A study of the impact of ESG performance on the level of internationalisation of family firms

Qian Ma; LiJia Liu

doi:10.63313/Economics.8002

Authors

Qian Ma School of Business, Shanghai Dianji University, Shanghai 201306, China Author
LiJia Liu School of Business, Shanghai Dianji University, Shanghai 201306, China Author

DOI:

https://doi.org/10.63313/Economics.8002

Keywords:

ESG, internationalised operations, financing constraints, corporate reputation

Abstract

ESG performance is a comprehensive indicator covering three measurement dimensions of en-vironment, society and corporate governance, which is an important basis for measuring the sustainable development of enterprises and has received wide attention from the society. This paper selects Chinese A-share-listed family firms from 2014 to 2022 as the research object and tries to explore the impact of ESG performance on the international operation level of family firms. It is found that there is a positive correlation between ESG performance and the interna-tional operation level of family firms, which still holds after controlling for endogeneity and conducting robustness tests. In terms of the influence mechanism, the ESG performance of fam-ily firms mainly improves the international operation level of family firms by promoting green innovation, improving business credit and corporate reputation, and alleviating financing con-straints, which to a certain extent provides family firms with a way to deepen their ESG practice and strengthen international competitiveness, which to a certain extent provides a new perspec-tive for family enterprises to deepen ESG practice and strengthen international competitiveness.

References

[1] Tina Dacin，M.J. Goodstein，and W. Richard Scott.Institutional Theory and Institutional Change：Introduction to the Special Research Forum［J］. Academy of Management Journal，2002，45（1）：45-56.

[2] 方先明,胡丁.企业 ESG 表现与创新——来自A股上市公司的证据[J].经济研究,2023,58(02):91-106.

[3] Rezaee Z, Tuo L. Are the quantity and quality of sustainability disclosures associated with the innate and discre-tionary earnings quality?[J]. Journal of Business Ethics, 2019, 155: 763-786.

[4] Houston J F, Shan H. Corporate ESG profiles and banking relationships[J].The Review of Financial Studies, 2022, 35(7): 3373-3417.

[5] 谢红军，吕雪．负责任的国际投资：ESG与中国OFDI［J］．经济研究，2022，57(3)：83-99．

[6] Hart S. A natural resource-based view of the firm[J]. Academy of Management Review, 1995, 20(4): 986-1014.

[7] Porter M. E. America's green strategy [J]. Scientific American, 1991, 264(4): 168.

[8] Barney J. Firm resources and sustained competitive advantage[J]. Journal of Management, 1991, 17(1): 99-120.

[9] 李青原，肖泽华．异质性环境规制工具与企业绿色创新激励———来自上市企业绿色专利的证据［J］．经济研究，2020,55(9):192-208.

[10] 陆正飞，杨德明．商业信用：替代性融资，还是买方市场？［J］．管理世界，2011(4):6-14．

[11] LI Z F, FENG L H, PAN Z. ESG performance and stock prices: Evidence from the COVID-19 outbreak in China[J]. Humanities and Social Sciences Communications, 2022, 9(1): 242.

[12] 修宗峰，刘然，殷敬伟．财务舞弊、供应链集中度与企业商业信用融资［J］．会计研究，2021(1):82-99.

[13] 李双建，李俊青，张云．社会信任、商业信用融资与企业创新［J］．南开经济研究，2020(3):81-102.

[14] 王馨，王营．绿色信贷政策增进绿色创新研究［J］．管理世界，2021,37(6):173-188+11.

[15] 吴红军, 刘啟仁, 吴世农. 公司环保信息披露与融资约束[J]. 世界经济, 2017,40(05):124-147.

[16] 郭玥. 政府创新补助的信号传递机制与企业创新[J]. 中国工业经济, 2018(09):98-116.

[17] 沈红波, 张广婷, 阎竣. 银行贷款监督、政府干预与自由现金流约束——基于中国上市公司的经验证据[J]. 中国工业经济, 2013(05):96-108.

[18] 危平, 毛晓丹. 高管网络能否缓解企业跨国并购面临的融资约束——来自中国的经验证据[J]. 国际贸易问题, 2017(06):83-93.

[19] 陈胤默, 孙乾坤, 文雯, 等.母国经济政策不确定性、融资约束与企业对外直接投资[J]. 国际贸易问题, 2019(06):133-144.

[20] 慕绣如, 李荣林. 融资异质性与企业国际化选择——来自微观企业的证据[J]. 当代财经, 2016(01):63-72.

[21] 苏莉,魏浩. ESG表现对中国企业海外收益影响的机制与效应研究 [J]. 世界经济研究, 2024, (05): 92-108+136. DOI:10.13516/j.cnki.wes.2024.05.00