This article selects A-share listed companies from 2015 to 2022 as the research sample,and empirically tests the impact of ESG responsibility fulfillment on enterprise business dilemma through the competitive hypothesis of"giving charcoal in the snow"and"adding insult to injury".The results show that ESG responsibility fulfillment can relieve enterprise business dilemma,and plays a role of"giving charcoal in the snow"instead of"adding insult to injury".However,leverage manipulation will weaken the relief function of ESG responsibility fulfillment,which will not help solve the business dilemma.Heterogeneity analysis shows that in enterprises that implement equity incentives,enterprises that do not have"one controlling many"and enterprises that do not participate in financial institutions such as banks,ESG responsibility fulfillment plays a more obvious role in alleviating the business dilemma,indicating that effective incentive mechanism,reasonable control range and prudent investment scope are conducive to promoting enterprises to actively fulfill ESG responsibility and reducing operation risks.The test of the influence mechanism shows that ESG responsibility fulfillment can mainly relieve enterprise business dilemma by easing financing constraints,improving investment efficiency and enhancing profitability.The research conclusion helps to clarify ESG disputes,and provide empirical evidence for enterprises to rely on ESG responsibility fulfillment to cope with difficult financing environments and control operational risks.
关键词
ESG责任履行/经营困境/杠杆操纵/利益相关者/可持续发展
Key words
ESG responsibility fulfillment/business dilemma/leverage manipulation/stakeholder/sustainable development
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