股东价值
业务
公司治理
产业组织
持续性
背景(考古学)
企业可持续发展
可持续发展
交易成本
股东
企业社会责任
可持续价值
生态学
财务
古生物学
生物
作者
Ping Wei,Yue Mao,Qi Zhu,Hao Shu
标识
DOI:10.1080/02529203.2023.2192090
摘要
The basis of green development is the sustainable development of enterprises, and the core of enterprises' sustainable development is the transformation of business models through the reconstruction of corporate value. Under the paradigm of ecological civilization, the concept of ESG (Environmental, Social and Corporate Governance) is becoming an important force behind corporate value reconstruction, guiding enterprises to innovate business models in the direction of sustainability. Based on the idea of the dimensions of the "shareholder channel-industrial chain channel-consumer channel," this paper builds up a theoretical framework to interpret how ESG creates corporate value through the shareholder channel, the industrial chain channel, and the consumer channel, and provides empirical tests. We find that: first, the sustainable transformation of shareholder preferences is the center for ESG's creation of corporate value; second, ESG performance helps reduce the transaction costs between upstream and downstream enterprises in industrial chains; and third, differences in ESG products create differentiated value for consumers. This study reveals the transformation of the direction and mode of corporate value creation in the course of green transition and provides micro-evidence of enterprises' transition toward ESG goals in the Chinese context.
科研通智能强力驱动
Strongly Powered by AbleSci AI