Untangling the Impact of ESG Performance on Financing and Value in the Supply Chain: A Congruence Theory Perspective
基于一致性理论，研究供应链成员间ESG绩效的一致性如何影响企业融资约束和市场价值，发现客户与供应商ESG绩效一致会降低客户融资约束但增加供应商融资约束，进而影响企业价值。
ABSTRACT The interdependent nature of supply chains allows a firm's financing activities to be influenced by the environmental, social, and governance (ESG) performance of the firm's supply chain partners. Drawing upon congruence theory, this paper explores the impact of ESG performance congruence among different supply chain members on both firm financial constraints and market value. This study employs response surface analysis and cluster analysis to examine the data of Chinese listed firms and their supply chains from 2009 to 2022. From the dyadic perspective of customer–supplier, the results suggest that the congruence of customer and supplier ESG performance reduces customers' financial constraints while increasing suppliers' financial constraints. The reduction in customers' financial constraints enhances customers' firm value. This study further reveals different configuration patterns of ESG performance within the supply chain from the triadic perspective of customer–focal firm–supplier. Our findings enrich the empirical research on ESG performance within supply chains, offering significant insights for managers and investors in allocating supply chain resources and formulating ESG investment strategies.