Research on the Multiple Paths of ESG to Enhance Enterprise Value——Taking Listed Companies in the Pharmaceutical Industry as an Example
Promoting sustainable green development of enterprises is an important link to achieve high-quality economic development.ESG provides an operational framework for sustainable green development of enterprises.Taking the listed companies in China's pharmaceutical industry from 2018 to 2021 as samples,this paper uses the qualitative comparative analysis method of fuzzy sets to study the multiple path of different factor combinations on enterprise value under the ESG system.The study found that:(1)Individual elements under the ESG system are not necessary to generate high enterprise value,but efficient resource use,excellent emissions controls and human rights performance play an universal role in promoting enterprise value.(2)Enterprises can enhance their corporate value through three differentiated ESG strategies,including environment-friendly community service,environment-friendly shareholder-driven,and shareholder-driven and community service"strong alliance",showing a diversified path for sustainable green development of Chinese enterprises.(3)There is a substitutive relationship between community performance and shareholder performance,which shows that in the current environment of China,the ESG behavior of enterprises has not yet completely changed from shareholder interests to multiple interests.The research conclusion of this paper is helpful to reveal the different ways for enterprises to enhance their value through differentiated ESG strategy,and provide inspiration for further exploring the sustainable green development path of enterprises.
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