Can ESG Ratings Improve Corporate Resilience?—A Quasi-Natural Experiment Based on ESG Rating Events
In an uncertain and volatile business environment,corporate resilience has become a key issue in organizational management and strategic planning.Taking the announcement of ESG ratings by SynTao Green Finance as a quasi-natural experiment,based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020,it explored the impact of ESG ratings on corporate resilience.The results show that ESG ratings significantly enhance corporate resilience.ESG ratings enhance corporate resilience by alleviating financing constraints,reducing information asymmetry,and improving innovation capabilities.For firms with low management shortsightedness,high bankruptcy risk,and high market concern,ESG ratings drive more significant enhancement of corporate resilience.ESG ratings have a positive effect on both high performance growth and low financial volatility,but the effect on the former is lagged.ESG ratings significantly enhance the resilience of both firms with high and low ESG scores.There are no significant spillovers from the enhancement of ESG ratings on corporate resilience.The COVID-19 undermines the enhancing effect of ESG ratings on corporate resilience.The findings provide effective ways for enterprises to enhance resilience in uncertain environments and provide strong support for ESG strategy formulation and implementation.
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