Government subsidies and corporate environmental, social and governance performance: Evidence from companies of China

IF 0.5 4区 经济学 Q4 ECONOMICS
Pei Peng, Mengzi Sun
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引用次数: 0

Abstract

Environmental, social, and governance (ESG) performance is crucial for companies to attain sustainable development, which is a key reference for assessing the value and growth potential of a company. Government subsidies can provide incentives for companies to prioritize environmental preservation, meet their social duties, and improve their governance performance. This paper empirically examines the effects and mechanisms of government subsidies on corporate ESG performance, using an Ologit multiple ordered regression model based on data from Chinese listed companies. We find that not only do total government subsidies significantly improve firms' ESG performance, but both environmental and non-environmental subsidies also have the similar effect, albeit with different impact mechanisms. The analysis of the mechanism suggests that government subsidies can enhance corporate ESG performance by promoting green innovation, alleviating financing constraints, increasing charitable donations, and attracting social attention. This paper holds significant practical value as it presents empirical findings as a basis for reforming China's subsidy policies, showcasing the actual impact of diverse subsidy policies and the heterogeneity.

政府补贴与企业环境、社会和治理绩效:来自中国企业的证据
环境、社会和治理(ESG)绩效是企业实现可持续发展的关键,也是评估企业价值和增长潜力的重要参考。政府补贴可以激励企业优先保护环境、履行社会责任和提高治理绩效。本文利用基于中国上市公司数据的 Ologit 多元有序回归模型,实证检验了政府补贴对企业环境、社会和治理绩效的影响和作用机制。我们发现,不仅政府补贴总额能显著提高企业的环境、社会和治理绩效,而且环境补贴和非环境补贴也有类似的效果,只是影响机制不同。对影响机制的分析表明,政府补贴可以通过促进绿色创新、缓解融资约束、增加慈善捐赠和吸引社会关注来提高企业的环境、社会和治理绩效。本文提出的实证研究结果为中国补贴政策的改革提供了依据,展示了不同补贴政策的实际影响和异质性,具有重要的实用价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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