The dynamic effects of evolution of ESG disclosure regimes on corporate financing constraints

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-21 DOI:10.1016/j.irfa.2025.104653

Min Ma , Chengjun Zhang , Rui Zhang

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引用次数: 0

Abstract

With the ongoing advancement of the global sustainable development agenda, Environmental, Social, and Governance (ESG) information disclosure systems have been increasingly reinforced across various countries, exerting a significant impact on corporate financing behavior. Based on multi-country panel data from 2001 to 2023, this paper empirically analyzes the effect of ESG disclosure system evolution on corporate financing constraints. The findings indicate that changes in ESG disclosure systems significantly alleviate corporate financing constraints, and this effect remains robust after incorporating control variables, lagged period tests, and alternative variables. Further endogeneity tests demonstrate a significant causal relationship between ESG systems and the mitigation of financing constraints. In addition, heterogeneity analysis reveals that the effectiveness of system implementation is more pronounced in EU member states with relatively lower levels of economic development. Regression results based on an extended sample also confirm the positive role of ESG system reforms in non-EU countries. This study enriches the literature on the economic effects of ESG systems and provides policy implications for global information disclosure regulatory reforms and the construction of green financial systems.

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ESG披露制度演进对企业融资约束的动态影响

随着全球可持续发展议程的不断推进，各国环境、社会和治理（ESG）信息披露制度日益得到加强，对企业融资行为产生了重大影响。基于2001 - 2023年的多国面板数据，实证分析了ESG披露制度演进对企业融资约束的影响。研究结果表明，ESG披露制度的变化显著缓解了企业融资约束，并且在纳入控制变量、滞后期检验和替代变量后，这种效应仍然强劲。进一步的内生性测试表明，ESG系统与缓解融资限制之间存在显著的因果关系。此外，异质性分析显示，在经济发展水平相对较低的欧盟成员国，制度实施的有效性更为明显。基于扩展样本的回归结果也证实了ESG制度改革在非欧盟国家的积极作用。本研究丰富了ESG制度经济效应的相关文献，为全球信息披露监管改革和绿色金融体系建设提供了政策启示。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.