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Emerging Markets Finance and Trade Volume 59, 2023 - Issue 2
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Research Article

Environmental, Social, and Governance Performance and Enterprise Dynamic Financial Behavior: Evidence from Panel Vector Autoregression

Chao Lia University of Science and Technology of China and Jinshen College, Nanjing Audit University, Nanjing, China
,
Mian Wub China Academy of Financial Research, Zhejiang University of Finance & Economics, Hangzhou, China;c The New Type Key Think Tank of Zhejiang Province “China Research Institute of Regulation and Public Policy of Zhejiang University of Finance and Economics”
&
Wenli Huangb China Academy of Financial Research, Zhejiang University of Finance & Economics, Hangzhou, China;c The New Type Key Think Tank of Zhejiang Province “China Research Institute of Regulation and Public Policy of Zhejiang University of Finance and Economics”Correspondence[email protected]
Pages 281-295 | Published online: 20 Jul 2022
 
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ABSTRACT

This research applies panel vector autoregression method (PVAR) to analyze the annual panel data of Chinese A-share listed companies over the period 2009–2020, to study the relationship between enterprise ESG performance and enterprise dynamic financial behavior, by using Sino-Securities’ ESG performance data. The main findings of the research include: first, there is a positive interaction between investment and ESG performance. Second, financial factors (e.g., cash flow) have a positive effect on ESG performance, while ESG performance has a positive effect to fundamental factors (e.g., sales revenue). The above significant effects are maintained mainly in enterprises with low ESG performance. Third, the sensitivity of investment-cash flow with low ESG performance form is significant.

Disclosure Statement

No potential conflict of interest was reported by the author(s).

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