Abstract

This paper empirically investigates the impact of corporate ESG performance on stock pledge risk using a sample of A-share listed companies from 2017 to 2021. The paper finds that good ESG performance of listed companies can mitigate stock pledge risk; the mitigating effect of ESG performance on stock pledge ratio and legal risk is more evident in the sample of non-state holding companies; the mitigating effect of ESG performance on stock pledge ratio and legal risk is more significant in the sample of listed companies with high market attention.

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