The Impact of Environmental, Social, and Governance Performance on Corporate Financing Constraints: Evidence from China’s Listed Companies

Xingyu Liu ()
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Xingyu Liu: East China University of Science and Technology, School of Business

A chapter in Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024), 2024, pp 4-12 from Springer

Abstract: Abstract This paper focuses on A-share listed companies in non-financial industries in China from 2013 to 2022 as the research subject, and empirically analyzes the impact of ESG evaluation on corporate financing constraints. The study reveals that strong ESG performance significantly alleviates corporate financing constraints, with robust and reliable results. Furthermore, through grouping tests, it is evident that the effect of ESG performance on alleviating financing constraints is particularly pronounced in companies that voluntarily disclose their ESG performance. Hence, it is imperative for enterprises to prioritize the development of ESG practices, and for governments to enhance incentives and guidance.

Keywords: ESG performance; Financing constraints; Sustainable development (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-598-0_2

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DOI: 10.2991/978-94-6463-598-0_2

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