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＜紀要論文＞
ESG活動が企業価値に与える影響と財務制約の調整効果 : 中国における実証分析
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| 概要 | This study examines the impact of Environmental, Social, and Governance (ESG) ratings on firm value, using Chinese A-share listed firms from 2018 to 2022. This study finds that ESG scores have a posit...ive impact on firm value during the entire sample period. When examining the impact of the three sub-dimensions on firm value, only social and governance scores have significant positive effects, whereas environmental scores have no significant impact. Additionally, financing constraints moderate the impact of ESG scores on firm value. Compared to financing constrained firms, the ESG rating of non-financing constrained firms has a positive moderating effect on the impact of firm value. The robustness test verifies the validity of the conclusion, suggesting that non- financing constrained firms can actively improve ESG performance to improve firm value.続きを見る |
| 目次 | １. Introduction ２. Literature Review and Research Hypotheses 2.1 The Effect of ESG on Firm Value 2.2 The Moderating Effect of Financial Constraints ３. Design on Empirical Research 3.1 Data and Sample 3.2 Variables Design 3.2.1 The Dependent Variables 3.2.2 The Explanatory Variables 3.2.3 The Moderating Variables 3.2.4 The Control Variables 3.3 Model Design ４. Empirical Results and Discussion 4.1 Descriptive Statistics 4.2 Regression Results 4.3 Robustness Tests 4.3.1 Changing Dependent Variables 4.3.2 Changing Independent Variables 4.3.3 Grouped Regression of SA Index 4.3.4 Grouped Regression of WW Index 4.4 Endogeneity Problem 4.4.1 Instrumental Variable Method 4.4.2 Reverse Causality ５. Conclusion続きを見る |
詳細
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| 登録日 | 2025.08.08 |
| 更新日 | 2025.08.08 |