周荣（学）；侯俊东Understanding the nexus between environmental, social, and governance (ESG) and financial performance: evidence from Chinese-listed companies.

我校英国威廉希尔公司侯俊东老师在T3级别期刊——《Environmental science and pollution research international》上发表题为“Understanding the nexus between environmental, social, and governance (ESG) and financial performance: evidence from Chinese-listed companies.”。论文作者侯俊东为英国威廉希尔公司教授，博士生导师。

Abstract /摘要：

Before discussing how to balance and decide on environmental, social, and corporate governance (ESG) and traditional revenue enhancement projects, it is crucial to clarify the relationship between corporate financial performance (CFP) and ESG. However, little attention has been paid to the nexus of ESG and CFP. This paper attempts firstly to investigate the bidirectional causality of ESG and CFP, followed by the micro-foundations, and finally, the moderating effect of intrinsic factors. A GMM-PVAR method was used to examine the research hypotheses, which can effectively deal with endogenous problems that have been ignored by traditional literature. The findings of this research demonstrate that CFP promoted ESG growth, but ESG did not boost CFP. This asymmetric causality was because CFP had a supportive effect on the environment and society pillars, while the social pillar cannot promote CFP, and the environment pillar negatively affects CFP. The relationship between ESG and CFP was moderated by total quality management, environmental sensitivity, and the pay gap. Furtherly, a panel threshold model was constructed to access the threshold effects of ESG on CFP, showing an inverted U-shape. Based on these findings, the theoretical implications, managerial prescriptions, and limitations are also discussed.

论文信息;

Title/题目:

Understanding the nexus between environmental, social, and governance (ESG) and financial performance: evidence from Chinese-listed companies.

Authors/作者:

Zhou Rong;Hou Jundong;Ding Fei

Keywords /关键词

Bidirectional relationship;Corporate financial performance;Environmental, social, and corporate governance;GMM-PVAR;Granger causality;Threshold effects

Indexed by /核心评价

AHCI;MEDLINE;SCI;Scopus;WAJCI

DOI:10.1007/S11356-023-27449-5

全文链接：https://pubmed.ncbi.nlm.nih.gov/37184789/