What Drives Financing Constraints? Insights from ESG Performance, Patient Capital, and Board Diversity with Mediation Analysis

This study primarily investigates the impact of environmental performance on corporate financing constraints. It further examines the underlying mechanisms through which patient capital and board diversity, particularly the proportion of female directors, influence the relationship between environmental performance and financing constraints. The core questions include: Can environmental performance alleviate corporate financing constraints? Are there significant differences between high-pollution and low-pollution industries? How do patient capital and female board representation moderate this relationship? The dataset spans the period from 2008 to 2023 and includes publicly listed companies in China. The analysis employs multiple regression models and heterogeneity analysis to explore the effects of environmental performance on financing constraints, as measured by the SA index. This study find environmental performance significantly mitigates SA index, with stronger effects observed in high-pollution industries. Patient capital exerts a substantial direct alleviation effect on financing constraints, with relational debt emerging as a key moderating factor in this relationship. The proportion of female directors enhances the alleviating on financing constraints through improved internal governance, although its impact exhibits heterogeneity in high-pollution industries. This study provides theoretical insights and practical recommendations for green financial policies and corporate capital optimization strategies.