{"title":"Corporate ESG performance and trade credit financing: Moderating effect of life cycle","authors":"Liyue Wang , Liuyong Yang","doi":"10.1016/j.bir.2024.04.012","DOIUrl":null,"url":null,"abstract":"<div><p>This study examines the influence of environmental, social, and governance (ESG) performance on corporate trade credit financing based on Chinese A-share listed companies' data from 2018 to 2022. The empirical results revealed that enterprises with better ESG performance receive more trade credit from suppliers. This study found that ESG performance has a significant effect on trade credit in customer industries, polluting industries, and enterprises with high supplier concentration and low government grants. The Mechanism analysis indicated that ESG performance minimizes information and agency risks, thereby affecting trade credit. Further examination indicated that a firm's degree of maturity weakens the beneficial influence of ESG performance on trade credit and that a substitution relationship exists between corporate maturity and ESG performance in trade credit financing.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 4","pages":"Pages 818-827"},"PeriodicalIF":6.3000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000759/pdfft?md5=748f6556d528b189ac935763330d7c2d&pid=1-s2.0-S2214845024000759-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024000759","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study examines the influence of environmental, social, and governance (ESG) performance on corporate trade credit financing based on Chinese A-share listed companies' data from 2018 to 2022. The empirical results revealed that enterprises with better ESG performance receive more trade credit from suppliers. This study found that ESG performance has a significant effect on trade credit in customer industries, polluting industries, and enterprises with high supplier concentration and low government grants. The Mechanism analysis indicated that ESG performance minimizes information and agency risks, thereby affecting trade credit. Further examination indicated that a firm's degree of maturity weakens the beneficial influence of ESG performance on trade credit and that a substitution relationship exists between corporate maturity and ESG performance in trade credit financing.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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