Legal factors driving ESG investment growth: Evidence from cross-border regulatory reforms

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-12 DOI:10.1016/j.frl.2025.107973

Conghao Huang , Ran Mo

引用次数: 0

Abstract

Based on panel data from EU countries from 2001 to 2023, this paper evaluates the impact of cross-border regulatory reform on ESG investment growth, focusing on the implementation of the 2014 Non-Financial Reporting Directive (NFRD). By constructing an ESG investment growth indicator system and employing a difference-in-differences model, the study finds that regulatory reform has significantly enhanced ESG investment levels. Robustness checks and the use of instrumental variables confirm the stability and causality of the results. Heterogeneity analysis indicates that the impact of cross-border regulatory reform on ESG investment growth varies significantly among countries with different levels of population aging.

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推动ESG投资增长的法律因素：来自跨境监管改革的证据

基于2001年至2023年欧盟国家的面板数据，本文评估了跨境监管改革对ESG投资增长的影响，重点关注2014年非财务报告指令（NFRD）的实施。通过构建ESG投资增长指标体系，采用差异中差异模型，研究发现监管改革显著提升了ESG投资水平。稳健性检查和工具变量的使用证实了结果的稳定性和因果关系。异质性分析表明，在人口老龄化程度不同的国家，跨境监管改革对ESG投资增长的影响存在显著差异。

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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