Can enterprises' participation in targeted poverty alleviation reduce the cost of debt financing? Evidence from China

Zhao, Wenjia; Liang, Yiyan; Li, Pan

doi:10.1016/j.frl.2023.104551

Cited by 4 publications

(1 citation statement)

References 16 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…(4) ESG performance, financing cost, and enterprise value ESG can reflect the non-financial performance of enterprises, and good ESG performance can provide positive information for enterprises and send positive signals to investors [43]. Enterprises with higher ESG evaluation are often more likely to attract longterm investment.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Does ESG Performance Affect the Enterprise Value of China’s Heavily Polluting Listed Companies?

Zhang,

Wang,

Guo

et al. 2024

Sustainability

View full text Add to dashboard Cite

This paper investigates the effect of environmental, social, and governance (ESG) performance on the enterprise value of heavily polluting listed companies in China’s Shanghai and Shenzhen A-share markets. The study found that ESG performance helps to improve the corporate value of heavily polluting listed companies, and ESG performance has an impact mechanism effect on the corporate value of heavily polluting listed companies through green technology innovation, financing costs, and internal control; the analysis of heterogeneity is conducted from three different perspectives: resource endowment, ownership nature, and overseas background of senior executives. At the same time, the interaction term ESG × EPU is employed to examine the regulatory effect of economic policy uncertainty Non-state-owned enterprises can enhance their enterprise value more effectively by improving their ESG performance based on the research findings. The ESG performance of heavy polluting enterprises in non-resource-based cities has a more obvious role in promoting corporate value; in companies where executives have overseas backgrounds, ESG performance is more conducive to the improvement of corporate value. The empirical evidence derived from the research findings rationalizes the connection between the of ESG performance and enterprise value in industries with high levels of pollution, as well as the pathway of impact.

show abstract

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%