Research on the Impact of ESG Performance on Firm Performance and Incentive Mechanism
The proposal of the dual carbon goals of"carbon peak by 2030 and carbon neutrality by 2060"has imposed higher demands on the high-quality development of China's economy,and the sustainable development capabilities of enterprises are confronted with greater challenges.Environmental,Social and Governance(ESG)is more and more concerned by enterprises,investors,the government and even all walks of life.This paper takes 707 sample companies of China's A-share listed companies from 2012 to 2021 as the research object,uses the fixed effect model for regression analysis,and combines the propensity score matching model and the differential difference model(PSM-DID)to eliminate sample selection bias and self-selection bias.Furthermore,green and innovation effects are introduced to test the mediating role between listed companies'ESG performance and corporate performance,revealing the deep relationship between listed companies'ESG performance and corporate performance,and drawing the following conclusions:① Good ESG performance of listed companies has a positive impact on corporate performance;②The ESG performance of non-state-owned listed companies plays a more significant role in promoting corporate performance,and the ESG performance of listed companies in eastern region plays a more significant role in promoting corporate performance;③The innovation effect and green effect of enterprises play a partial mediating role.The improvement of ESG performance can effectively enhance the innovation ability and green effect of enterprises,and thus promote the improvement of corporate performance.According to the above research conclusions,countermeasures and suggestions are put forward.
NETL
NSTL
万方数据
