Capital Market Opening and ESG Performance

Peidong Deng; Jun Wen; Wei He; Yin E. Chen; Yun Peng Wang

doi:10.1080/1540496X.2022.2094761

Capital Market Opening and ESG Performance

Peidong Deng
, Jun Wen
, Wei He
, Yin E. Chen
, Yun Peng Wang

School of Economics and Finance (SOEF)

Xi'an Jiaotong University
Changsha University of Science and Technology
Xi'an University of Finance and Economics

Research output: Contribution to journal › Article › peer-review

46 Scopus citations

Abstract

This research uses a quasi-natural experiment of the Shanghai-Hong Kong Stock Connect trading system and takes 2011–2019 A-share listed companies as the sample to construct a DID model that empirically proves the improvement effect of capital market opening on corporate ESG performance through external monitoring mechanisms. This effect is also heterogeneous due to firm characteristics. This study presents the Shanghai-Hong Kong Stock Connect trading system as a breakthrough, reveals the mechanism of capital market opening on ESG, and provides new empirical evidence for the study of micro-firm behavior.

Original language	English
Pages (from-to)	3866-3876
Number of pages	11
Journal	Emerging Markets Finance and Trade
Volume	59
Issue number	13
DOIs	https://doi.org/10.1080/1540496X.2022.2094761
State	Published - 2023

Keywords

Capital market opening
DID model
ESG
intermediary effect

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10.1080/1540496X.2022.2094761

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title = "Capital Market Opening and ESG Performance",

abstract = "This research uses a quasi-natural experiment of the Shanghai-Hong Kong Stock Connect trading system and takes 2011{\textendash}2019 A-share listed companies as the sample to construct a DID model that empirically proves the improvement effect of capital market opening on corporate ESG performance through external monitoring mechanisms. This effect is also heterogeneous due to firm characteristics. This study presents the Shanghai-Hong Kong Stock Connect trading system as a breakthrough, reveals the mechanism of capital market opening on ESG, and provides new empirical evidence for the study of micro-firm behavior.",

keywords = "Capital market opening, DID model, ESG, intermediary effect",

author = "Peidong Deng and Jun Wen and Wei He and Chen, \{Yin E.\} and Wang, \{Yun Peng\}",

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AU - Deng, Peidong

AU - Wen, Jun

AU - He, Wei

AU - Chen, Yin E.

AU - Wang, Yun Peng

PY - 2023

Y1 - 2023

N2 - This research uses a quasi-natural experiment of the Shanghai-Hong Kong Stock Connect trading system and takes 2011–2019 A-share listed companies as the sample to construct a DID model that empirically proves the improvement effect of capital market opening on corporate ESG performance through external monitoring mechanisms. This effect is also heterogeneous due to firm characteristics. This study presents the Shanghai-Hong Kong Stock Connect trading system as a breakthrough, reveals the mechanism of capital market opening on ESG, and provides new empirical evidence for the study of micro-firm behavior.

AB - This research uses a quasi-natural experiment of the Shanghai-Hong Kong Stock Connect trading system and takes 2011–2019 A-share listed companies as the sample to construct a DID model that empirically proves the improvement effect of capital market opening on corporate ESG performance through external monitoring mechanisms. This effect is also heterogeneous due to firm characteristics. This study presents the Shanghai-Hong Kong Stock Connect trading system as a breakthrough, reveals the mechanism of capital market opening on ESG, and provides new empirical evidence for the study of micro-firm behavior.

KW - Capital market opening

KW - DID model

KW - ESG

KW - intermediary effect

UR - https://www.scopus.com/pages/publications/85133975022

U2 - 10.1080/1540496X.2022.2094761

DO - 10.1080/1540496X.2022.2094761

M3 - 文章

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VL - 59

SP - 3866

EP - 3876

JO - Emerging Markets Finance and Trade

JF - Emerging Markets Finance and Trade

IS - 13

ER -

Capital Market Opening and ESG Performance

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Keywords

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