The Nonlinear Effect of ESG Performance on Firm Value: Evidence from Chinese Listed Firms

• 발행기관: 강원대학교 경영경제연구소
• 저자명: Lei Wang Hyewon Paik
• 간행물 정보: 『아태비즈니스연구』제16권 제2호, 99~118쪽, 전체 20쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2025.06.30

국문 초록

Purpose - The purpose of this study is to examine the relationship between ESG performance and firm value of Chinese Shanghai and Shenzhen A-share listed firms from 2013 to 2022. We also examine the relationship in China’s specific circumstances such as state ownership and heavily polluting industries. Design/methodology/approach - ESG data is mainly selected from HUAZHENG ESG rating. The data relating to finance and corporate governance is from China Stock Market & Accounting Research Database(CSMAR). The multiple regression analysis is hired in order to analyze the data. Findings - First, there is a nonlinear (inverted U-shaped) relationship between ESG performance and firm value. As ESG performance grows, its firm value experiences an initial increase, however, once the threshold value is reached, the additional increments in ESG performance result in a reduction in firm value. Second, the state-owned firms weaken the nonlinear inverted U-shaped relationship between ESG performance and firm value. Third, heavily polluting firms strengthen the nonlinear inverted U-shaped relationship between ESG performance and firm value. Research implications or Originality - Our findings show the existence of a nonlinear (inverted U-shaped) relationship between ESG performance and firm value, thereby offering a well-supported explanation for the inconsistencies observed in the existing research. Our study suggest Chinese firms need tailored ESG strategy for differentiated ESG thresholds for SOEs/non-SOEs and polluting sectors. Also, our study imply that standardized ESG disclosure is necessary to reduce compliance ambiguity and greenwashing risks.

목차

Ⅰ. Introduction

Ⅱ. Literature Review and Research Hypotheses

Ⅲ. Methodology

Ⅳ. Regression Results

Ⅴ. Conclusions

References

키워드

ESG Performance Firm Value Heavily Polluting Firms State ownership

참고문헌

• Journal of Accounting in Emerging Economies
• Management of Environmental Quality: An International Journal
• Research in International Business and Finance
• Journal of Statistics and Information
• Journal of Business Finance & Accounting
• Science of the Total Environment
• Journal of Cleaner Production
• Journal of Financial Economics
• Journal of Finance
• European Financial Management
• Environmental Science and Pollution Research
• Journal of Business Ethics
• Securities Market Herald
• Advances in Economics, Management and Political Sciences
• Journal of Cleaner Production
• Strategic Management Journal
• Social Responsibility Journal
• China Journal of Accounting Research
• Heliyon
• Corporate Reputation Review
• Australasian Accounting Business and Finance Journal
• Business Strategy and the Environment
• Economic research-Ekonomska istraživanja
• Economic Management
• Environmental & Resource Economics
• Journal of Business Economics
• Energy Policy
• Finance Research Letters
• Heliyon
• Contemporary Accounting Research
• Finance Research Letters
• Sustainability
• Corporate Social Responsibility and Environment Management
• Journal of Global Business
• Sustainability
• Sustainability