How financial derivatives affect energy firms' ESG

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-11-10 DOI:10.1016/j.eneco.2024.108028

Mengxu Xiong , Chen Liu , Junyi Xiang

引用次数: 0

Abstract

This paper investigates how the usage of financial derivatives affect energy firm's ESG. Using a sample of Chinese listed energy firms, we document a positive relation between the financial derivatives usage and corporate ESG performance, and the results remain robust under a series of robustness and endogeneity tests. Alleviated financial pressure, enhanced information efficiency and increased risk exposure are potential mechanisms through which financial derivative usage promotes ESG performance. Moreover, the influence of financial derivatives exhibits heterogeneity, and the improvement of corporate ESG performance is more pronounced for state-owned enterprises, large firms, firms receive more investor attention, and firms located in the eastern region in China. Our study may shed lights on the impact of financial derivatives usage on energy firm's sustainable development.

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金融衍生品如何影响能源企业的环境、社会和公司治理

本文研究了金融衍生品的使用如何影响能源企业的环境、社会和公司治理。以中国上市能源企业为样本，我们记录了金融衍生品的使用与企业环境、社会和公司治理绩效之间的正相关关系，并且在一系列稳健性和内生性检验下，结果依然稳健。缓解财务压力、提高信息效率和增加风险敞口是金融衍生品使用促进企业环境、社会和治理绩效的潜在机制。此外，金融衍生工具的影响表现出异质性，对国有企业、大型企业、投资者关注度较高的企业以及位于中国东部地区的企业而言，企业环境、社会和治理绩效的改善更为明显。我们的研究可以揭示金融衍生品的使用对能源企业可持续发展的影响。

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

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.