风险管理与企业环境、社会和公司治理绩效：财务业绩的中介效应

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-10-11 DOI:10.1016/j.frl.2024.106274

Liuqi Ding , Zixuan Cui , Jiali Li

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引用次数: 0

摘要

本研究以 2012 年至 2022 年在中国上市的 A 股制造业公司为样本，探讨系统性风险、财务绩效和 ESG（环境、社会和治理）绩效之间错综复杂的相互作用。研究结果表明，系统性风险的下降会对企业的环境、社会和治理绩效产生正向影响，但明显滞后 1-2 个时期，而财务绩效在这一动态变化中起着关键的中介作用。然而，在重污染行业，通过降低系统性风险提高环境、社会和治理绩效的作用相对较弱。

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Risk management and corporate ESG performance: The mediating effect of financial performance

This study utilizes a sample of A-share manufacturing companies listed in China from 2012 to 2022 to explore the intricate interplay between systemic risk, financial performance, and ESG (Environmental, Social, and Governance) performance. The findings reveal that a decrease in systemic risk positively influences corporate ESG performance with a notable lag of 1–2 periods, with financial performance serving as a pivotal mediator in this dynamic. However, within the heavy pollution industry, the enhancement of ESG performance through systemic risk reduction is observed to be comparatively muted.

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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

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance