{"title":"环境、社会和公司治理信息披露会增加公司价值吗？中国融资约束的中介作用","authors":"Hui An , Chenyang Ran , Ya Gao","doi":"10.1016/j.ribaf.2024.102584","DOIUrl":null,"url":null,"abstract":"<div><p>This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102584"},"PeriodicalIF":6.3000,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does ESG information disclosure increase firm value? The mediation role of financing constraints in China\",\"authors\":\"Hui An , Chenyang Ran , Ya Gao\",\"doi\":\"10.1016/j.ribaf.2024.102584\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.</p></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"73 \",\"pages\":\"Article 102584\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-09-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924003775\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924003775","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Does ESG information disclosure increase firm value? The mediation role of financing constraints in China
This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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