With a sample of 99 listed manufacturing companies from the Shanghai and Shenzhen A-share markets in 2023,we empirically examines the relationship between ESG disclosure and firm value based on the PLS method.After testing the Resource-Based View (RBV),we posit that ESG disclosure can serve as a heterogeneous resource that is difficult for other firms to imitate,thereby providing a competitive advantage.The findings reveal that:(1) there is a weak positive correlation between ESG disclosure and firm value among Chinese listed companies,supporting the RBV perspective;and (2) regarding the effects of control variables,firm age and firm size have a significant negative impact on market value,while industry type and ownership structure show no significant influence on firm value.The results would offer important implications for corporate managers and policymakers,as they could help reduce information asymmetry in the market and promote regulatory agencies to formulate policies ensuring more comprehensive ESG and sustainability-related disclosures by listed companies.
万方数据