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Pension insurance contributions and ESG performance: Evidence from China

Author

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  • Li, Rui
  • Zhu, Zhikai
  • Wang, Xiaoyan

Abstract

The paper examines the impact and mechanism of statutory pension insurance contribution rates on firms' ESG performance. Using comprehensive data on statutory pension insurance contribution rates and Chinese listed companies from 2012 to 2019, we find that high contribution rates significantly reduce ESG performance, and the finding remains robust after robustness tests. We explain how pension insurance contributions undermine ESG performance through social responsibility and layoffs. Regarding heterogeneity, labor-intensive and small firms are more susceptible to increased pension insurance.

Suggested Citation

  • Li, Rui & Zhu, Zhikai & Wang, Xiaoyan, 2023. "Pension insurance contributions and ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PD).
    • Handle: RePEc:eee:finlet:v:58:y:2023:i:pd:s1544612323010103
    DOI: 10.1016/j.frl.2023.104638
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