ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China

Baron, 1986, The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations, Journal of Personality and Social Psychology, 51, 1173, 10.1037/0022-3514.51.6.1173 Branco, 2006, Corporate social responsibility and resource-based perspectives, Journal of Business Ethics, 69, 111, 10.1007/s10551-006-9071-z Bushee, 2014, Institutional investor preferences for corporate governance mechanisms, Journal of Management Accounting Research, 26, 123, 10.2308/jmar-50550 Cao, 2020 Chan, 2017, Do financial constraints matter when firms engage in CSR?, The North American Journal of Economics and Finance, 39, 241, 10.1016/j.najef.2016.10.009 Chang, 2021, The impacts of ESG performance and digital finance on corporate financing efficiency in China, Applied Economics Letters, 28, 1 Chen, 2021, How does corporate social responsibility affect the cost of equity capital through operating risk?, Borsa Istanbul Review, 21, S38, 10.1016/j.bir.2021.01.005 Covrig, 2006, Do domestic and foreign fund managers have similar preferences for stock characteristics? A cross-country analysis, Journal of International Business Studies, 37, 407, 10.1057/palgrave.jibs.8400195 Donaldson, 1995, The stakeholder theory of the corporation: Concepts, evidence, and implications, Academy of Management Review, 20, 65, 10.2307/258887 Du, 2012, An analysis on the influencing factor and influence mechanism of Chinese enterprise growth in economic transition period, China Industrial Economics, 11, 97 Dyck, 2004, Private benefits of control: An international comparison, The Journal of Finance, 59, 537, 10.1111/j.1540-6261.2004.00642.x Friede, 2015, ESG and financial performance: Aggregated evidence from more than 2000 empirical studies, Journal of Sustainable Finance & Investment, 5, 210, 10.1080/20430795.2015.1118917 Ge, 2022, Does ESG performance promote high-quality development of enterprises in China? The mediating role of innovation input, Sustainability, 14, 1, 10.3390/su14073843 Greenwald, 1984, Informational imperfections in the capital market and macro-economic fluctuations, The American Economic Review, 74, 194 Hai, 2022, Does business group's conscious of social responsibility enhance its investment efficiency? Evidence from ESG disclosure of China's listed companies, Sustainability, 14, 1, 10.3390/su14084817 Hart, 2011, Invited editorial: A natural-resource-based view of the firm: Fifteen years after, Journal of Management, 37, 1464, 10.1177/0149206310390219 Ho, 2022, How does corporate social performance affect investment inefficiency? An empirical study of China market, Borsa Istanbul Review, 22, 515, 10.1016/j.bir.2021.06.016 Ismail, 2019, Board diversity and corporate sustainability practices: Evidence on environmental, social and governance (ESG) reporting, International Journal of Financial Research, 10, 31, 10.5430/ijfr.v10n3p31 Jin, 2022, The impact of ESG preference of institutional investors on the value of green innovation, Financial Theory and Practice, 1, 65 Kaplan, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints, Quarterly Journal of Economics, 112, 169, 10.1162/003355397555163 Kumar, 2022, Does accounting-based financial performance value environmental, social and governance (ESG) disclosures? A detailed note on a corporate sustainability perspective, Australasian Accounting, Business and Finance Journal, 16, 1, 10.14453/aabfj.v16i1.4 Lin, 2012, Corporate ownership structure and bank loan syndicate structure, Journal of Financial Economics, 104, 1, 10.1016/j.jfineco.2011.10.006 Liu, 2016, The relationship between entrepreneurial political connections and firm's market performance: The perspective of signal theory, Management Review, 28, 93 Liu, 2021, Corporate environmental performance and financing constraints: An empirical study in the Chinese context, Corporate Social Responsibility and Environmental Management, 28, 616, 10.1002/csr.2073 Liu, 2016, Management background characteristics and cash dividend policy: Based on the perspective of financing constraints, Enterprise Economy, 35, 41 Li, 2020, Green governance structure, ownership characteristics, and corporate financing constraints, Journal of Cleaner Production, 260, 10.1016/j.jclepro.2020.121008 Luo, 2018, Financial structure and financing constraints: Evidence on small-and medium-sized enterprises in China, Sustainability, 10, 1, 10.3390/su10061774 MacKinnon, 2002, A comparison of methods to test mediation and other intervening variable effects, Psychological Methods, 7, 83, 10.1037/1082-989X.7.1.83 McCahery, 2016, Behind the scenes: The corporate governance preferences of institutional investors, The Journal of Finance, 71, 2905, 10.1111/jofi.12393 McWilliams, 2006, Corporate social responsibility: Strategic implications, Journal of Management Studies, 43, 1, 10.1111/j.1467-6486.2006.00580.x Murthy, 2015, Working capital, financing constraints and firm financial performance in GCC countries, Information Management and Business Review, 7, 59, 10.22610/imbr.v7i3.1154 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Nikolov, 2021, The sources of financing constraints, Journal of Financial Economics, 139, 478, 10.1016/j.jfineco.2020.07.018 Peng, 2020, Environmental, social and governance (ESG) practices and performance in Shariah firms: Agency or stakeholder theory, Asian Academy of Management Journal of Accounting and Finance, 16, 1 Poursoleiman, 2020, Financial leverage, debt maturity, future financing constraints and future investment, International Journal of Islamic and Middle Eastern Finance and Management, 13, 613, 10.1108/IMEFM-10-2019-0430 Prasanna, 2008, Foreign institutional investors: Investment preferences in India, JOAAG, 3, 40 Qiu, 2019, An analysis of enterprises' financing cost with ESG performance under the background of ecological civilization construction, Journal of Quantitative & Technical Economics, 36, 108 Raimo, 2021, Extending the benefits of ESG disclosure: The effect on the cost of debt financing, Corporate Social Responsibility and Environmental Management, 28, 1412, 10.1002/csr.2134 Sacconi, 2011 Saygili, 2022, ESG practices and corporate financial performance: Evidence from Borsa Istanbul, Borsa Istanbul Review, 22, 525, 10.1016/j.bir.2021.07.001 Shi, 2014, Do Chinese institutional investors really stabilize the market, Economic Research Journal, 49, 100 Song, 2022, Heterogeneous institutional investors and corporate reputation: Social responsibility: Intermediate effect test based on corporate social responsibility, Chinese Journal of Management Science, 30, 1 Spence, 1974 Tang, 2022, The effect of ESG performance on corporate innovation in China: The mediating role of financial constraints and agency cost, Sustainability, 14, 1, 10.3390/su14073769 Tang, 2018, Corporation's choice of social responsibility under informal institutional pressure: Evidence from Chinese listed companies, China Soft Science, 336, 165 Velte, 2017, Does ESG performance have an impact on financial performance? Evidence from Germany, Journal of Global Responsibility, 8, 169, 10.1108/JGR-11-2016-0029 Vitolla, 2019, Appreciations, criticisms, determinants, and effects of integrated reporting: A systematic literature review, Corporate Social Responsibility and Environmental Management, 26, 518, 10.1002/csr.1734 Wang, 2017, Does voluntary corporate social performance attract institutional investment? Evidence from China, Corporate Governance: An International Review, 25, 338, 10.1111/corg.12205 Wang, 2022, Does ESG fulfillment increase corporate valuations? Quasi natural test from MSCI rating, China Journal of Economics, 9, 419 Wei, 2014, Financial ecological environment and corporate financial constraints: Evidence from Chinese listed firms, Accounting Research, 319, 73 Wei, 2021, ESG rating, operating capacity and corporate financing efficiency, Frontiers in Economics and Management, 2, 93 Wen, 2014, Analyses of mediating effects: The development of methods and models, Advances in Psychological Science, 22, 731, 10.3724/SP.J.1042.2014.00731 Whited, 2006, Financial constraints risk, Review of Financial Studies, 19, 531, 10.1093/rfs/hhj012 Wong, 2022, Stock market reactions to adverse ESG disclosure via media channels, The British Accounting Review, 54, 1, 10.1016/j.bar.2021.101045 Zhang, 2020, Does green innovation mitigate financing constraints? Evidence from China's private enterprises, Journal of Cleaner Production, 264, 10.1016/j.jclepro.2020.121698 Zhou, 2020, ESG responsibility performance of listed companies and institutional investors' shareholding preference, Scientific Decision Making, 280, 15 Zhu, 2014, Corporate social responsibility and financing constraints: Empirical evidence from China's listed corporates, 67