业务
中国
公司治理
财务
机构投资者
偏爱
投资(军事)
面板数据
经验证据
会计
经济
哲学
认识论
政治学
法学
微观经济学
政治
计量经济学
作者
Xiong Bai,Jinmian Han,Yanyun Ma,Wenrui Zhang
标识
DOI:10.1016/j.bir.2022.11.013
摘要
The purpose of this article is to determine whether the ESG (environmental, social, and governance) performance by Chinese listed companies affects their financing constraints. Based on panel data on 3400 listed companies in China from 2013 to 2020, we find that good ESG performance by listed companies not only directly reduces their financing constraints but also encourages institutional investors to increase their shares, thereby conveying positive signals to the market and helping enterprises reduce their financing constraints. However, in primary industry, enterprises’ ESG performance in terms of reducing financing constraints at listed companies is not obvious. In addition, this study provides evidence that institutional investors have ESG investment preferences, and this preference is more significant at non-state-owned listed companies and listed companies in secondary and tertiary industries.
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