The Influence Mechanism and Data Test of Enterprise ESG Performance on Earnings Sustainability

Abstract

Abstract: ESG is highly consistent with China’s new development concept, but whether ESG performance has a positive impact on enterprises’ sustainable development, especially earnings persistence, has not reached a definite conclusion.By analyzing the mediating effect of financing constraint, enterprise risk and green innovation, this paper studies the mechanism of how ESG performance influences earnings sustainability, and empirically examines the positive impact of ESG performance on earnings sustainability by taking China’s A-share listed companies from 2013 to 2021 as research samples.The research finds that the better the ESG performance is, the stronger the earnings sustainability is. The mechanism analysis shows that good ESG performance can help enterprises achieve earnings sustainability by alleviating financing constraints, reducing enterprise risks and promoting green innovation. The heterogeneity analysis shows that the promotion effect of ESG performance on earnings persistence is more significant in enterprises in non-polluting industries, state-owned enterprises and enterprises in highly market-oriented regions.This paper expands the research on the economic consequences of ESG performance, which has significant enlightenment for enterprises and investors to attach importance to ESG performance and government departments to improve the ESG information disclosure system.

Key words: ESG performance, financing constraints, enterprise risk, green innovation, earnings sustainability

Xi Longsheng, Zhao Hui. The Influence Mechanism and Data Test of Enterprise ESG Performance on Earnings Sustainability[J]. Management Review, 2022, 34(9): 313-326.

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