期刊論文
| 學年 | 112 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2024-06-30 |
| 作品名稱 | Concave and convex effects of ESG performance on corporate sustainable development: Evidence from China |
| 作品名稱（其他語言） | |
| 著者 | Wu, Kun-shan |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Oeconomia Copernicana 15(2), p.595-636 |
| 摘要 | Research background: Corporate sustainable development (CSD) is essential to a company's success and survival. Environmental, social, and governance (ESG) are regarded as major factors in measuring the impact of CSD. Companies that perform well in terms of ESG can maintain a competitive advantage and achieve sustainable development. Poor management of ESG performance and involvement in controversial activity can harm a company's credibility and reputation in the market, as well as negatively impact sustainable development. Purpose of the article: Drawing on the stakeholder and signaling theories, this paper investigates the curvilinear nexus between ESG performance and CSD. Methods: Empirical studies were conducted on a sample of 697 Chinese listed manufacturing firms that disclosed ESG information from 2010 to 2020, with a total of 5699 firm-year observations. Quantile regression analysis and the U-test were used to examine the curvilinear ESG-CSD relationship. This technique was supplemented by conducting instrumental variables tests and propensity score matching to address concerns relating to the potential existence of endogeneity problems. Findings & value added: The results of the quantile regression estimation confirm the concave-convex (inverted U-shaped and U-shaped) ESG-CSD relationship via the U-test. The relationships between the environmental and social components and CSD follow an inverted U-shaped or half-inverted U-shaped pattern, while the relationship between the governance component and CSD exhibits a concave-convex pattern. A concave ESG-CSD nexus is evident in environmentally sensitive industries, whereas a half concave-convex ESG-CSD nexus is confirmed in non-environmentally sensitive industries. This study improves scholars’ understanding of ESG performance and provides a comprehensive perspective on the double-edged effects (positive and negative consequences) of ESG practices. The instrumentalization of ESG practices for management to seek personal gain has a negative impact on CSD, while ESG practices that add value for stakeholders have a positive impact. These findings provide empirical evidence for Chinese publicly listed manufacturing firms to effectively conduct ESG practices. |
| 關鍵字 | ESG;corporate sustainable development;quantile regression;double-edged effect |
| 語言 | en_US |
| ISSN | 2353-1827 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI Scopus |
| 產學合作 | |
| 通訊作者 | Kun-Shan Wu |
| 審稿制度 | 是 |
| 國別 | POL |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/125862 ) |