Journal of Digital Policy (디지털정책학회지)

The Society of Digital Policy and Management (한국디지털정책학회)
권호 표지
DOI QR코드

DOI QR Code

Financial ESG and Corporate Sustainable Development: the Moderating Effect of Attention

금융업 ESG와 기업의 지속 가능한 발전: 관심도 조절 역할

  • Dongmei Li (School of Entrepreneurship and Innovation, Shandong Business and Technology University)
  • 이동매 (중국 산동공상학원 창업혁신학원)
  • Received : 2023.02.13
  • Accepted : 2023.03.20
  • Published : 2023.03.28
Download PDF
⟨ Previous Next ⟩

Abstract

ESG is a kind of financial data that pays more attention to corporate environment, social responsibility and corporate governance. This study explores the relationship between ESG and corporate sustainable development through empirical analysis. This study uses the regression method of fixed effects to conduct empirical research on the data of China's A-share listed companies from 2015 to 2020. The research results show that: good ESG performance can promote the sustainable development of enterprises. At the same time, the higher the attention, the better the ESG performance can promote the sustainable development of enterprises. This study enriches the related research on ESG and has certain reference value for promoting the sustainable development of enterprises.

ESG는 기업 환경, 사회적 책임 및 기업 거버넌스에 더 많은 관심을 기울이는 재무 데이터이다.이 연구는 실증 분석을 통해 ESG와 기업의 지속 가능한 발전 사이의 관계를 탐구한다.이 연구는 2015-2020년 중국 A주 상장 기업의 데이터에 대한 실증 연구를 수행하기 위해 고정 효과 회귀 방법을 사용한다.연구 결과에 따르면 ESG가 잘 수행되면 기업의 지속 가능한 발전을 촉진할 수 있다.동시에 관심이 높을수록 ESG 성능이 우수할수록 기업의 지속 가능한 발전 능력을 촉진할 수 있다.이 연구는 ESG에 대한 관련 연구를 풍부하게 하고 기업의 지속 가능한 발전을 촉진하는 데 일정한 참고 가치가 있다.

Keywords

References

  1. T. Huang. (2014). The third power transformation of China's economy. Economic Dynamics, (2), 4-14. 
  2. B. Jin. (2018). The Institutional Logic and Governance Thinking of China's 40 Years of Reform and Opening Up. Economic Management, 40(6), 5-16. 
  3. D. Sun, F. Liu & Z. Chen. (2017). The Transformation and Upgrading of China's Manufacturing Industry and the New Smile Curve Theory. Science and Technology Progress and Countermeasures, 34(15), 49-54. 
  4. Y. Cao. (2021). The differential impact of heterogeneous technological innovation on the upgrading of China's processing trade. Journal of Beijing Institute of Technology (Social Science Edition), 23(5). 
  5. Y. Li, T. Zhang & P. Qi. (2020). The impact of local environmental constraints on economic growth. Chinese Environmental Science, 40(10), 4617-4630. 
  6. T. Dai & H. Zhou. (2022). Building a community with a shared future for mankind, coping with climate change and building an ecological civilization. Chinese Population.Resources and Environment, (1). 
  7. L. Dong & X. Yang. (2018). The institutional interaction between the 2030 Agenda for Sustainable Development and the multilateral environmental convention system. Journal of China University of Geosciences (Social Science Edition), 4. 
  8. M. Klemke-Pitek & M.Majchrzak.(2022). Pro-Ecological Activities and Shaping the Competitive Advantage of Small and Medium-Sized Enterprises in the Aspect of Sustainable Energy Management. Energies, 15(6), 2192. DOI : 10.3390/en15062192 
  9. C. Zhang & S. Jin.(2022). What Drives Sustainable Development of Enterprises? Focusing on ESG Management and Green Technology Innovation. Sustainability, 14(18), 11695. DOI : 10.3390/su141811695 
  10. W. Jun, Z. Shiyong & T. Yi. (2022). Does ESG disclosure help improve intangible capital? Evidence from A-share listed companies. Frontiers in Environmental Science, 10, 858548. DOI : 10.3389/fenvs.2022.858548 
  11. M. C. Dos Santos & F. H. Pereira.(2022). ESG performance scoring method to support responsible investments in port operations. Case Studies on Transport Policy, 10(1), 664-673. DOI : 10.1016/j.cstp.2022.01.027 
  12. A. Toscano, M. Balzarotti & I. Re.(2022). Sustainability Practices and Greenwashing Risk in the Italian Poultry Sector: A Grounded Theory Study. Sustainability, 14(21), 14088. DOI : 10.3390/su142114088 
  13. E. Saygili, S. Arslan & A. O. Birkan.(2022). ESG practices and corporate financial performance: Evidence from Borsa Istanbul. Borsa Istanbul Review, 22(3), 525-533. DOI : 10.1016/j.bir.2021.07.001 
  14. X. Yuan, Z. Li, J. Xu & L. Shang.(2022). ESG disclosure and corporate financial irregularities-Evidence from Chinese listed firms. Journal of Cleaner Production, 332, 129992. DOI : 10.1016/j.jclepro.2021.129992 
  15. R. Yuan, N. Jiang & M. Liu.(2022). ESG Research Review and Prospects. Accounting Monthly, (17), 128-134. DOI : 10.19641/j.cnki.42-1290/f.2022.17.017. 
  16. Y. Yuan & X. Xiong.(2021). Research on the relationship between ESG performance and corporate performance of listed companies--Based on the moderating effect of media attention. Jiangxi Social Sciences, (10), 68-77. 
  17. L. Wang & X. Yang. (2022). A study on the correlation between ESG performance and corporate financing costs. Chinese Certified Public Accountants, (09), 47-53. DOI : 10.16292/j.cnki.issn1009-6345.2022.09.009. 
  18. C. Wu & S. Chen.(2022). Green transformation and high-quality development under the ESG system with Chinese characteristics. New Finance, (04), 8-16. 
  19. T. T. Li,K. Wang,T. Sueyoshi & D. D. Wang.(2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. DOI : 10.3390/su132111663 
  20. J. Feng, D. Lu & Y. Yao. (2022). The Influence of Debt Financing on Enterprise Performance--Based on Empirical Research on Chinese A-share Listed Companies. Asian Journal of Social Science Studies, 7(1), 38. DOI : 10.20849/ajsss.v7i1.983 
  21. M. Ceccarelli,S. Glossner & M. Homanen.(2022). Catering through transparency: Voluntary ESG disclosure by asset managers and fund flows. Available at SSRN 4110596. DOI : 10.2139/ssrn.4110596 
  22. M. Faccio & L. H. Lang.(2002). The ultimate ownership of Western European corporations. Journal of financial economics, 65(3), 365-395. DOI : 10.1016/S0304-405X(02)00146-0 
  23. J. Hu. (2015). Information dissemination mechanism in social network environment. Information Science, (01), 15-18+34. DOI : 10.13833/j.cnki.is.2015.01.003. 
  24. M. Muller.(2022). Spreading the word? European Union agencies and social media attention. Government Information Quarterly, 39(2), 101682. DOI : 10.1016/j.giq.2022.101682 
  25. H. Jonker, F. Vanlee & W. Ysebaert. (2022). Societal impact of university research in the written press: media attention in the context of SIUR and the open science agenda among social scientists in Flanders, Belgium. Scientometrics, 1-18. DOI : 10.1007/s11192-022-04374-x 
  26. K. Kearins & K. Pavlovich.(2002). The role of stakeholders in Sydney's green games. Corporate Social Responsibility and Environmental Management, 9(3), 157-169. DOI : 10.1002/csr.19 
  27. M. Ruan & F. Xiao. (2022). Voluntary Participatory Environmental Regulation and Enterprise Technological Innovation-The Moderating Effect of Public Attention and Market Process. Science and Technology Progress and Countermeasures, 39(2), 79-90. 
  28. Z. Wu & S. Yan.(2016). CEO power, media attention and corporate performance. Accounting Monthly (Part 2), (1), 3-8. 
  29. J. Qin & T. Q. Peng. (2016). Googling environmental issues: Web search queries as a measurement of public attention on environmental issues. Internet research. DOI : 10.1108/IntR-04-2014-0104 
  30. J. Cheng & Y. Liu. (2018). The effects of public attention on the environmental performance of high-polluting firms: Based on big data from web search in China. Journal of Cleaner Production, 186, 335-341. DOI : 10.1016/j.jclepro.2018.03.146 
  31. J. Y. L. Chan, S. M. H. Leow, K. T. Bea,W. K. Cheng,S. W. Phoong, Z. W. Hong & Y. L. Chen.(2022). Mitigating the multicollinearity problem and its machine learning approach: a review. Mathematics, 10(8), 1283. DOI : org/10.3390/math10081283 
  32. X. Zhang. (2013). The application of Van Horn's sustainable growth model in hospital financial management. China Health Economics, 32(8), 73-75. 
  33. M. M. Miralles-Quiros,J. L. Miralles-Quiros & J. Redondo Hernandez.(2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability, 11(5), 1404. DOI : 10.1002/csr.1759 
  34. L. Liu,X. Liu, Z. Guo & S. Fan. (2022). An Examination of Impact of the Board of Directors' Capital on Enterprises' Low-Carbon Sustainable Development. Journal of Sensors, 2022. DOI : 10.1155/2022/7740946 
  35. L. Wu, M. Yang & K. Sun.(2022). The impact of public environmental attention on corporate and government environmental governance. China Population, Resources and Environment, (02), 1-14. 
  36. M. M. Miralles-Quiros, J. L. Miralles-Quiros & J. Redondo Hernandez. (2019). ESG performance and shareholder value creation in the banking industry: International differences. Sustainability, 11(5), 1404. DOI : 10.1002/csr.1759