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Environment, social, and governance performance and corporate financing constraints

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  • Hao, Yun
  • Wu, Wenzhao

Abstract

This study selects the data of A-share listed companies in China from 2010 to 2022 as a research sample. We explore the relationship between corporate environment, social, and governance (ESG) performance, corporate financing constraints, and the transmission mechanism. Our findings show that corporate ESG performance reduces corporate financing constraints. Non-state-owned enterprises reduce financing constraints more than state-owned enterprises through corporate ESG performance. Finally, intermediary impacts of information and resource effects in ESG performance affect corporate financing constraints.

Suggested Citation

  • Hao, Yun & Wu, Wenzhao, 2024. "Environment, social, and governance performance and corporate financing constraints," Finance Research Letters, Elsevier, vol. 62(PA).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001132
    DOI: 10.1016/j.frl.2024.105083
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    References listed on IDEAS

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    2. Wang, Fang & Hou, Jingru, 2024. "Financial-industrial integration and corporate financialization: Evidence from China," Finance Research Letters, Elsevier, vol. 69(PA).
    3. Ouyang, Yingying & Hu, Mingzheng, 2024. "The impact of data elements marketization on corporate financing constraints: Quasi-experimental evidence from the establishment of data trading platforms in China," Finance Research Letters, Elsevier, vol. 69(PA).
    4. Marta Miranda‐García & María‐Jesús Segovia‐Vargas, 2024. "Financial constraints and sustainability in bioeconomy firms," Global Policy, London School of Economics and Political Science, vol. 15(S7), pages 65-82, November.
    5. Zhang, Li & Song, Xinwei, 2025. "Managerial overconfidence and corporate digital transformation," Finance Research Letters, Elsevier, vol. 75(C).
    6. Sun, Xian & Xiong, Xiaoyan, 2025. "ESG performance and corporate innovation," Research in International Business and Finance, Elsevier, vol. 76(C).
    7. Shang, Yuping & Xiao, Zisheng & Nasim, Asma & Zhao, Xin, 2025. "Influence of ESG on corporate debt default risk: An analysis of the dual risk scenarios," Journal of International Money and Finance, Elsevier, vol. 151(C).

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