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Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone

Does the establishment of pilot zones for green finance reform and innovations in 2017 have an impact on the Environment, Social and Governance (ESG) scores of enterprises? This paper selects data from Chinese A-share listed companies from 2014–2020 and uses the differences-in-differences (DID) mode...

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Autores principales: Chen, Zhao, Hu, Ling, He, Xin, Liu, Ziming, Chen, Danni, Wang, Weirui
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9690523/
https://www.ncbi.nlm.nih.gov/pubmed/36429698
http://dx.doi.org/10.3390/ijerph192214981
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author Chen, Zhao
Hu, Ling
He, Xin
Liu, Ziming
Chen, Danni
Wang, Weirui
author_facet Chen, Zhao
Hu, Ling
He, Xin
Liu, Ziming
Chen, Danni
Wang, Weirui
author_sort Chen, Zhao
collection PubMed
description Does the establishment of pilot zones for green finance reform and innovations in 2017 have an impact on the Environment, Social and Governance (ESG) scores of enterprises? This paper selects data from Chinese A-share listed companies from 2014–2020 and uses the differences-in-differences (DID) model to analyze the impact of green financial reform on the ESG scores of enterprises. The study shows that the establishment of the Green Financial Reform and Innovation Pilot Zone (GFPZ) policy helps enterprises to obtain higher ESG scores through environmental, social and governance mechanisms. When ESG is measured using environmental, social and governance data, our results suggest that the contribution of green finance reforms to ESG scores is primarily driven by social responsibility scores. The adjustment effect analysis shows that for large enterprises in the GFPZ, the above effects have stronger influence, but there is no significant difference between heavily polluting and non-heavily polluting firms in the GFPZ. Expansive analysis shows that the improvement in ESG scores of enterprises in the GFPZ not only contributes to the green performance of enterprises, but also to their financial performance.
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spelling pubmed-96905232022-11-25 Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone Chen, Zhao Hu, Ling He, Xin Liu, Ziming Chen, Danni Wang, Weirui Int J Environ Res Public Health Viewpoint Does the establishment of pilot zones for green finance reform and innovations in 2017 have an impact on the Environment, Social and Governance (ESG) scores of enterprises? This paper selects data from Chinese A-share listed companies from 2014–2020 and uses the differences-in-differences (DID) model to analyze the impact of green financial reform on the ESG scores of enterprises. The study shows that the establishment of the Green Financial Reform and Innovation Pilot Zone (GFPZ) policy helps enterprises to obtain higher ESG scores through environmental, social and governance mechanisms. When ESG is measured using environmental, social and governance data, our results suggest that the contribution of green finance reforms to ESG scores is primarily driven by social responsibility scores. The adjustment effect analysis shows that for large enterprises in the GFPZ, the above effects have stronger influence, but there is no significant difference between heavily polluting and non-heavily polluting firms in the GFPZ. Expansive analysis shows that the improvement in ESG scores of enterprises in the GFPZ not only contributes to the green performance of enterprises, but also to their financial performance. MDPI 2022-11-14 /pmc/articles/PMC9690523/ /pubmed/36429698 http://dx.doi.org/10.3390/ijerph192214981 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
spellingShingle Viewpoint
Chen, Zhao
Hu, Ling
He, Xin
Liu, Ziming
Chen, Danni
Wang, Weirui
Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title_full Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title_fullStr Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title_full_unstemmed Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title_short Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
title_sort green financial reform and corporate esg performance in china: empirical evidence from the green financial reform and innovation pilot zone
topic Viewpoint
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9690523/
https://www.ncbi.nlm.nih.gov/pubmed/36429698
http://dx.doi.org/10.3390/ijerph192214981
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