ESG Performance the"Peer Effect"and the Alleviation of Corporate Financing Constraints
With the further development of ESG concept,enterprises gradually realize the important impact of ESG performance on business activities.Taking heavy pollution industry listed companies as samples,this paper explores three types of peer effects of ESG performance,tests the mitigation mechanism of peer strength of ESG performance on financing constraints,and reveals the moderating effects of positive and negative media attention.The results show that:The ESG performance of enterprises has industry,regional and network peer effects,of which the regional peer effect is relatively large;the stronger the industry and regional peer strength of ESG performance,the more it can help enterprises to alleviate the financing constraints,but the network peer strength can't significantly alleviate the financing constraints of enterprises;positive and negative media attention can strengthen the influence of industry peer strength on financing constraints;positive media attention can strengthen the influence of regional peer strength on financing constraints,negative media attention can weaken the influence of regional peer strength on financing constraints.In this paper,three types of peer effects and peer strength are introduced into the research on ESG performance and financing constraints to deepen the relevant research on ESG performance of enterprises.
NETL
NSTL
万方数据
