School of Economics and Management, Yan’an University

ESG作为企业实现可持续发展目标的方法和路径,近年来,在可持续发展目标的要求下,逐渐受到更多利益相关者关注,并对企业组织韧性产生了影响。以2009—2022年沪深A股上市公司为样本,基于利益相关者理论,分别从企业ESG整体表现和各单项指标表现来探究企业ESG对其组织韧性的影响效应。研究表明:企业ESG整体表现可以促进其组织韧性提升,分项指标社会责任S和公司治理G对企业组织韧性也存在积极的促进作用,而环境保护E则未能带来企业组织韧性提升作用。在异质性分析中,发现相较于内部控制好的企业,内部控制不好的企业ESG表现对组织韧性有更强的显著性。进一步机制探索发现,企业ESG表现可以通过缓解融资约束来促进组织韧性提升。

As a method and path for enterprises to achieve sustainable development goals, ESG has gradually received more stakeholders'attention under the requirements of sustainable development goals in recent years and has an impact on the organizational toughness ofenterprises. Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as samples, based on the stakeholdertheory, we explore the effect of corporate ESG on organizational resilience from the overall performance of corporate ESG and theperformance of each individual indicator. The study shows that the overall performance of corporate ESG can promote its organizationalresilience, the sub-indicators of social responsibility S and corporate governance G also have a positive effect on corporate organizationalresilience, while environmental protection E fails to bring about organizational resilience enhancement. In the heterogeneity analysis, it isfound that ESG performance of firms with poor internal control has a stronger significance on organizational toughness compared to firms withgood internal control.Further mechanism exploration reveals that corporate ESG performance can promote organizational toughnessenhancement by alleviating financing constraints.

陕西省哲学社会科学研究专项项目(2022HZ1560)