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The financial relationship network and ESG value creation: A study of multiple networks considering the coupling effect

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  • Yuanpu Ji
  • Chen Zhang
  • Jing Zhu
  • Jingsong Zhao

Abstract

Resources and pressure from shareholders or creditors are important influencing factors and opportunities for enterprises to achieve excellence in Environmental, Social and Governance (ESG) value creation. This study constructs multiple networks to characterize the financial relationships among enterprises, shareholders, and creditors, examining their impact and coupling effect on ESG value creation. We find that financial relationship networks are crucial for ESG value creation, with local and global network characteristics affecting ESG outcomes in opposing ways and varying across ESG dimensions. Notably, the ESG value effect of the shareholder network is more significant than that of the creditor network. Increasing interaction between shareholder and creditor relations in multiple networks positively impacts ESG value creation, similar to the effect in a single network. Financing constraints play an indirect role in the relationship, with the value creation impact depending on agency costs. For enterprises with low market competitiveness, the ESG value effect of multiple financial networks is more pronounced than for those with high market competitiveness. This study provides a decision reference for enterprises to build relationship networks with shareholders and creditors and to fulfill the positive ESG governance role of the network.

Suggested Citation

  • Yuanpu Ji & Chen Zhang & Jing Zhu & Jingsong Zhao, 2026. "The financial relationship network and ESG value creation: A study of multiple networks considering the coupling effect," Energy & Environment, , vol. 37(6), pages 3443-3482, September.
    • Handle: RePEc:sae:engenv:v:37:y:2026:i:6:p:3443-3482
    DOI: 10.1177/0958305X251319368
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