How ESG Performance Enhances Corporate Resilience: A Triple Mediation Analysis Based on Financing Constraints, Innovation, and Governance
ESGパフォーマンスがいかに企業のレジリエンスを強化するか：資金制約、イノベーション、ガバナンスに基づく三重媒介分析 (AI 翻訳)
Yutong Zhou
🤖 gxceed AI 要約
日本語
本論文は、2018年から2022年の上海・深圳A株上場企業を対象に、ESGパフォーマンスが企業レジリエンスに与える影響を分析。ESGパフォーマンスは資金制約の緩和、イノベーション能力の向上、内部ガバナンスの最適化という三つの経路を通じてレジリエンスを高めることを実証。非国有企業や経営者の近視眼性が高い企業で効果が顕著。
English
This study analyzes how ESG performance enhances corporate resilience using a sample of Chinese A-share listed firms from 2018-2022. It finds that strong ESG performance boosts resilience through three parallel pathways: alleviating financing constraints, enhancing innovation capability, and optimizing internal governance. The effect is stronger in non-state-owned enterprises and firms with higher managerial myopia.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国市場を対象とした研究だが、日本企業においてもESGがレジリエンス向上に寄与するメカニズムを示唆する。特に資金調達やガバナンス面での示唆は、日本企業のESG経営強化に応用可能。
In the global GX context
This paper adds empirical evidence from an emerging market on the mechanisms through which ESG performance builds corporate resilience. The triple mediation framework offers valuable insights for global practitioners seeking to justify ESG investments as a risk management tool.
👥 読者別の含意
🔬研究者:Provides a comprehensive mediation model for the ESG-resilience link, offering testable hypotheses for other market contexts.
🏢実務担当者:Demonstrates that strong ESG performance can reduce financing constraints and improve governance, enhancing a firm's ability to withstand economic shocks.
🏛政策担当者:Supports policies that encourage ESG disclosure and practices as means to improve corporate stability and economic resilience.
📄 Abstract（原文）
In the context of heightened economic uncertainty, corporate resilience has become a critical capability for sustainable development. Using a sample of Shanghai and Shenzhen A-share listed companies from 2018 to 2022, this paper systematically examines the impact mechanisms of ESG performance on corporate resilience from three dimensions: financing constraints, innovation capability, and internal governance. The findings show that strong ESG performance significantly enhances corporate resilience, a result that holds under various robustness checks. Mechanism tests indicate that ESG performance strengthens corporate resilience through three parallel pathways: alleviating financing constraints, enhancing innovation capability, and optimizing internal governance. Heterogeneity analysis further reveals that the resilience-enhancing effect is more pronounced in non-state-owned enterprises, firms with higher managerial myopia, environments with greater economic policy uncertainty, and non-heavy-polluting industries. This study extends the theoretical understanding of the antecedents of corporate resilience and provides decision-making guidance for firms to improve risk resistance through ESG practices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.70267/esg2026.v3n2.2131first seen 2026-05-15 21:25:06 · last seen 2026-06-16 05:18:47
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