Abstract
Responsible investment is an important part of the green financial system. It advocates integrating environmental, social and governance issues into the process of investment analysis and decision-making. It can also be called ESG investment. This paper constructs a comprehensive evaluation index system of enterprise growth, and selects the data of 378 A-share listed companies in China from 2015 to 2020, and analyzes the growth and long-term value of enterprises from the perspective of environmental, social and governance by a two-way fixed effect panel data model. The results show that: the performance of a company in terms of environment, society and governance has a significant positive impact on its growth. In the Yangtze River economic belt, the relationship between ESG performance and enterprise growth is more significant. This paper explains the relationship between ESG performance and corporate growth, and helps the implementation of ESG policies within listed companies and investment companies.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Ahsan, T., Mirza, S.S., et al.: How to deal with policy uncertainty to attain sustainable growth: the role of corporate governance. Corp. Govern. Int. J. Bus. Soc. 21(6), 78–91 (2020)
Andries, A.M., Balutel, D., et al.: The nexus between corporate governance, risk taking, and growth. PloS one 15(2), e0228, 371 (2020)
Bocquet, R., Le Bas, C., et al.: CSR, innovation, and firm performance in sluggish growth contexts: a firm-level empirical analysis. J. Bus. Ethics 146(1), 241–254 (2017)
Cao, Q., Xu, Q.: Research on the construction of financial “environment, society and governance’’ (ESG) system. Finan. Superv. Res. 04, 95–111 (2019). (in Chinese)
Chen, X.: Practicing ESG concept to promote high quality development of banks. China Finan. 18, 67–68 (2020). (in Chinese)
Crespi, F., Migliavacca, M.: The determinants of ESG rating in the financial industry: the same old story or a different tale? Sustainability 12(16), 6398 (2020)
Di Tommaso, C., Thornton, J.: Do ESG scores effect bank risk taking and value? Evidence from European banks. Corp. Soc. Responsib. Environ. Manage. 27(5), 2286–2298 (2020)
Guan, J., Hou, Z., Han, W.: The impact of external environment on the growth of SMEs in China: an empirical study based on panel data of 11 cities. Sci. Technol. Prog. Countermeas. 26(19), 84–88 (2009). in Chinese
Hung, S.W., Li, C.M., Lee, J.M.: Firm growth, business risk, and corporate social responsibility in Taiwans food industry. Agricult. Econ. 65(8), 366–374 (2019)
Jenner, P.: Social enterprise sustainability revisited: an international perspective. Soc. Enterp. J. 12(1), 42–60 (2016)
Miralles-Quirós, M.M., Miralles-Quirós, J.L., Redondo Hernández, J.: ESG performance and shareholder value creation in the banking industry: international differences. Sustainability 11(5), 1404 (2019)
Parfitt, C.: ESG integration treats ethics as risk, but whose ethics and whose risk? Responsible investment in the context of precarity and risk-shifting. Crit. Soc. 46(4–5), 573–587 (2020)
Singh, Sanjay Kumar, Gaur, Sanjaya S.: Corporate growth, sustainability and business ethics in twenty-first century. J. Manage. Govern. 24(2), 303–305 (2020). https://doi.org/10.1007/s10997-020-09512-2
Steen, M., Moussawi, J.T., Gjolberg, O.: Is there a relationship between Morningstars ESG ratings and mutual fund performance? J. Sustain. Finan. Invest. 10(4), 349–370 (2020)
Xie, C., Fan, M., Hu, Y.: Research on the growth, value and relationship of innovative enterprises. J. Hunan Univ. (Soc. Sci. Edn.) 32(05), 58–64 (2018). (in Chinese)
Zhang, H., Zhou, Y., et al.: Research on ESG green rating and green index. Finan. Forum 22(09), 3–14 (2017). (in Chinese)
Zhang, Z., Zhu, Z.: Growth evaluation of cultural enterprises in the new third board. J. Huaqiao Univ. (Philos. Soc. Sci.) 05, 40–51 (2019). (in Chinese)
Acknowledgements
Fund Project: key project of international science and technology innovation cooperation between governments (2018YFE0196500).
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2021 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Li, Y., Mei, H. (2021). An Analysis of Enterprise Growth from the Perspective of Environmental, Social and Governance (ESG): An Empirical Study Based on A-Share Listed Companies. In: Xu, J., García Márquez, F.P., Ali Hassan, M.H., Duca, G., Hajiyev, A., Altiparmak, F. (eds) Proceedings of the Fifteenth International Conference on Management Science and Engineering Management. ICMSEM 2021. Lecture Notes on Data Engineering and Communications Technologies, vol 79. Springer, Cham. https://doi.org/10.1007/978-3-030-79206-0_14
Download citation
DOI: https://doi.org/10.1007/978-3-030-79206-0_14
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-79205-3
Online ISBN: 978-3-030-79206-0
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)