投资效率与ESG绩效：董事会治理重要吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-15 DOI:10.1016/j.frl.2025.107982

Guan Wang , Mengchen Zhang , Zihao Ji , Junwei Qian

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引用次数: 0

摘要

本研究利用2017-2023年美国上市公司的面板数据，探讨投资效率如何影响ESG绩效。结果表明，投资效率越高的企业，其ESG绩效越好。董事会治理，特别是性别多样性、平均年龄和非执行董事的比例，正调节了这种关系。这些发现突出了治理结构在使财务纪律与可持续性目标保持一致方面的重要性。通过衔接公司金融和ESG文献，本研究为管理者和政策制定者提供了利用治理来增强资本配置对ESG影响的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Investment efficiency and ESG performance: Does board governance matter?

Drawing on panel data covering U.S. listed companies between 2017 and 2023, the analysis finds that better investment efficiency leads to enhanced ESG performance. Results show that firms with higher investment efficiency tend to achieve better ESG outcomes. Board governance, specifically gender diversity, average age, and the proportion of non-executive directors, positively moderates this relationship. These findings highlight the importance of governance structures in aligning financial discipline with sustainability goals. By bridging corporate finance and ESG literature, the study provides insights for managers and policymakers on leveraging governance to enhance the ESG impact of capital allocation.

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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