Does ESG performance mitigate firm leverage? Evidence from A-share listed companies
Yuan Jiang, Dejun Xie
Beijing Institute of Technology City University of Macau
阅读操作
确认中在文库中上传 PDF 后可生成中文音频讲解。
摘要与影响
Using panel data on A-share listed firms from 2013 to 2023, this study examines the causal effect of environmental, social, and governance (ESG) performance on corporate leverage. The results show that stronger ESG performance significantly reduces firm leverage through enhanced internal financing capacity and lower information asymmetry. These findings remain robust to alternative measures and multiple endogeneity tests. Further analyses indicate that the leverage-reducing effect is stronger when ESG rating divergence and investment inefficiency are lower and when patient capital ownership is higher. This study extends the ESG – corporate finance literature and offers implications for sustainable financing in emerging markets.
逐年被引趋势
暂无年度引用数据
关键指标
同类平均 = 1
同领域 · 同年份 · 同类型
Google Scholar 与 OpenAlex 的被引统计范围不同,数值存在差异属正常。
AI 辅助阅读
依据:摘要
可就本文提问;依据不足时会说明。
学术脉络
学科主题
经济 / 管理Corporate Social Responsibility Reporting
Corporate Finance and Governance · Sustainable Finance and Green Bonds
参考文献 80
此处列出前 3 条