文献类型：期刊文献

英文题名：Institutional Pressures, Attention Allocation, and Corporate ESG Performance

作者：Shi, Qingrui[1]; Mai, Yong[1]

机构：[1] Business School, East China University of Science and Technology, No.130, Meilong Road, Xuhui District, Shanghai, 200237, China

年份：2024

外文期刊名：SSRN

收录：EI(收录号：20240219958)

语种：英文

外文关键词：Decision making - Machine learning - Public policy - Quality control

摘要：ESG is an important tool for realizing sustainable and high-quality development of the economy. Enterprises are the important executors of ESG responsibility fulfillment and the key regulation object of external institutional environment. Therefore, how to guide and promote enterprises' ESG performance has become a major issue that needs to be studied urgently. This paper takes Chinese A-share listed companies in the period of 2011-2021 as the research object, and explores the relationship between institutional pressures and firms' ESG performance from the perspectives of internal ESG attention, and organizational slack. The study finds that coercive, normative, and imitative pressure all contribute significantly to firms' ESG performance, and the findings hold after considering a series of robustness tests. The mechanism analysis shows that coercive, normative, and imitative pressure can all enhance corporate ESG performance by increasing their ESG attention, and organizational slack significantly moderates this process. The heterogeneity analysis finds that coercive, normative, and imitative pressure have differential effects on the ESG performance of firms with different ownership attributes, industry and profitability. Overall, multiple institutional pressures have a stronger contributing role in the ESG performance of non-state-owned, non-heavy polluters and low-profit firms. This paper extends the analysis of the consequences of external institutional pressures on firms' behavior and decision-making and the study of firms' mechanisms in sustainable and high-quality development, which has important policy implications for firms' practice of ESG responsibilities. ? 2024, The Authors. All rights reserved.