the signaling,thus weakening the effect on the high-quality development of enterprises.The research in this paper provides empirical support for the construction of an ESG system with Chinese characteristics in theory,and provides new ideas for promoting the high-quality development of enterprises in practice.
NETL
NSTL
万方数据
