Can Embedding of Party Organizations of CPC Promote Corporate ESG Performance?—Based on Mediating Effect of Financing Constraints
Using the data of China's A-share listed companies from 2013 to 2021,this paper empirically examines the impact of the embedding of Party organizations of the Communist Party of China(CPC)on ESG performance and the mediating effect of financing constraints on the relationship between the two.The results show that the embedding of Party organizations of the CPC positively promotes the improvement of ESG performance,and financing constraints play an intermediary role in the rela-tionship between the two.Further analysis shows that the embedding of Party organizations of the CPC has a long-term dynamic effect on the ESG performance of enterprises.The positive promotion effect of the embedding of Party organizations of the CPC on ESG performance is more obvious in the manufacturing industry,and good ESG performance can create a favorable external environment for enterprises and help reduce enterprise risks.Based on this,it is necessary to establish and improve the embed-ding method of Party organizations of the CPC,actively implement ESG concepts,create a good ESG institutional environment,formulate a unified evaluation system,assist enterprises in ESG practice,and drive the overall ESG performance improvement of the capital market.
the embedding of Party organizations of the Communist Party of China(CPC)ESG performancefinancing con-straintsenterprise risks
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