The Impact of ESG Performance on Firm Value: Evidence from Energy Enterprises
Abstract
and value growth. This paper takes A-share listed energy companies from 2013 to 2023 as a sample, and explores the intrinsic mechanism of
ESG performance affecting corporate value based on signaling theory, stakeholder theory and other fundamental theoretical frameworks. The
study finds that: firstly, ESG performance of energy companies significantly and positively drives corporate value enhancement; secondly,
ESG practices play a role through the dual intermediary paths of alleviating financing constraints and enhancing corporate efficiency. The
study reveals the logic of ‘ESG input-resource optimisation-value gain’ in the energy industry, which provides a theoretical basis for high-carbon enterprises to crack the bottleneck of transition financing and new energy enterprises to strengthen their governance effectiveness, and
provides empirical support for policy makers to improve ESG incentives and design green financial instruments.
Keywords
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DOI: http://dx.doi.org/10.18686/fm.v10i3.14063
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