Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China
Abstract
:1. Introduction
2. Literature Review and Hypotheses Development
2.1. Behavioral Motivation and Economic Consequences of Corporate Financialization
2.2. Dual Effects of ESG Performance on Corporate Financialization
2.2.1. ESG Performance Reduces Corporate Financialization
2.2.2. ESG Performance Promotes Corporate Financialization
3. Research Design and Sample Selection
3.1. Data Source and Sample Selection
3.2. Empirical Model and Variable Definitions
+ β10Topi,t + ∑Year + ∑Ind + εi,t
4. Empirical Results and Analysis
4.1. Descriptive Statistics
4.2. Regression Result Analysis
4.2.1. ESG Performance and Corporate Financialization
4.2.2. Further Analysis on the Motivation of Corporate Financialization
4.3. Heterogeneity Analysis
4.3.1. The Moderating Effect of Corporate Ownership
+ β8Salegrowthi,t + β9Levi,t + β10Boardi,t + β11Idri,t + β12Topi,t + ∑Year + ∑Ind + εi,t
4.3.2. The Moderating Effect of Marketization Degree
+ β8Salegrowthi,t + β9Levi,t + β10Boardi,t + β11Idri,t + β12Topi,t + ∑Year + ∑Ind + εi,t
4.4. Robustness Tests
4.4.1. Instrumental Variable Regression
4.4.2. Replacing the Measurement of Corporate Financialization
4.4.3. Time Lag Effect
5. Conclusions and Discussion
5.1. Conclusions
5.2. Discussion
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable Name | Variable Symbol | Variable Definition |
---|---|---|
Corporate financialization | FA | Natural logarithm of the sum of held-for-trading financial assets, derivative financial assets, net financial assets purchased under resale agreements, net loans and advances granted, net available-for-sale financial assets, net held-to-maturity investments, net long-term equity investments, and investment properties of a firm |
ESG performance | ESG | ESG comprehensive scores provided by the Bloomberg database |
E | Environmental responsibility scores provided by the Bloomberg database | |
S | Social responsibility scores provided by the Bloomberg database | |
G | Governance scores provided by the Bloomberg database | |
Firm size | Size | Natural logarithm of total assets |
Firm value | TobinQ | Ratio of a firm’s market value to total assets |
Cash flow | Cash | Ratio of a firm’s operating cash flow to total assets |
Profitability | ROA | Net income divided by total assets |
Growth ability | Sales growth | Operating revenue of the current year minus operating revenue of the previous year divided by operating revenue of the previous year |
Financial leverage | Lev | Total liabilities divided by total assets |
Board size | Board | Natural logarithm of the number of board directors |
Proportion of independent directors | Idr | Number of independent directors divided by the total number of directors |
Ownership concentration | Top | Number of shares held by the largest shareholder divided by total share capital |
Year effect | Year | Year dummies, equaling one for the current year and zero otherwise |
Industry effect | Industry | Industry dummies, set according to China Securities Regulatory Commission (CSRC) guidance on industry classification of listed firms |
Variables | Observation | Mean | S.D. | Min | Median | Max |
---|---|---|---|---|---|---|
FA | 8294 | 19.700 | 2.041 | 13.800 | 19.810 | 24.070 |
ESG | 8294 | 20.850 | 6.875 | 9.091 | 20.250 | 45.040 |
E | 8294 | 9.598 | 8.398 | 0 | 8.527 | 42.640 |
S | 8294 | 23.090 | 9.994 | 0 | 22.810 | 56.140 |
G | 8294 | 44.950 | 5.076 | 33.930 | 44.640 | 58.930 |
TobinQ | 8294 | 1.938 | 1.267 | 0.817 | 1.506 | 8.002 |
Size | 8294 | 23.080 | 1.238 | 20.570 | 22.980 | 26.430 |
Cash | 8294 | 0.061 | 0.065 | −0.116 | 0.058 | 0.249 |
ROA | 8294 | 0.044 | 0.059 | −0.191 | 0.038 | 0.213 |
Sales growth | 8294 | 0.148 | 0.355 | −0.487 | 0.093 | 2.213 |
Lev | 8294 | 0.293 | 0.188 | 0.002 | 0.264 | 0.803 |
Board | 8294 | 2.184 | 0.207 | 1.099 | 2.197 | 2.890 |
Idr | 8294 | 0.375 | 0.057 | 0.200 | 0.364 | 0.800 |
Top | 8294 | 0.367 | 0.162 | 0.030 | 0.354 | 0.891 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
ESG | 0.015 *** | |||
(5.22) | ||||
E | 0.008 *** | |||
(3.73) | ||||
S | 0.009 *** | |||
(4.96) | ||||
G | 0.015 *** | |||
(4.31) | ||||
TobinQ | −0.003 | −0.003 | −0.001 | −0.002 |
(−0.16) | (−0.16) | (−0.08) | (−0.14) | |
Size | 1.012 *** | 1.023 *** | 1.024 *** | 1.025 *** |
(57.58) | (58.64) | (60.54) | (60.25) | |
Cash | −1.788 *** | −1.771 *** | −1.763 *** | −1.730 *** |
(−5.99) | (−5.92) | (−5.91) | (−5.79) | |
ROA | 1.541 *** | 1.555 *** | 1.526 *** | 1.573 *** |
(4.22) | (4.25) | (4.18) | (4.30) | |
Sales growth | −0.382 *** | −0.388 *** | −0.386 *** | −0.387 *** |
(−8.08) | (−8.21) | (−8.18) | (−8.19) | |
Lev | −0.553 *** | −0.559 *** | −0.538 *** | −0.561 *** |
(−5.81) | (−5.87) | (−5.65) | (−5.89) | |
Board | −0.359 *** | −0.348 *** | −0.357 *** | −0.354 *** |
(−3.79) | (−3.67) | (−3.76) | (−3.73) | |
Idr | −0.605 * | −0.601 * | −0.583 * | −0.594 * |
(−1.85) | (−1.83) | (−1.78) | (−1.81) | |
Top | −0.792 *** | −0.789 *** | −0.781 *** | −0.804 *** |
(−7.20) | (−7.16) | (−7.10) | (−7.30) | |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
Constant | −2.667 *** | −2.738 *** | −2.852 *** | −3.407 *** |
(−6.05) | (−6.11) | (−6.57) | (−7.94) | |
Observations | 8294 | 8294 | 8294 | 8294 |
Adj-R2 | 0.470 | 0.469 | 0.470 | 0.470 |
Variables | High-Financial-Constraints Group | Low-Financial-Constraints Group | ||||||
---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
ESG | 0.038 *** | 0.002 | ||||||
(6.57) | (0.42) | |||||||
E | 0.025 *** | −0.001 | ||||||
(5.27) | (−0.25) | |||||||
S | 0.021 *** | 0.006 | ||||||
(5.49) | (1.57) | |||||||
G | 0.026 *** | 0.008 | ||||||
(3.61) | (0.96) | |||||||
TobinQ | 0.065 * | 0.064 * | 0.074 ** | 0.072 * | −0.022 | −0.021 | −0.021 | −0.022 |
(1.76) | (1.72) | (2.00) | (1.94) | (−0.72) | (−0.72) | (−0.72) | (−0.75) | |
Size | 0.897 *** | 0.916 *** | 0.932 *** | 0.956 *** | 1.022 *** | 1.031 *** | 1.015 *** | 1.016 *** |
(24.22) | (24.73) | (25.94) | (26.79) | (27.09) | (27.46) | (27.95) | (27.27) | |
Cash | −1.700 ** | −1.628 ** | −1.677 ** | −1.452 ** | −2.346 *** | −2.344 *** | −2.313 *** | −2.359 *** |
(−2.47) | (−2.36) | (−2.43) | (−2.10) | (−3.34) | (−3.34) | (−3.30) | (−3.36) | |
ROA | 0.173 | 0.305 | 0.120 | 0.293 | 1.205 | 1.191 | 1.195 | 1.247 |
(0.26) | (0.46) | (0.18) | (0.44) | (1.32) | (1.31) | (1.31) | (1.37) | |
Sales growth | −0.185 * | −0.209 ** | −0.200 ** | −0.221 ** | −0.538 *** | −0.543 *** | −0.532 *** | −0.538 *** |
(−1.94) | (−2.19) | (−2.09) | (−2.31) | (−5.55) | (−5.60) | (−5.50) | (−5.57) | |
Lev | −0.117 | −0.147 | −0.080 | −0.113 | 0.109 | 0.107 | 0.108 | 0.098 |
(−0.72) | (−0.90) | (−0.49) | (−0.69) | (0.40) | (0.40) | (0.40) | (0.37) | |
Board | 0.063 | 0.106 | 0.031 | 0.030 | −0.557 *** | −0.546 *** | −0.573 *** | −0.557 *** |
(0.34) | (0.57) | (0.17) | (0.16) | (−2.69) | (−2.64) | (−2.77) | (−2.70) | |
Idr | 0.133 | 0.067 | 0.256 | 0.067 | −1.054 | −1.035 | −1.077 | −1.034 |
(0.21) | (0.10) | (0.39) | (0.10) | (−1.47) | (−1.44) | (−1.50) | (−1.44) | |
Top | −0.281 | −0.262 | −0.216 | −0.242 | −0.861 *** | −0.855 *** | −0.862 *** | −0.878 *** |
(−1.22) | (−1.13) | (−0.94) | (−1.04) | (−3.85) | (−3.82) | (−3.86) | (−3.91) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −1.983 ** | −1.972 ** | −2.509 *** | −3.710 *** | −2.368 ** | −2.534 *** | −2.232 ** | −2.529 *** |
(−2.16) | (−2.11) | (−2.76) | (−4.09) | (−2.50) | (−2.63) | (−2.40) | (−2.74) | |
Observations | 2070 | 2070 | 2070 | 2070 | 2070 | 2070 | 2070 | 2070 |
Adj-R2 | 0.459 | 0.455 | 0.456 | 0.451 | 0.442 | 0.442 | 0.442 | 0.442 |
Variables | (1) | (2) |
---|---|---|
ESG | 0.022 *** | 0.031 *** |
(5.59) | (2.61) | |
SOE | −0.069 | |
(−0.64) | ||
ESG × SOE | −0.012 ** | |
(−2.33) | ||
Market | −0.168 *** | |
(−5.55) | ||
ESG × Market | −0.002 * | |
(−1.66) | ||
TobinQ | −0.003 | −0.005 |
(−0.19) | (−0.32) | |
Size | 1.022 *** | 1.017 *** |
(57.85) | (58.39) | |
Cash | −1.850 *** | −1.733 *** |
(−6.19) | (−5.86) | |
ROA | 1.388 *** | 1.214 *** |
(3.77) | (3.34) | |
Sales growth | −0.409 *** | −0.396 *** |
(−8.41) | (−8.22) | |
Lev | −0.556 *** | −0.481 *** |
(−5.84) | (−5.08) | |
Board | −0.276 *** | −0.235 ** |
(−2.86) | (−2.48) | |
Idr | −0.507 | −0.267 |
(−1.55) | (−0.82) | |
Top | −0.667 *** | −0.828 *** |
(−5.90) | (−7.60) | |
Year | Yes | Yes |
Industry | Yes | Yes |
Constant | −3.234 *** | −4.204 *** |
(−7.10) | (−8.34) | |
Observations | 8,294 | 8,269 |
Adj-R2 | 0.472 | 0.481 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
---|---|---|---|---|---|---|---|---|
ESG | FA | E | FA | S | FA | G | FA | |
ESG_IV | 0.811 *** | |||||||
(31.79) | ||||||||
ESG | 0.073 *** | |||||||
(8.24) | ||||||||
E_IV | 0.811 *** | |||||||
(28.41) | ||||||||
E | 0.051 *** | |||||||
(6.45) | ||||||||
S_IV | 0.910 *** | |||||||
(35.89) | ||||||||
S | 0.046 *** | |||||||
(9.06) | ||||||||
G_IV | 0.845 *** | |||||||
(29.62) | ||||||||
G | 0.077 *** | |||||||
(6.39) | ||||||||
TobinQ | 0.052 | −0.009 | 0.110 | −0.010 | −0.055 | −0.002 | 0.015 | −0.007 |
(0.85) | (−0.51) | (1.44) | (−0.56) | (−0.59) | (−0.13) | (0.31) | (−0.39) | |
Size | 1.947 *** | 0.875 *** | 2.295 *** | 0.907 *** | 1.984 *** | 0.933 *** | 1.099 *** | 0.943 *** |
(31.46) | (33.35) | (29.84) | (33.73) | (21.04) | (45.34) | (22.71) | (41.58) | |
Cash | 5.247 *** | −2.070 *** | 6.476 *** | −2.039 *** | 5.618 *** | −1.950 *** | 1.107 | −1.779 *** |
(4.73) | (−6.48) | (4.69) | (−6.37) | (3.29) | (−6.17) | (1.27) | (−5.62) | |
ROA | 1.065 | 1.493 *** | 0.522 | 1.553 *** | 2.988 | 1.413 *** | 0.222 | 1.651 *** |
(0.78) | (3.85) | (0.31) | (4.03) | (1.43) | (3.65) | (0.21) | (4.23) | |
Sales growth | −0.911 *** | −0.332 *** | −0.994 *** | −0.354 *** | −0.981 *** | −0.354 *** | −0.566 *** | −0.358 *** |
(−5.05) | (−6.12) | (−4.43) | (−6.58) | (−3.54) | (−6.55) | (−3.99) | (−6.61) | |
Lev | 0.100 | −0.517 *** | 0.430 | −0.550 *** | −1.172 ** | −0.443 *** | 0.448 | −0.558 *** |
(0.28) | (−5.09) | (0.98) | (−5.43) | (−2.15) | (−4.36) | (1.61) | (−5.49) | |
Board | 1.710 *** | −0.439 *** | 1.560 *** | −0.393 *** | 2.827 *** | −0.429 *** | 0.629 ** | −0.412 *** |
(4.86) | (−4.48) | (3.56) | (−4.03) | (5.22) | (−4.39) | (2.27) | (−4.24) | |
Idr | 2.572 ** | −0.712 ** | 3.824 ** | −0.716 ** | 1.576 | −0.599 * | 0.283 | −0.655 * |
(2.11) | (−2.08) | (2.52) | (−2.10) | (0.84) | (−1.76) | (0.30) | (−1.92) | |
Top | 0.539 | −0.831 *** | 0.756 | −0.821 *** | −0.137 | −0.778 *** | 0.741 ** | −0.891 *** |
(1.32) | (−6.76) | (1.49) | (−6.72) | (−0.22) | (−6.44) | (2.30) | (−7.41) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −47.139 *** | −0.388 | −57.596 *** | −0.243 | −53.736 *** | −1.291 *** | −19.301 *** | −4.115 *** |
(−29.33) | (−0.70) | (−29.12) | (−0.38) | (−21.86) | (−2.65) | (−11.96) | (−8.89) | |
Observations | 8294 | 8294 | 8294 | 8294 | 8294 | 8294 | 8294 | 8294 |
Adj-R2 | 0.356 | 0.442 | 0.331 | 0.447 | 0.280 | 0.443 | 0.270 | 0.451 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
---|---|---|---|---|---|---|---|---|
SFA | SFA | SFA | SFA | LFA | LFA | LFA | LFA | |
ESG | 0.079 *** | 0.018 *** | ||||||
(6.01) | (6.33) | |||||||
E | 0.067 *** | 0.010 *** | ||||||
(6.27) | (4.46) | |||||||
S | 0.024 *** | 0.011 *** | ||||||
(2.84) | (6.05) | |||||||
G | 0.081 *** | 0.021 *** | ||||||
(4.86) | (5.73) | |||||||
TobinQ | −0.033 | −0.034 | −0.028 | −0.032 | −0.036 ** | −0.036 ** | −0.034 ** | −0.035 ** |
(−0.43) | (−0.45) | (−0.37) | (−0.42) | (−2.13) | (−2.12) | (−2.01) | (−2.07) | |
Size | 1.587 *** | 1.592 *** | 1.707 *** | 1.659 *** | 0.997 *** | 1.011 *** | 1.012 *** | 1.011 *** |
(19.59) | (19.81) | (21.80) | (21.09) | (55.41) | (56.57) | (58.45) | (58.16) | |
Cash | −0.056 | −0.119 | 0.184 | 0.266 | −1.940 *** | −1.918 *** | −1.909 *** | −1.873 *** |
(−0.04) | (−0.09) | (0.13) | (0.19) | (−6.35) | (−6.27) | (−6.25) | (−6.13) | |
ROA | 6.564 *** | 6.616 *** | 6.555 *** | 6.717 *** | 0.700 * | 0.719 * | 0.678 * | 0.746 ** |
(3.87) | (3.90) | (3.86) | (3.96) | (1.87) | (1.92) | (1.81) | (1.99) | |
Sales growth | −0.489 ** | −0.499 ** | −0.539 ** | −0.519 ** | −0.346 *** | −0.354 *** | −0.351 *** | −0.352 *** |
(−2.26) | (−2.31) | (−2.49) | (−2.40) | (−7.16) | (−7.31) | (−7.27) | (−7.27) | |
Lev | −1.153 *** | −1.187 *** | −1.144 ** | −1.201 *** | −0.468 *** | −0.477 *** | −0.450 *** | −0.478 *** |
(−2.60) | (−2.67) | (−2.57) | (−2.70) | (−4.80) | (−4.88) | (−4.61) | (−4.90) | |
Board | −3.206 *** | −3.171 *** | −3.147 *** | −3.189 *** | −0.263 *** | −0.250 ** | −0.260 *** | −0.259 *** |
(−7.20) | (−7.13) | (−7.06) | (−7.16) | (−2.71) | (−2.58) | (−2.68) | (−2.67) | |
Idr | −2.532 * | −2.560 * | −2.409 | −2.498 | −0.377 | −0.373 | −0.343 | −0.365 |
(−1.65) | (−1.67) | (−1.57) | (−1.63) | (−1.13) | (−1.11) | (−1.02) | (−1.09) | |
Top | −3.009 *** | −3.010 *** | −2.948 *** | −3.080 *** | −0.787 *** | −0.785 *** | −0.777 *** | −0.808 *** |
(−5.85) | (−5.85) | (−5.72) | (−5.98) | (−6.99) | (−6.96) | (−6.89) | (−7.16) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −22.609 *** | −21.777 *** | −24.516 *** | −26.450 *** | −2.623 *** | −2.719 *** | −2.856 *** | −3.569 *** |
(−11.10) | (−10.54) | (−12.18) | (−13.29) | (−5.82) | (−5.93) | (−6.43) | (−8.13) | |
Observations | 8743 | 8743 | 8743 | 8743 | 8191 | 8191 | 8191 | 8191 |
Adj-R2 | 0.199 | 0.200 | 0.197 | 0.198 | 0.462 | 0.460 | 0.462 | 0.461 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
---|---|---|---|---|---|---|---|---|
FAt+1 | FAt+1 | FAt+1 | FAt+1 | FAt+2 | FAt+2 | FAt+2 | FAt+2 | |
ESG | 0.013 *** | 0.013 *** | ||||||
(4.29) | (3.79) | |||||||
E | 0.007 *** | 0.006 ** | ||||||
(2.72) | (2.04) | |||||||
S | 0.008 *** | 0.008 *** | ||||||
(4.26) | (3.79) | |||||||
G | 0.012 *** | 0.009 ** | ||||||
(3.22) | (2.19) | |||||||
TobinQ | 0.020 | 0.020 | 0.022 | 0.020 | 0.044 ** | 0.044 ** | 0.045 ** | 0.044 ** |
(1.09) | (1.08) | (1.16) | (1.10) | (2.14) | (2.13) | (2.20) | (2.15) | |
Size | 1.020 *** | 1.032 *** | 1.029 *** | 1.033 *** | 1.015 *** | 1.028 *** | 1.023 *** | 1.030 *** |
(54.04) | (55.07) | (56.54) | (56.33) | (49.45) | (50.46) | (51.55) | (51.43) | |
Cash | −1.650 *** | −1.631 *** | −1.625 *** | −1.601 *** | −1.774 *** | −1.753 *** | −1.744 *** | −1.728 *** |
(−5.23) | (−5.17) | (−5.15) | (−5.08) | (−5.23) | (−5.16) | (−5.14) | (−5.09) | |
ROA | 2.130 *** | 2.143 *** | 2.109 *** | 2.152 *** | 2.788 *** | 2.796 *** | 2.756 *** | 2.800 *** |
(5.33) | (5.36) | (5.28) | (5.39) | (6.24) | (6.25) | (6.17) | (6.26) | |
Sales growth | −0.290 *** | −0.297 *** | −0.294 *** | −0.296 *** | −0.159 *** | −0.168 *** | −0.164 *** | −0.169 *** |
(−5.66) | (−5.80) | (−5.74) | (−5.78) | (−2.95) | (−3.10) | (−3.04) | (−3.12) | |
Lev | −0.655 *** | −0.660 *** | −0.643 *** | −0.661 *** | −0.676 *** | −0.680 *** | −0.667 *** | −0.681 *** |
(−6.46) | (−6.50) | (−6.34) | (−6.51) | (−6.15) | (−6.18) | (−6.06) | (−6.18) | |
Board | −0.396 *** | −0.387 *** | −0.395 *** | −0.392 *** | −0.410 *** | −0.401 *** | −0.410 *** | −0.405 *** |
(−3.95) | (−3.86) | (−3.94) | (−3.91) | (−3.80) | (−3.72) | (−3.80) | (−3.76) | |
Idr | −0.705 ** | −0.702 ** | −0.685 ** | −0.695 ** | −0.943 ** | −0.942 ** | −0.927 ** | −0.936 ** |
(−2.02) | (−2.01) | (−1.96) | (−1.99) | (−2.49) | (−2.49) | (−2.45) | (−2.47) | |
Top | −0.801 *** | −0.802 *** | −0.791 *** | −0.810 *** | −0.779 *** | −0.783 *** | −0.767 *** | −0.787 *** |
(−6.90) | (−6.90) | (−6.81) | (−6.97) | (−6.27) | (−6.31) | (−6.17) | (−6.33) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −2.636 *** | −2.734 *** | −2.778 *** | −3.250 *** | −2.369 *** | −2.496 *** | −2.487 *** | −2.895 *** |
(−5.60) | (−5.72) | (−5.98) | (−7.05) | (−4.67) | (−4.84) | (−4.95) | (−5.79) | |
Observations | 7033 | 7033 | 7033 | 7033 | 5834 | 5834 | 5834 | 5834 |
Adj-R2 | 0.466 | 0.465 | 0.466 | 0.465 | 0.457 | 0.456 | 0.457 | 0.456 |
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Zhang, S.; Yin, X.; Xu, L.; Li, Z.; Kong, D. Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China. Sustainability 2022, 14, 10712. https://doi.org/10.3390/su141710712
Zhang S, Yin X, Xu L, Li Z, Kong D. Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China. Sustainability. 2022; 14(17):10712. https://doi.org/10.3390/su141710712
Chicago/Turabian StyleZhang, Shuxia, Xiangyang Yin, Liping Xu, Ziyu Li, and Deyue Kong. 2022. "Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China" Sustainability 14, no. 17: 10712. https://doi.org/10.3390/su141710712