Does the implementation of green credit policy improve the ESG performance of enterprises? Evidence from a quasi-natural experiment in China

被引：28
|
作者：
Lei, Ni [1 ]
Miao, Qin [2 ]
Yao, Xin [2 ]
机构：
[1] East China Normal Univ, Fac Econ & Management, Sch Publ Adm, Shanghai 200062, Peoples R China
[2] Xiamen Univ, China Ctr Energy Econ Res, Sch Econ, Xiamen 361005, Peoples R China
来源：
ECONOMIC MODELLING | 2023年 / 127卷
基金：
中国国家自然科学基金;
关键词：
Green credit; ESG performance; Financial constraint; China; CORPORATE SOCIAL-RESPONSIBILITY; FINANCIAL CONSTRAINTS; INVESTMENT; DISCLOSURE; MARKET; COST;
D O I：
10.1016/j.econmod.2023.106478
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The extant literature has largely overlooked how green credit policy (GCP) affects corporate environmental, social, and governance (ESG) performance, which is important in assessing the micro effects of macro-resource allocation. This paper uses the panel data of A-share listed enterprises from 2007 to 2021 in China to investigate the effect of the GCP on corporate ESG performance and its potential mechanism with a difference-in-differences approach. Utilizing the release of the "Green Credit Guidelines" in China as a quasi-natural experiment, we find significant improvement in the ESG performance of green credit-restricted enterprises. Financial constraints and investment efficiency are two plausible channels that affect GCP-enterprise ESG performance nexus. The research results show heterogeneity in enterprise ownership, geographical location, and marketization level. This paper offers convenience for the precise promotion of future green credit policies.
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页数：10
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