ESG performance, managerial ability and corporate investment efficiency

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-11 DOI:10.1016/j.frl.2025.107416

Fang-Ju Liu

引用次数: 0

Abstract

This paper selects A-share listed companies in China from 2017 to 2023 as the research sample to explore the relationship between corporate ESG performance and investment efficiency. Through empirical testing using a two-way fixed effects model, it is found that improvements in ESG ratings can significantly inhibit corporate inefficient investment behaviors, including underinvestment and overinvestment. Further analysis reveals that managerial capability plays a mediating role in the relationship between ESG performance and investment efficiency. Superior ESG performance enhances managerial capability, which in turn promotes investment efficiency. Heterogeneity analysis shows that the positive effect of ESG performance on investment efficiency is more pronounced in non-state-owned enterprises.

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环境、社会和公司治理绩效、管理能力和企业投资效率

本文选取2017 - 2023年中国a股上市公司作为研究样本，探讨企业ESG绩效与投资效率之间的关系。通过双向固定效应模型的实证检验，发现ESG评级的提升能够显著抑制企业投资不足和过度投资等低效投资行为。进一步分析发现，管理能力在ESG绩效与投资效率的关系中起中介作用。卓越的ESG绩效提升了管理能力，进而提升了投资效率。异质性分析表明，非国有企业ESG绩效对投资效率的正向影响更为显著。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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