Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v7i4.5449
Abstract
With the rise of anti-globalisation and protectionism, there has been significant pressure on the overseas operations of Chinese enterprises, so they need to promote the application of ESG. The way ESG performance affects the foreign earnings of Chinese enterprises is the topic of this paper. As shown in the results, ESG performance can strengthen the stability of the supply chain and reduce financial constraints through other means to increase foreign earnings, and it is also possible that a decrease in financing constraints will enhance supply chain resilience gradually. According to the results of heterogeneity analysis, it can be determined that companies without overseas directors, those in highly competitive industries and non-state-owned enterprises are positively associated with the development of exports. This paper studies the correlation between the ESG performance of foreign companies and their development, and puts forward some theoretical and practical suggestions for Chinese enterprises.
Keywords
ESG performance; financing constraints; supply chain toughness; overseas income of Chinese companies; multiple intermediary effects
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[2]Bassen, A., & Kovacs, A. M. M. (2008). Environmental, social and governance key performance indicators from a capital market perspective (SSRN Scholarly Paper No. ID 1307091). Social Science Research Network, Rochester, NY.
[3]BRUSSET X, TELLER C. Supply Chain Capabilities, Risks, and Resilience [J]. International Journal of Production Economics, 2017, 184: 59-68.
[4]Chaney T. Liquidity constrained exporters[J]. Journal of Economic Dynamics and Control,2016 ,72 :141-154.
[5]Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23.
[6]Dyck A, Zingales L. Private benefits of control: An international comparison[J]. The journal of finance, 2004, 59(2): 537-600.
[7]Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857.
[8]El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406.
[9]FLYNN B B, HUO B, ZHAO X. The Impact of Supply Chain Integration on Performance: A Contingency andConfiguration Approach [J]. Journal of Operations Management, 2010, 28 (1): 58-71.
[10]Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
[11]Hadlock C J, Pierce J R. New evidence on measuring financial constraints: Moving beyond the KZ index[J]. The review of financial studies, 2010, 23(5): 1909-1940.
[12]Lins KV, Servaes H, Tamayo A. Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis[J]. the Journal of Finance, 2017, 72(4): 1785-1824.
[13]McWilliams A, Siegel D S, Wright P M. Corporate social responsibility: Strategic implications[J]. Journal of management studies, 2006, 43(1): 1-18.
[14]Melitz MJ. The impact of trade on intra-industy reallocations and aggregate industry productivity[J]. Econometrica,2003,71(6 ) :1695-1725.
[15]Morgan H M, Sui S, Baum M. Are SMEs with immigrant owners exceptional exporters?[J]. Journal of Business Venturing, 2018, 33(3): 241-260.
[16]Russo, A., & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91, 207–221.
[17]Zhang S., Gu C. Enterprise Digital Transformation and Supply Chain Resilience[J]. South China Journal of Economics, 2024, (08): 137-158.
[18]Zhu X. Corporate Social Responsibility and Financing Constraints: Empirical Evidence from China’s Listed Corporates[C]//2014 International Conference on Education Technology and Social Science. Atlantis Press, 2014: 67-71.
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