Catalytic effect of the Shanghai–Hong Kong Stock Connect policy on corporate ESG performance

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-02-18 DOI:10.1016/j.irfa.2025.104016

Cen Cai , Qianyi Yang , Da Tu , Grace Li Tian , Yongqian Tu

引用次数: 0

Abstract

Using the difference-in-differences method and Shanghai Stock Exchange–listed company data from 2007 to 2022, this study investigates the impact of the Shanghai–Hong Kong Stock Connect policy and capital market liberalization on corporate environmental, social, and governance (ESG) performance. Results show a significant improvement in ESG performance following the implementation of the Shanghai–Hong Kong Stock Connect policy. Analyst focus serves as a key intermediary in this process. Furthermore, capital market liberalization enhances corporate information disclosure standards and expedites ESG performance improvements. Following the implementation of the policy, state-owned enterprises demonstrate a particularly substantial increase in ESG performance.

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沪港通政策对企业ESG绩效的催化效应

本研究采用差分法和2007 - 2022年上海证券交易所上市公司数据，考察了沪港通政策和资本市场自由化对公司环境、社会和治理（ESG）绩效的影响。结果显示，沪港通政策实施后，企业ESG绩效显著改善。在这个过程中，分析师的关注点起到了关键的中介作用。此外，资本市场自由化提高了公司信息披露标准，加速了ESG绩效的改善。政策实施后，国有企业在ESG绩效方面的提升尤为显著。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.