企业国际化是否能改善ESG绩效？来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-05-12 DOI:10.1016/j.iref.2025.104168

Jing Zhou , Kaiwen Wu , Youwei Li

{"title":"企业国际化是否能改善ESG绩效？来自中国的证据","authors":"Jing Zhou , Kaiwen Wu , Youwei Li","doi":"10.1016/j.iref.2025.104168","DOIUrl":null,"url":null,"abstract":"<div><div>Amidst the current era of economic globalization, the internationalization of emerging market firms (EMFs) and their sustainable development are increasingly prominent. Environmental, Social, and Governance (ESG) has received widespread attention as an important indicator of sustainability. Using a sample from Chinese A-share listed companies spanning from 2012 to 2022, this study employs a difference-in-differences (DID) model to explore whether firms' outward foreign direct investment (OFDI) impacts their ESG performance. The results indicate that firms with OFDI have a higher level of ESG performance than those without, especially in the domain of environmental protection. This positive impact of OFDI on ESG performance is found to be strengthened by stronger CEO clan culture background but is weakened by higher financing constraints of firms. Our findings offer valuable insights for internationally operating EMFs, highlighting the importance of ESG practices in promoting sustainable development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104168"},"PeriodicalIF":4.8000,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does firm internationalization improve ESG performance? Evidence from China\",\"authors\":\"Jing Zhou , Kaiwen Wu , Youwei Li\",\"doi\":\"10.1016/j.iref.2025.104168\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Amidst the current era of economic globalization, the internationalization of emerging market firms (EMFs) and their sustainable development are increasingly prominent. Environmental, Social, and Governance (ESG) has received widespread attention as an important indicator of sustainability. Using a sample from Chinese A-share listed companies spanning from 2012 to 2022, this study employs a difference-in-differences (DID) model to explore whether firms' outward foreign direct investment (OFDI) impacts their ESG performance. The results indicate that firms with OFDI have a higher level of ESG performance than those without, especially in the domain of environmental protection. This positive impact of OFDI on ESG performance is found to be strengthened by stronger CEO clan culture background but is weakened by higher financing constraints of firms. Our findings offer valuable insights for internationally operating EMFs, highlighting the importance of ESG practices in promoting sustainable development.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"101 \",\"pages\":\"Article 104168\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2025-05-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1059056025003314\",\"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":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056025003314","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

在当今经济全球化时代，新兴市场企业的国际化及其可持续发展问题日益突出。环境、社会和治理（ESG）作为可持续发展的重要指标受到了广泛关注。本研究以2012年至2022年中国a股上市公司为样本，采用差异中差异（DID）模型探讨企业对外直接投资（OFDI）是否影响其ESG绩效。结果表明，有对外直接投资的企业ESG绩效水平高于无对外直接投资的企业，特别是在环境保护领域。CEO家族文化背景越强，对外直接投资对企业ESG绩效的正向影响越强，而企业融资约束越强，对外直接投资对企业ESG绩效的正向影响越弱。我们的研究结果为在国际上运营的emf提供了宝贵的见解，强调了ESG实践在促进可持续发展方面的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Does firm internationalization improve ESG performance? Evidence from China

Amidst the current era of economic globalization, the internationalization of emerging market firms (EMFs) and their sustainable development are increasingly prominent. Environmental, Social, and Governance (ESG) has received widespread attention as an important indicator of sustainability. Using a sample from Chinese A-share listed companies spanning from 2012 to 2022, this study employs a difference-in-differences (DID) model to explore whether firms' outward foreign direct investment (OFDI) impacts their ESG performance. The results indicate that firms with OFDI have a higher level of ESG performance than those without, especially in the domain of environmental protection. This positive impact of OFDI on ESG performance is found to be strengthened by stronger CEO clan culture background but is weakened by higher financing constraints of firms. Our findings offer valuable insights for internationally operating EMFs, highlighting the importance of ESG practices in promoting sustainable development.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.