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
收藏
页码：281 / 295
页数：15
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