Does the ESG rating promote common prosperity within enterprises?

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-09-03 DOI:10.1016/j.frl.2024.106066

引用次数: 0

Abstract

This article analyzes the effect of ESG ratings on fostering common prosperity within companies in China's capital market, focusing on non-financial and insurance sectors. The study finds that higher corporate ESG ratings significantly enhance common prosperity within firms, primarily by easing corporate debt financing constraints. Furthermore, the positive impact of ESG ratings on common prosperity is stronger in non-state-owned and larger enterprises. This research broadens the understanding of corporate ESG's role from a micro perspective and offers evidence on advancing common prosperity in the modern era.

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ESG 评级是否促进了企业内部的共同繁荣？

本文以非金融和保险行业为研究对象，分析了ESG评级对促进中国资本市场企业共同繁荣的影响。研究发现，较高的企业环境、社会和治理评级主要通过缓解企业债务融资约束，显著促进企业内部的共同繁荣。此外，ESG 评级对共同富裕的积极影响在非国有企业和大型企业中更为明显。这项研究从微观角度拓宽了人们对企业环境、社会和治理作用的认识，并为在当代促进共同繁荣提供了证据。

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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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance

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