政变对企业ESG绩效的影响:来自中国的证据
Chao Yang1, Wenhan Hao2, Di Song3
1School of Accountancy, Beijing Wuzi University, Beijing, China.
PloS one
|July 24, 2023
概括
中国城市的政治流动对企业的环境,社会和治理 (ESG) 业绩产生了负面影响. 市长的变化比党内书记的变化产生更大的不利影响,增加政策不确定性和减少投资.
科学领域:
- 环境政策 环境政策
- 公司治理 公司治理
- 政治科学 政治科学是指政治学.
背景情况:
- 政治领导层的变化可以影响经济和企业的行为.
- 了解政治流动对企业社会责任的影响至关重要,特别是在中国等新兴市场.
研究的目的:
- 研究政治流动对中国企业环境,社会和治理 (ESG) 绩效的影响.
- 区分市政党委书记和市长变革对ESG绩效的影响.
主要方法:
- 分析了2010年至2020年间中国A股上市公司的数据.
- 计量经济学分析,以评估政治周转事件与ESG绩效指标之间的关系.
主要成果:
- 政治流动,特别是市政党委书记或市长的变化,会对企业的ESG业绩产生负面影响.
- 与党委书记的变化相比,市长的变化对ESG绩效产生了更明显的负面影响.
- 由于政治流动而产生的政策不确定性导致政府补贴减少,无效的投资不足增加,进一步降低ESG绩效.
- 在国有企业 (SOE),政治相关的企业和第三级行业中,政治周转对ESG业绩的负面影响受到缓解.
结论:
- 政治周转引入了政策不确定性,损害了中国企业的ESG业绩.
- 政治领导层的变化类型 (市长与党委书记) 对企业的ESG有不同的影响.
- 特定的公司特点 (国有企业,政治联系,行业) 可以缓冲政治流动对ESG业绩的负面影响.
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