Debt distribution and ESG performance: Evidence from Chinese listed companies

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-16 DOI:10.1016/j.ribaf.2024.102589

Yue Zhang

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Abstract

Utilizing consolidated and parent company financial statement data from Chinese A-share listed companies from 2008 to 2022, this study empirically examines the impact of group debt distribution on ESG performance. The study reveals that as the proportion of debt financing assumed by the parent company increases, the ESG performance of the corporate group improves. After conducting endogeneity tests and other robustness checks, the research findings remain consistent. Further analysis shows that concentrated liabilities can improve the environmental, social, and governance performance of the group. Cross-sectional analysis demonstrates that the influence of concentrated liabilities on ESG performance is more pronounced in non-state-owned enterprises, during periods of high economic policy uncertainty, non-heavy pollution industry companies, when subsidiaries are geographically dispersed, and when there are more subsidiaries in various industries. This study provides empirical support for the positive externality of internal capital markets and offers valuable insights for ESG practices among listed companies.

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债务分布与环境、社会和公司治理绩效：来自中国上市公司的证据

本研究利用 2008 年至 2022 年中国 A 股上市公司的合并财务报表和母公司财务报表数据，实证检验了集团债务分布对环境、社会和公司治理绩效的影响。研究发现，随着母公司承担的债务融资比例增加，企业集团的环境、社会和公司治理绩效也会提高。在进行了内生性检验和其他稳健性检验后，研究结果保持一致。进一步分析表明，集中负债可以改善集团的环境、社会和治理绩效。横截面分析表明，集中负债对环境、社会和治理绩效的影响在非国有企业、经济政策不确定性高的时期、非重污染行业企业、子公司地理位置分散、各行业子公司较多的情况下更为明显。本研究为内部资本市场的正外部性提供了实证支持，并为上市公司的环境、社会和治理实践提供了有价值的启示。

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