Green finance, green governance performance, and the ESG performance: Evidence from a quasi-natural experiment

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-16 DOI:10.1016/j.frl.2025.107785

Jiexian Liu , Gaoyang Liang

引用次数: 0

Abstract

This research delves into the interconnections among green financial reform and innovation, green governance performance, and the ESG performance of listed companies in China spanning from 2007 to 2023. The results show that there exists a notably positive correlation between green financial reform and innovation and ESG performance. The impact of green financial reform varies among companies with different pollution levels. Additionally, green governance performance mediates the relationship between green financial reform and ESG performance, with this mediating effect showing heterogeneity based on whether the companies are audited by one of the Big Four accounting firms.

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绿色金融、绿色治理绩效与ESG绩效：来自准自然实验的证据

本文研究了2007 - 2023年中国上市公司绿色金融改革与创新、绿色治理绩效和ESG绩效之间的相互关系。结果表明，绿色金融改革创新与ESG绩效之间存在显著的正相关关系。不同污染程度的企业对绿色金融改革的影响也不同。此外，绿色治理绩效对绿色金融改革与ESG绩效之间的关系具有中介作用，且这种中介效应在公司是否由四大会计师事务所之一审计的基础上呈现异质性。

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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