Does ESG information disclosure increase firm value? The mediation role of financing constraints in China

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-12 DOI:10.1016/j.ribaf.2024.102584

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Abstract

This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.

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环境、社会和公司治理信息披露会增加公司价值吗？中国融资约束的中介作用

本研究以2013-2020年中国A股上市公司为研究对象，考察了环境、社会和治理（ESG）信息披露对公司价值的影响以及融资约束的中介效应。基于线性回归，我们发现ESG信息披露得分与公司价值之间存在显著的正相关关系，并且在经过稳健性检验和内生性检验后，结果依然如此。此外，中介效应分析表明，这种关系是通过缓解融资约束实现的。子样本分析表明，ESG 信息披露得分对非国有企业、非重污染企业和高透明度企业的公司价值有正向影响。各维度与企业价值的关系结果表明，在面板数据中，环境和社会维度对企业价值有显著影响，而治理则没有。因此，本文确定了中国企业环境、社会和治理信息披露对企业价值的影响，并揭示了融资约束的中介效应，补充了信息披露的影响机制，拓展了以往针对发达股票市场的研究。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance