Research on the Influence of ESG Performance on the Financialization of Entity Enterprises:Based on the Empirical Study of Listed Manufacturing Companies in China
This paper takes China's Shanghai and Shenzhen A-share manufacturing listed companies from 2011 to 2021 as the research object to demonstrate the impact of ESG performance of manufacturing enterprises on corporate fi-nancialization.The results show that the ESG performance,environmental,social and corporate governance perform-ance of manufacturing enterprises are significantly positively correlated with financialization.The conclusion is still valid with additional robustness checks using substitution of explanatory variables,instrumental variable method and propen-sity score matching(PSM).Heterogeneity analysis shows that the influence of ESG performance on financialization is related to the power structure of manufacturing enterprises,but not related to the property rights of manufacturing enter-prises.In manufacturing firms with CEO non-duality,ESG performance is significantly positively correlated with finan-cialization,while in manufacturing firms with CEO duality,this relationship is not significant.
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