From values to value: exploring the dual impact of national spirit on corporate ESG performance
利用2009-2022年中国A股上市公司数据，通过机器学习构建民族精神指标，发现民族精神通过促进社会融资和提升员工士气双重渠道显著提升企业ESG绩效，且对民营企业、高信贷约束企业和污染行业企业影响更强。
Purpose National spirit, as a powerful legitimacy trait, shapes the consistency of a firm’s financial decisions, employee engagement and sustainability strategies. Combining this with resource-based view (RBV) theory, the study empirically examines the dual impact of national spirit on corporate environmental, social and governance (ESG) performance. Design/methodology/approach This paper utilizes data from Chinese A-share listed companies from 2009 to 2022 and employs machine learning methods to construct enterprise-level indicators of national spirit. In addition, the paper scrapes nearly 3 million ESG-related online news articles from the Baidu news website and uses machine learning methods to measure media ESG attention and sentiment. Findings The findings reveal that national spirit significantly enhances corporate ESG performance, operating through both internal and external channels: promoting social financing and boosting employee morale. Further analysis indicates that the positive influence of national spirit on corporate ESG performance is more pronounced in private enterprises, companies facing higher levels of credit constraints and firms in polluting industries. Additionally, managerial shortsightedness weakens the sustainable value of national spirit, while external media ESG attention and regional ESG governance efforts further strengthen this effect. Furthermore, different dimensions of national spirit exhibit varying impacts on corporate ESG performance. Practical implications This study provides new insights for promoting sustainable development systems in emerging economies and understanding the role of national spirit in corporate social responsibility investments. Originality/value This paper shifts the study of national spirit from macro-level cultural analyses to a micro-level perspective. It bridges gaps in the literature by providing empirical evidence on the role of national spirit as a soft resource that influences corporate financial behavior and employee morale. This study provides new insights into promoting sustainable development systems in emerging economies and understanding the role of national spirit in corporate social responsibility investments.