Research on The Impact of ESG Performance of Chinese Enterprises on Their Economic Benefits—Based on Listed Companies in the Shanghai-Shenzhen Stock Markets
With the introduction of the"carbon peak and carbon neutrality"strategic goals,the concept of ESG(Environmental,Social,and Governance)investment has become a focal point in the capital markets.Against the backdrop of the era where ESG information disclosure has become a corporate imperative,the causal relationship between corporate environmental performance and environmental information disclosure has become more complex.The impact of ESG information disclosure on corporate economic performance also requires further discussion.To address this,this study selects a sample of 3 685 listed companies on the Shanghai and Shenzhen stock markets from 2008 to 2020,based on data availability.Utilizing databases such as Wind,CSMAR,and others,the study constructs an"ESG Development Index"from two dimensions:"Information Disclosure Completeness"and"Actual Risks",aiming to comprehensively measure the current status of ESG development in Chinese enterprises.Simultaneously,the study explores the transmission mechanism of the impact of corporate ESG performance on economic benefits from the perspectives of creditors and shareholders'investment confidence.The results indicate a significantly positive impact of corporate ESG performance on economic benefits.Moreover,this impact varies across different levels of ESG performance and ownership structures.Path analysis demonstrates that enhanced investor confidence,driven by superior ESG performance,significantly improves corporate economic performance.In conclusion,the study provides empirical evidence supporting the positive influence of corporate ESG performance on economic benefits,shedding light on the heterogeneity of this impact across different ESG performance levels and ownership structures.The findings suggest that the improvement in economic performance is mediated by the enhancement of investor confidence through effective ESG performance.
ESG Development Indexeconomic performancecompleteness of information disclosureactual environmental risks
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