Patient capital and corporate ESG Performance: Empirical evidence from the Chinese stock market

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Yuxuan Huang, Qiancheng Zhang
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引用次数: 0

Abstract

In recent years, corporate environmental, social, and governance (ESG) performance, as a key aspect of sustainable development, has garnered widespread attention worldwide. It has gradually become a ‘catalyst’ for high-quality corporate development and a key indicator for assessing long-term corporate value. Patient capital, as a form of capital that prioritises long-term returns, tends to support corporate investment in ESG initiatives. However, the existing literature still has gaps in studying corporate ESG performance from the perspective of long-term capital. To address this gap, this study used a sample of 955 companies listed in the China A-share market between 2013 and 2023 to empirically examine the impact of patient capital on corporate ESG performance. Additionally, the study explores the heterogeneity of this impact under different regulatory environments, industries, and macroeconomic conditions. The findings indicate that patient capital enhances corporate ESG performance by providing long-term and stable financial support. Moreover, its positive effect varies across different regulatory frameworks, industries, and macroeconomic contexts. After conducting robustness checks and addressing potential endogeneity issues, these conclusions are interpreted as robust. Mechanism analysis reveals that patient capital improves corporate ESG performance by alleviating financing constraints and optimizing corporate governance structures. Furthermore, this study finds that the impact of patient capital on ESG performance exhibits a time-lag effect.
耐心资本与企业ESG绩效:来自中国股市的实证证据
近年来,企业环境、社会和治理(ESG)绩效作为可持续发展的一个重要方面,在世界范围内受到了广泛关注。它已逐渐成为企业高质量发展的“催化剂”和评估企业长期价值的关键指标。耐心资本作为一种优先考虑长期回报的资本形式,倾向于支持企业对ESG计划的投资。然而,现有文献在从长期资本角度研究企业ESG绩效方面仍存在空白。为了解决这一差距,本研究以2013年至2023年间在中国a股上市的955家公司为样本,实证检验了耐心资本对企业ESG绩效的影响。此外,研究还探讨了这种影响在不同监管环境、行业和宏观经济条件下的异质性。研究结果表明,耐心资本通过提供长期稳定的资金支持来提升企业ESG绩效。此外,其积极影响在不同的监管框架、行业和宏观经济背景下有所不同。在进行稳健性检查和解决潜在的内生性问题后,这些结论被解释为稳健性。机制分析表明,耐心资本通过缓解融资约束和优化公司治理结构来提高公司ESG绩效。此外,本研究发现患者资本对ESG绩效的影响呈现时滞效应。
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
CiteScore
7.30
自引率
2.20%
发文量
253
期刊介绍: The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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