The Impact of ESG on Financial Performance of Listed Companies - An Analysis Based on Corporate Reputation Perspective

Abstract

In recent years, with the further development of the ESG concept in China, the impact of ESG performance of listed companies on enterprises has gradually received widespread attention. Based on stakeholder theory and sustainable development theory, this paper finds that for the quarterly data of 3,275 A-share listed companies from 2018 to 2021: improving the ESG performance of listed companies has a significant positive impact on financial performance, and through The stepwise regression method was used to test that corporate reputation has a fully mediating effect in the transmission mechanism, and further research found that the impact of the ESG performance on the performance level of private enterprises is more significant than that of state-owned enterprises, and the impact on the performance level of medium-sized enterprises is more significant than that of large-scale and small-sized enterprises.