This paper explores the link between corporate ESG performance and financialization using a sample of publicly listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022. Baseline regression results indicate that engaging in ESG practices can effectively curb tendencies towards financialization, achieved through enhanced corporate risk management capabilities. Mechanism analysis reveals that value creation mitigates the restrictive effect of ESG performance on financialization. Additionally, heterogeneity analysis shows that different policies and levels of technological advancement influence the effectiveness of ESG impacts.

中文翻译：

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ESG 绩效和企业金融化：风险管理和价值创造的双重视角


本文使用 2010 年至 2022 年上海和深圳证券交易所上市公司的样本探讨了企业 ESG 绩效与金融化之间的联系。基线回归结果表明，参与 ESG 实践可以有效遏制金融化趋势，这可以通过增强企业风险管理能力来实现。机制分析表明，价值创造减轻了 ESG 绩效对金融化的限制作用。此外，异质性分析表明，不同的政策和技术进步水平会影响 ESG 影响的有效性。