上市的战略选择:中国的环境、社会和公司治理绩效影响

IF 12.5 1区 管理学 Q1 BUSINESS
Zijian Cheng, He Gao, Zhangxin ( Frank) Liu, Sirimon Treepongkaruna
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引用次数: 0

摘要

上市选择是重要的商业战略,可通过不同程度的监管审查、投资者预期、治理改善、公众关注和战略重点影响环境、社会和治理(ESG)绩效。我们通过比较通过首次公开募股(IPO)和反向并购(RM)上市的公司的环境、社会和治理表现,研究了 2009 年至 2022 年期间上市方式对中国公司环境、社会和治理表现的影响。与我们的制度假设、合法性假设和逆向选择假设相一致,我们发现与首次公开发行股票的公司相比,反向并购公司的ESG表现明显较低,我们将这一差异归因于反向并购公司所经历的更大的业绩压力、更高的诉讼风险、更大的融资约束和更差的内部控制。这些因素可能会降低管理层投资和改善 ESG 结果的意愿。然而,随着时间的推移,RM 公司与 IPO 公司在环境、社会和公司治理方面的差距逐渐缩小。此外,国有企业的性质和行业竞争压力的减小也有助于减轻转制企业对企业环境、社会和公司治理绩效的负面影响。为促进可持续发展,通过 IPO 上市是一种更好的商业战略,可为更广泛的利益相关者(包括具有社会责任感的投资者、倡导团体和监管机构)创造共享价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Strategic choices in going public: ESG performance implications in China

Choices in going public are important business strategies that can influence Environmental, Social and Governance (ESG) performance through varying levels of regulatory scrutiny, investor expectations, governance improvements, public attention and strategic focus. We investigate the impact of listing approach on ESG performance in China over the period of 2009 to 2022, by comparing the ESG performance of firms going public via initial public offering (IPO) versus reverse merger (RM). Consistent with our institutional, legitimacy and averse-selection hypotheses, we find that RM firms exhibit significantly lower ESG performance compared with IPO firms, a difference we attribute to the greater performance pressure, higher litigation risk, greater financing constraints and poorer internal controls experienced by RM firms. These factors likely reduce management's willingness to invest in and improve ESG outcomes. However, as time passed, the discrepancy in ESG performance between RM firms and IPO firms gradually diminished. Additionally, the nature of state ownership and reduced competitive pressure in the industry also serve to mitigate the negative impact of RMs on firms' ESG performance. To promote sustainable development, going public via IPO offers a better business strategy, creating shared value among a broader range of stakeholders, including socially responsible investors, advocacy groups and regulators.

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来源期刊
CiteScore
22.50
自引率
19.40%
发文量
336
期刊介绍: Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.
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