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<p>The existing studies believe that economic policy uncertainty can affect the business performance of enterprises. This study takes economic policy uncertainty as the core explanatory variable and explores its influence on enterprise ESG performance based on the sample data from Chinese A-listed companies. It is found that economic policy uncertainty can significantly promote the ESG performance of enterprises. The results of mechanism test show that economic policy uncertainty affects the ESG performance of enterprises by affecting the level of financing constraints. Such results in benchmark regression and mechanism tests also hold when considering EPU’s long-time influences. In addition, the management incentives, shareholding and compensation, play a moderating role between the two variables. This study expands the role of macro factors to micro level, which provides a new perspective for studying the micro impact of economic policy uncertainty.</p>

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Economic policy uncertainty and enterprise ESG performance: evidence from listed companies in China

  • 期刊论文

  • 发表日期：

    2025年1月21日

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  • Yifan Wu,
  • Ziang Qiu

摘要

The existing studies believe that economic policy uncertainty can affect the business performance of enterprises. This study takes economic policy uncertainty as the core explanatory variable and explores its influence on enterprise ESG performance based on the sample data from Chinese A-listed companies. It is found that economic policy uncertainty can significantly promote the ESG performance of enterprises. The results of mechanism test show that economic policy uncertainty affects the ESG performance of enterprises by affecting the level of financing constraints. Such results in benchmark regression and mechanism tests also hold when considering EPU’s long-time influences. In addition, the management incentives, shareholding and compensation, play a moderating role between the two variables. This study expands the role of macro factors to micro level, which provides a new perspective for studying the micro impact of economic policy uncertainty.