Environmental, Social, and Governance Performance and Enterprise Dynamic Financial Behavior: Evidence from Panel Vector Autoregression

被引：9

作者：

Li, Chao ^{[1
,2
]}

Wu, Mian ^{[3
]}

Huang, Wenli ^{[3
]}

机构：

[1] Univ Sci & Technol China, Nanjing, Peoples R China

[2] Nanjing Audit Univ, Jinshen Coll, Nanjing, Peoples R China

[3] Zhejiang Univ Finance & Econ, China Acad Financial Res, Hangzhou, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 02期

关键词：

ESG; sales revenue; cash flow; investment; PAVR; RESPONSIBILITY; INVESTMENT; RISK;

D O I：

10.1080/1540496X.2022.2096435

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This research applies panel vector autoregression method (PVAR) to analyze the annual panel data of Chinese A-share listed companies over the period 2009-2020, to study the relationship between enterprise ESG performance and enterprise dynamic financial behavior, by using Sino-Securities' ESG performance data. The main findings of the research include: first, there is a positive interaction between investment and ESG performance. Second, financial factors (e.g., cash flow) have a positive effect on ESG performance, while ESG performance has a positive effect to fundamental factors (e.g., sales revenue). The above significant effects are maintained mainly in enterprises with low ESG performance. Third, the sensitivity of investment-cash flow with low ESG performance form is significant.

引用

页码：281 / 295

页数：15

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