The Impact of ESG on Financial Performance of Listed Companies - An Analysis Based on Corporate Reputation Perspective
DOI:
https://doi.org/10.54691/bcpbm.v20i.1125Keywords:
ESG performance; interest stakeholders; corporate performance; corporate reputation; corporate size; corporate natureAbstract
In recent years, with the further development of the ESG concept in China, the impact of ESG performance of listed companies on enterprises has gradually received widespread attention. Based on stakeholder theory and sustainable development theory, this paper finds that for the quarterly data of 3,275 A-share listed companies from 2018 to 2021: improving the ESG performance of listed companies has a significant positive impact on financial performance, and through The stepwise regression method was used to test that corporate reputation has a fully mediating effect in the transmission mechanism, and further research found that the impact of the ESG performance on the performance level of private enterprises is more significant than that of state-owned enterprises, and the impact on the performance level of medium-sized enterprises is more significant than that of large-scale and small-sized enterprises.
Downloads
References
Xu Guanghua, Zhuo Yaoyao, Zhang Yimeng, Zhang Jiayi. Does ESG disclosure increase corporate value? [J]. Financial Accounting Newsletter,2022(04):33-37.
Ren Zixian, Gu Shuchang, Yang Yuzhu, Li Jingwen. An empirical study on the relationship between ESG performance and corporate financial performance[J]. Business and Management 2021(11):26-32
Zhang Changjiang, Zhang Yue and Chen Yuqing. ESG performance, investor confidence and performance of listed companies[J]. Environmental Economics Research. 2021,6(04):22-39
Zhang Xianhua, Gao Yuanyuan. Is ESG performance of listed companies related to financial performance? --Data from CSI 300 Index Constituents. [J]. Journal of Fujian Business School. 2021(04):54-61
Qiu, Muyuan, Yin, Hong. ESG performance and financing costs of enterprises in the context of ecological civilization construction[J]. Quantitative Economic and Technical Economics Research.2019(3):108-123.
Wang Linlin, Lian Yonghui, Dong Jie. Study on the influence mechanism of ESG performance on corporate value[J]. Securities Market Herald,2022():2-13
Wen Subin, Fang Yuan. An empirical study on the relationship between corporate social responsibility and financial performance - a panel data analysis from stakeholders' perspective[J]. China Industrial Economics. 2008(10):150-160
Lu Liyang, Zhang Jingru, Cui Yunzhou. Research on the impact of social responsibility on corporate financial performance from the perspective of stakeholders[J]. Business Accounting,2022(03):82-86
Wiedmann, K.P., C.J. Fombrun, and C. Riel. "Reputationsanalyse mit dem Reputation Quotient." Gabler Verlag (2007).
Cai Yuexiang, Bian Jihong, Sun Zhenhua. Research on corporate social responsibility, corporate reputation and corporate performance [J]. East China Economic Management. 2015,29(10):175-180
Tang Yuanxiong, Robert G. Tian. Strategies and principles for governing inter-organizational relationships in long-lived enterprises---The case of Yishun Merchant[J]. Journal of Hubei College of Nationalities (Philosophy and Social Science Edition),2018(5): 44-51
Xu Shiwei, Chen Demian, Chen Xin, Qiao Mingzhe. Corporate social responsibility and M&A performance - Empirical evidence from Chinese listed companies. [J]. Investment Research.2017,36(06):4-19
Jing Ye. Research on reputation evaluation of Chinese listed companies and its impact [D]. Liaoning: Dalian University of Technology,2007:1-46
Chang Lijuan and Qu Wen. The impact of opportunistic behavior of executives on the level of corporate financial performance from the perspective of reputation effect--an empirical study from Shanghai and Shenzhen A shares[J]. Industrial Technology Economics. 2015(11):130-138
Guan Kaolei, Zhang Rui. Corporate reputation and surplus management: An effective contractual view or a rent-seeking view[J]. Accounting Research.2019(01):59-64
Downloads
Published
Issue
Section
