{"title":"企业级可持续创业指数构建及其应用","authors":"Wentao Gu, Wanting Mo, Meiyu Wang","doi":"10.1007/s11365-023-00920-y","DOIUrl":null,"url":null,"abstract":"<p>As the concept of environmental, social, and governance (ESG) coincides with the direction of enterprises’ sustainable development goals, this study measures sustainable entrepreneurship at the enterprise level by extending ESG measures. A time-varying measure was constructed using state-space models, and the entropy weight method was applied to obtain the final index. We selected annual data of 318 A-share listed companies for 2011–2020 and established a two-way fixed-effects model of time and individuals by applying the constructed sustainable entrepreneurship index. This study examines the impact of sustainable entrepreneurship on corporate value and discusses the moderating effects of financing constraints and government subsidies. The empirical results reveal the following aspects. First, sustainable entrepreneurship has a significant positive effect on corporate value. Second, the greater the degree of financing constraints faced by enterprises, the weaker the role of sustainable entrepreneurship in promoting corporate value. Third, the greater the government subsidies received by enterprises, the stronger the promotion.</p>","PeriodicalId":48058,"journal":{"name":"International Entrepreneurship and Management Journal","volume":"6 1","pages":""},"PeriodicalIF":6.2000,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Enterprise-level sustainable entrepreneurship index construction and its applications\",\"authors\":\"Wentao Gu, Wanting Mo, Meiyu Wang\",\"doi\":\"10.1007/s11365-023-00920-y\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>As the concept of environmental, social, and governance (ESG) coincides with the direction of enterprises’ sustainable development goals, this study measures sustainable entrepreneurship at the enterprise level by extending ESG measures. A time-varying measure was constructed using state-space models, and the entropy weight method was applied to obtain the final index. We selected annual data of 318 A-share listed companies for 2011–2020 and established a two-way fixed-effects model of time and individuals by applying the constructed sustainable entrepreneurship index. This study examines the impact of sustainable entrepreneurship on corporate value and discusses the moderating effects of financing constraints and government subsidies. The empirical results reveal the following aspects. First, sustainable entrepreneurship has a significant positive effect on corporate value. Second, the greater the degree of financing constraints faced by enterprises, the weaker the role of sustainable entrepreneurship in promoting corporate value. Third, the greater the government subsidies received by enterprises, the stronger the promotion.</p>\",\"PeriodicalId\":48058,\"journal\":{\"name\":\"International Entrepreneurship and Management Journal\",\"volume\":\"6 1\",\"pages\":\"\"},\"PeriodicalIF\":6.2000,\"publicationDate\":\"2023-12-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Entrepreneurship and Management Journal\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1007/s11365-023-00920-y\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Entrepreneurship and Management Journal","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s11365-023-00920-y","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Enterprise-level sustainable entrepreneurship index construction and its applications
As the concept of environmental, social, and governance (ESG) coincides with the direction of enterprises’ sustainable development goals, this study measures sustainable entrepreneurship at the enterprise level by extending ESG measures. A time-varying measure was constructed using state-space models, and the entropy weight method was applied to obtain the final index. We selected annual data of 318 A-share listed companies for 2011–2020 and established a two-way fixed-effects model of time and individuals by applying the constructed sustainable entrepreneurship index. This study examines the impact of sustainable entrepreneurship on corporate value and discusses the moderating effects of financing constraints and government subsidies. The empirical results reveal the following aspects. First, sustainable entrepreneurship has a significant positive effect on corporate value. Second, the greater the degree of financing constraints faced by enterprises, the weaker the role of sustainable entrepreneurship in promoting corporate value. Third, the greater the government subsidies received by enterprises, the stronger the promotion.
期刊介绍：
The International Entrepreneurship and Management Journal (IEMJ) publishes high quality manuscripts dealing with entrepreneurship, broadly defined, and the management of entrepreneurial organizations. The journal will expand the study of entrepreneurship and management by publishing innovative articles based on different perspectives using a variety of methodological approaches and showing the practical implications of the research for its readership. IEMJ is unique; providing a multi-disciplinary forum for researchers, scholars, consultants, entrepreneurs, businessmen, managers and practitioners in the field of entrepreneurship. The journal covers the relationship between management and entrepreneurship including both conceptual and empirical papers, leading to an improvement in the understanding of international entrepreneurial perspectives of the organisations concerned. Entrepreneurial studies are important in creating new economic activity that in turn increases innovation, employment, economic wealth and growth. The journal focuses on the diverse and complex characteristics of entrepreneurship in SMEs and large companies in local, regional, national or international markets that lead to competitiveness in the face of the effects of globalization. Though preference will be given to manuscripts that are international in scope, papers focused on domestic contexts and issues are welcome also, in order to facilitate the sharing of knowledge and potential generalizability of findings worldwide. IEMJ will publish original papers which contribute to the advancement of the field of entrepreneurship and the interface between management and entrepreneurship, as well as articles on business corporate strategy and government economic policy. On occasions, the journal will also feature case studies of successful firms or other cases having important practical implications. The journal places great emphasis on the quality of the papers it publishes. Submission of a paper will imply that it contains original unpublished work and is not being submitted for publication elsewhere. Officially cited as: Int Entrep Manag J
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