This study explores the influence of peer effects on corporate environmental, social, and governance (ESG) performance, focusing its overall construct, underlying mechanisms, and economic consequences. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022, the analysis reveals significant industry-level peer effects, demonstrating that competitors play a crucial role in shaping firms' ESG practices. The study identifies two primary mechanisms driving these effects: social learning and market competition. Follower firms tend to emulate the ESG practices of industry leaders, whereas competitive market dynamics further amplify this behavior. Additionally, the study highlights the heterogeneity of peer effects, which vary based on firm age, institutional long-term investment holdings, and the marketization index. Although peer effects can mitigate short-term information asymmetry, they often negatively impact long-term market value, particularly for firms lagging in ESG performance. These findings offer practical insights for firms seeking to develop sustainable and customized ESG strategies and provide policymakers with guidance for strengthening regulatory frameworks to promote long-term ESG value creation.

中文翻译：

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企业 ESG 实践中同行影响力的动态


本研究探讨了同伴效应对企业环境、社会和治理 （ESG） 绩效的影响，重点关注其整体结构、潜在机制和经济后果。该分析使用 2011 年至 2022 年上海和深圳证券交易所 A 股上市公司的数据，揭示了显著的行业层面的同行效应，表明竞争对手在塑造公司的 ESG 实践方面发挥着至关重要的作用。该研究确定了驱动这些影响的两个主要机制：社会学习和市场竞争。追随者公司倾向于效仿行业领导者的 ESG 实践，而竞争激烈的市场动态进一步放大了这种行为。此外，该研究强调了同伴效应的异质性，这些效应因公司年龄、机构长期投资持有量和市场化指数而异。尽管同业效应可以缓解短期信息不对称，但它们通常会对长期市场价值产生负面影响，尤其是对于ESG表现落后的公司。这些发现为寻求制定可持续和定制 ESG 战略的公司提供了实用见解，并为政策制定者提供了加强监管框架以促进长期 ESG 价值创造的指导。