ESG Performance and Corporate Resilience:Effects and Mechanisms
In the context of growing global economic volatility and uncertainty,the adoption of Environmental,Social,and Governance(ESG)practices by corporations has proven essential for boosting resilience,countering external threats,and fostering sustainable growth.This study investigates the effect of ESG performance on the resilience of non-financial,A-share listed firms in the Shanghai and Shenzhen exchanges over the period 2009 to 2021,analyzing the underlying mechanisms of this impact.Results demonstrate a significant positive relationship between ESG performance and corporate resilience,a finding that withstands various robustness tests and endogeneity controls.Specifically,ESG initiatives improve resilience by reducing financing constraints,augmenting innovation,and enhancing governance.Additionally,the study uncovers that the benefits of ESG practices vary according to corporate and industry-specific attributes,highlighting the nuanced impact of ESG performance.
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