Analysis of Drivers for Corporate ESG Performance from a Global Perspective
Corporations are crucial agents in practicing sustainable concepts and achieving sustainable development goals(SDGs).In the process of production and operation,corporations need to holistically improve ESG performance across three dimensions of environment(E),society(S)and governance(G).Based on external pressures and internal capabilities,this paper establishes theoretical hypotheses that national background,industry attributes,and financial strength are three factors driving corporations to improve ESG performance.To test the hypothesis,this study employs multiple linear regression(MLR)and hierarchical linear models(HLM)in an empirical study on a sample of 6139 listed companies from 55 countries.The results indicate that,even when firm size,risk management and social reputation are controlled,the national sustainability level,industry green development level and corporate financial strength can significantly improve corporate ESG performance.Among them,country and industry variables not only directly promote the improvement of corporate ESG performance,but also indirectly improve it by adjusting the relationship between corporate financial performance(CFP)and ESG in a higher dimension.The conclusions of this paper contribute to better formulation and implementation of sustainable development strategies for companies,and also provide valuable insights for investors to evaluate and select companies with excellent ESG performance.
万方数据
维普
