Government Influence,Decision Right Allocation and ESG Performance of Enterprises——Evidence from Chinese Business Groups
The article takes A-share listed companies from 2010 to 2021 as research samples to empirically test the relationship be-tween allocation of decision-making right and corporate ESG performance,specific mechanism paths,and the heterogeneity of gov-ernment influence(characterized by property rights attributes and government control levels).The research results show that the al-location of decision-making right in enterprise groups significantly improves ESG performance by its resource effects and gover-nance effects.As government influence increases,the positive effect between decision-making power allocation and ESG perfor-mance of enterprises becomes stronger.Further economic consequence testing shows that the improvement of ESG performance of enterprises under centralized allocation of decision-making right can significantly improve total factor productivity and enterprise value.Research suggests that the authority between parent and subsidiary companies should be reasonably allocated,and the lead-ing role of state-owned enterprises,especially national enterprises,should be fully utilized to practice the ESG concept and empow-er high-quality development of enterprises.
allocation of decision-making rightESG performancegovernment influenceresource effectgovernance effect
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