ESG的实施抑制了企业成长吗？

被引：72

作者：

李思慧 ^{[1
]}

郑素兰 ^{[2
]}

机构：

[1] 江苏省社会科学院世界经济研究所

[2] 山西省社会科学院

来源：

经济问题 | 2022年 / 12期

关键词：

企业成长; 生命周期理论; 信息披露制度;

D O I：

10.16011/j.cnki.jjwt.2022.12.015

中图分类号：

X322 [部门环境规划与管理]; F270 [企业经济理论和方法]; F832.51 [];

学科分类号：

083305 ; 1202 ; 120202 ; 1201 ; 020204 ;

摘要：

以A股上市公司的ESG评级及相关财务指标构成的面板数据为基础，引入企业生命周期理论，就ESG的实施对企业成长的影响进行研究。结果发现：整体上看，中国现有ESG的实施并不有利于企业成长，且当区分强制型和自愿型后，发现被强制实施ESG的企业在成长能力上所受的负面影响大于自愿实施的企业；在划分企业生命周期后，ESG对成长期企业的成长能力负向影响最大，而对于成熟期和稳定期企业的负向影响则显著下降；ESG主要通过增加企业成本，降低利润的方式削弱其成长能力，即指明了现阶段ESG的“成本效应”较为明显。在丰富了ESG研究文献的同时，为中国现有ESG的实施效果给出了初步检验，为政府引导企业在ESG方面的贯彻和实施提供了更为细化的经验证据。

引用

页码：81 / 89

页数：9

共 32 条

[21] Are red or blue companies more likely to go green? Politics and corporate social responsibility [J].

Di Giuli, Alberta ;

Kostovetsky, Leonard .

JOURNAL OF FINANCIAL ECONOMICS, 2014, 111 (01) :158-180

[22]

The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness[J] . Management Science . 2013 (5)

[23] Cash Flow Patterns as a Proxy for Firm Life Cycle [J].

Dickinson, Victoria .

ACCOUNTING REVIEW, 2011, 86 (06) :1969-1994

[24] An Empirical Model of Growth Through Product Innovation [J].

Lentz, Rasmus ;

Mortensen, Dale T. .

ECONOMETRICA, 2008, 76 (06) :1317-1373

[25]

Corporate social responsibility and financial performance: the “virtuous circle” revisited[J] . Edward Nelling,Elizabeth Webb.Review of Quantitative Finance and Accounting . 2009 (2)

[26]

How corporate social responsibility is defined: an analysis of 37 definitions[J] . AlexanderDahlsrud.Corp. Soc. Responsib. Environ. Mgmt . 2008 (1)

[27] Corporate social responsibility and social entrepreneurship [J].

Baron, David P. .

JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, 2007, 16 (03) :683-717

[28] Trends and directions in the development of a strategic management theory of the family firm [J].

Chrisman, JJ ;

Chua, JH ;

Sharma, P .

ENTREPRENEURSHIP THEORY AND PRACTICE, 2005, 29 (05) :555-575

[29] Does business planning facilitate the development of new ventures? [J].

Delmar, F ;

Shane, S .

STRATEGIC MANAGEMENT JOURNAL, 2003, 24 (12) :1165-1185

[30]

Plant vintage, technology, and environmental regulation[J] . Wayne B Gray,Ronald J Shadbegian.Journal of Environmental Economics and Management . 2003 (3)

← 1 2 3 4 →