Does supply chain finance improve firms’ ESG performance?
研究2011-2021年中国企业数据，发现参与供应链金融能通过缓解资金压力和加强运营监督来提升ESG表现，对关注企业可持续发展和供应链管理的学者有参考价值。
• Firms’ participation in SCF (supply chain finance) enhances their ESG performance. • SCF participation improves ESG performance by alleviating financial constraints. • SCF participation enhances ESG performance by increasing monitoring and oversight. • This study uses textual analysis to identify SCF participation from annual reports. • The positive SCF-ESG relationship remains robust after addressing endogeneity. This study investigates the impact of supply chain finance (SCF) participation on firms’ ESG performance by studying Chinese companies between 2011 and 2021. We find a significant positive association between SCF participation and ESG performance. Additional analysis indicates that SCF improves ESG by alleviating financial constraints and enhancing operational scrutiny. The results are consistent across various ESG and SCF measures and remain robust after endogeneity concerns are addressed.