Abstract

This study selects the data of A-share listed companies in China from 2010 to 2022 as a research sample. We explore the relationship between corporate environment, social, and governance (ESG) performance, corporate financing constraints, and the transmission mechanism. Our findings show that corporate ESG performance reduces corporate financing constraints. Non-state-owned enterprises reduce financing constraints more than state-owned enterprises through corporate ESG performance. Finally, intermediary impacts of information and resource effects in ESG performance affect corporate financing constraints.

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