School of Finance, Nanjing Audit University, Nanjing, China.
Faculty of Business and Economics, Technische Universität Chemnitz, Germany.
J Environ Manage. 2024 Nov;370:122481. doi: 10.1016/j.jenvman.2024.122481. Epub 2024 Sep 16.
This study investigates whether and how the global geopolitical risk (GPR) impacts the environmental, social, and governance (ESG) performance of Chinese enterprises utilizing panel data of Chinese A-share listed enterprises from 2011 to 2020. The findings show that enterprises' ESG performance is negatively impacted by the global GPR. According to heterogeneity analysis, the global GPR has a more detrimental effect on ESG performance in non-state-owned enterprises, enterprises in the decline period, enterprises with higher institutional investor shareholdings, and enterprises without political connections. Additional mechanism analysis reveals that global GPR primarily weakens Chinese enterprises' ESG performance by increasing their financing constraints and reducing competitiveness. . In conclusion, our main findings are still valid after addressing endogeneity-related concerns and doing robustness tests.
本研究利用 2011 年至 2020 年中国 A 股上市公司的面板数据，考察了全球地缘政治风险（GPR）是否以及如何影响中国企业的环境、社会和治理（ESG）绩效。研究结果表明，企业的 ESG 绩效受到全球 GPR 的负面影响。根据异质性分析，全球 GPR 对非国有企业、衰退期企业、机构投资者持股比例较高的企业和没有政治关系的企业的 ESG 绩效影响更大。进一步的机制分析表明，全球 GPR 主要通过增加融资约束和降低竞争力来削弱中国企业的 ESG 绩效。在解决了内生性问题并进行了稳健性检验后，我们的主要结论仍然成立。
