“双碳”目标下上市公司ESG表现对组织韧性的影响——基于高碳行业上市公司的经验证据

The Impact of ESG Performance on Organizational Resilience of Listed Companies under the“Carbon Peaking and Carbon Neutrality”Goals——Empirical Evidence from Listed Companies in High-Carbon Industries

本文以2015—2021年沪深A股高碳行业上市公司为研究样本,基于有调节的中介模型探究了ESG表现对组织韧性的作用机理。结果表明:(1)ESG表现对组织韧性有显著影响,且环境表现和公司治理表现对组织韧性的影响更明显;(2)ESG表现可以通过提高企业技术创新能力继而提升组织韧性,且媒体关注对其直接效应以及中介效应的前半路径有调节作用;(3)进一步研究发现,ESG表现对高碳企业组织韧性的影响存在异质性特征,在CEO与董事长两职分离和国有企业中,ESG表现对组织韧性的增长性维度和波动性维度均有显著影响,而在非国有企业中,ESG表现仅对组织韧性的增长性维度有显著影响。本文为ESG表现和组织韧性二者之间的联系提供了新的证据,为推动高碳行业上市公司实现“双碳”目标提供了新的实践路径。

This paper explores the mechanism of ESG performance on organizational resilience based on the moderated mediation model with the research samples of listed companies in high carbon industry in Shanghai and Shenzhen A-shares from 2015 to 2021.The results show that:(1)ESG performance has a significant impact on organizational resilience,and the impact of environmental performance and corporate governance performance on organizational resilience is more obvious;(2)ESG performance can enhance organizational resilience by improving the enterprise's technological innovation capability and then enhance organizational resilience,and the media attention has a moderating effect on the first half of the path of the direct effect as well as the mediating effect;(3)Further research finds that the effects of ESG performance on the organizational resilience of high-carbon enterprises have heterogeneous characteristics,with ESG performance having a significant impact on both the growth and volatility dimensions of organizational resilience in the case of CEO-chairman separation and state-owned firms,while ESG performance only has a significant impact on the growth dimension of organizational resilience in the case of non-state-owned firms.This paper provides new evidence for the link between ESG performance and organizational resilience,and offers a new practical path to promote listed companies in high-carbon industries to achieve the“Carbon Peaking and Carbon Neutrality”goals.