Abstract
ABSTRACT Using stock pledge price data from Chinese listed firms, we develop a novel measure of firm-level pressure on share pledging (SPP). This measure helps to investigate the impact of insiders’ financial pressure on corporate Environmental, Social, and Governance (ESG) performance. Our findings show that although SPP can be beneficial, its mismanagement can tilt firms towards short-termism, impacting ESG negatively. Through this SPP-ESG nexus, we provide insights to refine ESG investments, recognizing variations in ESG performance due to differing SPP intensities.
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