ESG performance, industry competition, and financial mismatch

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-30 DOI:10.1016/j.frl.2025.108598

Xianrui Mo , Baoying Huang , Junyao Li

引用次数: 0

Abstract

This article empirically examines the effect of corporate ESG performance on financial mismatch using data from Chinese A-share listed companies in Shanghai and Shenzhen from 2014 to 2023. The study finds that ESG performance significantly mitigates financial mismatch, a conclusion that remains valid after robustness testing. Further analysis shows that industry competition positively moderates the relationship between ESG performance and financial mismatch, indicating a more significant effect in highly competitive industries. Thirdly, the heterogeneity analysis demonstrates that the improvement effect of ESG performance on financial mismatch is more pronounced in state-owned enterprises relative to non-state-owned enterprises.

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ESG绩效、行业竞争和财务错配

本文利用2014 - 2023年沪深两市a股上市公司的数据，实证检验了企业ESG绩效对财务错配的影响。研究发现，ESG绩效显著缓解了财务错配，这一结论在鲁棒性检验后仍然有效。进一步分析表明，行业竞争正向调节ESG绩效与财务错配的关系，且在竞争激烈的行业中效果更为显著。第三，异质性分析表明，国有企业ESG绩效对财务错配的改善作用比非国有企业更为明显。

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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