The Impact of Government Subsidies on the ESG Performance of Agricultural Enterprises
Based on micro-level data from 224 agricultural companies listed on China's A-shares from 2009 to 2022,this study empirically analyzes the impact of government subsidies on the ESG performance of agricultural enterprises and its underlying mechanisms.The findings reveal an inverted U-shaped relationship between government subsidies and ESG performance.Specifically,within a certain scale,an increase in government subsidies positively impacts the ESG performance of agricultural enterprises.However,once government subsidies exceed a certain threshold,further increases have a negative impact on the ESG performance.Both external media attention and internal control levels serve as mechanisms through which government subsidies influence ESG performance.Heterogeneity analysis shows that for different industry characteristics,government subsidies have inverted U-shaped effects on the ESG performance of agricultural enterprises in the manufacturing sector and those with a high level of industry competition.For different subsidy types,R&D subsidies and environmental protection subsidies demonstrate inverted U-shaped effects on the ESG performance.This study provides valuable insights for improving the allocation methods and evaluation mechanisms of government subsidies,optimizing the internal and external environments for the ESG performance of agricultural enterprises,and enhancing their internal motivation for ESG initiatives.
Government SubsidiesESG Performance of Agricultural EnterprisesExternal Media AttentionInternal Control Level
万方数据
维普
