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The Impact of Environmental, Social, and Governance Performance on Corporate Financing Constraints: Evidence from China’s Listed Companies

In: Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)

Author

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  • Xingyu Liu

    (East China University of Science and Technology, School of Business)

Abstract

This paper focuses on A-share listed companies in non-financial industries in China from 2013 to 2022 as the research subject, and empirically analyzes the impact of ESG evaluation on corporate financing constraints. The study reveals that strong ESG performance significantly alleviates corporate financing constraints, with robust and reliable results. Furthermore, through grouping tests, it is evident that the effect of ESG performance on alleviating financing constraints is particularly pronounced in companies that voluntarily disclose their ESG performance. Hence, it is imperative for enterprises to prioritize the development of ESG practices, and for governments to enhance incentives and guidance.

Suggested Citation

  • Xingyu Liu, 2024. "The Impact of Environmental, Social, and Governance Performance on Corporate Financing Constraints: Evidence from China’s Listed Companies," Advances in Economics, Business and Management Research, in: Qiujing Wu & Songsong Liu & Guoliang Wang & Jia Li (ed.), Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024), pages 4-12, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-598-0_2
    DOI: 10.2991/978-94-6463-598-0_2
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