The Value Enhancement Path of ESG Practices from a Resource Dependence Perspective: A Research Model with Mediating and Moderating Effects

This study constructs a research model with regulation and mediation based on the resource dependence theory to explore the nonlinear relationship between ESG responsibility fulfillment and firm value. This study uses a sample of Chinese A-share listed manufacturing firms from 2015 to 2022 and conducts empirical analysis using STATA version 18.0. The results indicate a U-shaped relationship between ESG responsibility fulfillment and firm value. Stakeholders’ interests play a partial mediating role in the above relationship. Moreover, institutional investors’ shareholding further strengthens the positive association between ESG responsibility fulfillment and stakeholder interests. The firm life cycle has a heterogeneous effect on the relationship between ESG responsibility fulfillment and stakeholder interests. Specifically, firms in the maturity stage exhibit the most pronounced protection of stakeholder interests, whereas firms in the decline stage show relatively weaker protection effects. Additionally, there is a complementary interaction between the firm life cycle and institutional investors’ shareholding. This combination significantly enhances the positive moderating effect of institutional investors’ shareholding on the relationship between ESG responsibility fulfillment and stakeholder interests only when firms are in the growth or decline stages. This study not only expands the boundaries of resource dependence theory, but also provides management insights for sustainable practices in the real economy.