Tan Qi, Ma Huaping, Guang Fengtao, Zhu Dixing
Business School, Beijing Normal University, Beijing, 100875, China.
School of Economics and Trade, Hunan University, Yuelu District, 109 Shijiachong Rd, Changsha, 410079, China.
J Environ Manage. 2025 Jan;373:123790. doi: 10.1016/j.jenvman.2024.123790. Epub 2024 Dec 21.
As an emerging information disclosure system, enterprise ESG performance holds substantial importance for the international expansion of Chinese enterprises. Nevertheless, there is a paucity of literature examining the relationship between the ESG performance of Chinese enterprises and their overseas business income. This research utilizes data from Chinese A-share listed companies spanning from 2009 to 2022 to explore the causal link between ESG performance and overseas business income. The findings reveal that superior ESG performance markedly enhances overseas business income. The primary conclusions remain robust after addressing endogeneity and performing robustness checks. The empirical results suggest that strong ESG performance can transmit non-financial information to consumers and host countries, offering a more comprehensive understanding of the enterprise's operations, reducing information barriers, and facilitating increased overseas business income. Furthermore, this paper delves into the mechanisms through which ESG performance impacts overseas business income. Specifically, ESG performance fosters overseas business income by mitigating financing constraints, circumventing operational risks, and bolstering product competitiveness. Heterogeneity analysis indicates that the positive impact of ESG performance on overseas business income is significant for low-pollution enterprises, non-state-owned enterprises, and enterprises in the growth and maturity stages. Additionally, heterogeneity analysis based on international market ESG preferences reveals that this positive effect is more pronounced in regions with higher international ESG preferences. This research enriches the understanding of how enterprise ESG performance influences business operations, offering policy implications for the international expansion of Chinese enterprises and the facilitation of domestic and international dual circulation.
作为一种新兴的信息披露体系，企业的环境、社会和治理（ESG）表现对中国企业的国际扩张至关重要。然而，研究中国企业ESG表现与其海外业务收入之间关系的文献却十分匮乏。本研究利用2009年至2022年中国A股上市公司的数据，探讨ESG表现与海外业务收入之间的因果关系。研究结果显示，卓越的ESG表现显著提高了海外业务收入。在解决内生性问题并进行稳健性检验后，主要结论依然稳健。实证结果表明，强劲的ESG表现能够向消费者和东道国传递非财务信息，使人们对企业运营有更全面的了解，减少信息壁垒，并促进海外业务收入增加。此外，本文深入探讨了ESG表现影响海外业务收入的机制。具体而言，ESG表现通过缓解融资约束、规避运营风险和提升产品竞争力来促进海外业务收入。异质性分析表明，ESG表现对海外业务收入的积极影响在低污染企业、非国有企业以及成长和成熟阶段的企业中较为显著。此外，基于国际市场ESG偏好的异质性分析表明，在国际ESG偏好较高的地区，这种积极效应更为明显。本研究丰富了对企业ESG表现如何影响商业运营的理解，为中国企业的国际扩张以及促进国内国际双循环提供了政策启示。
