The moderating effect of interest rates on the relationship between ESG and firm performance in the US restaurant industry
研究利率如何调节美国上市餐饮企业ESG各维度（环境、社会、治理）与绩效的关系，发现利率会放大环境和社会因素对绩效的影响，但对治理因素无显著调节作用。
The rapid changes in interest rates experienced during and following the COVID-19 pandemic posed significant challenges for management committed to enhancing the ESG strategies of firms. This study explores how interest rates moderate the relationship between ESG factors and firm performance within the US restaurant sector. Using 240 observations from US publicly-traded restaurant firms, regression analyses are conducted using Tobin’s q as the dependent variable, incorporating interaction terms between each of the environmental (E), social (S), and governance (G) factors with interest rates as moderating variables. The findings indicate that interest rates significantly amplify the impacts of the environmental (E) and social (S) factors on company performance but do not significantly moderate the effect of the governance (G) factor on performance. This research enriches the hospitality and tourism literature by providing novel insights into the interplay between ESG factors and restaurant firms’ performance, particularly under varying interest rate conditions. Additionally, this study offers practical guidance to management in the restaurant industry, suggesting that restaurant firms should intensify their environmental and social initiatives in response to rising interest rates to enhance their financial performance.