ESG and Financial Constraints

Prior evidence that firm’s environment, society and governance (ESG) performance has a positive impact on its investment behavior, leaves unaddressed whether it the same corporate financing constraints. Drawing stakeholder theory Information asymmetry theory, this study analyzes issue in more exhaustive way. Use Chinese A-share listed companies samples from 2009 to 2020, author relationship between ESG constraints, finds firms with better performance, measured by high ratings, face less This helps clarify economic significance of provides empirical basis for attach importance improve implications government departments formulate relevant policies efficiency capital allocation promote high-quality development.