Pension insurance contributions and ESG performance: Evidence from China

被引：6
|
作者：
Li, Rui [1 ]
Zhu, Zhikai [1 ]
Wang, Xiaoyan [2 ]
机构：
[1] Beijing Normal Univ, Business Sch, Beijing, Peoples R China
[2] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
基金：
美国国家科学基金会;
关键词：
Statutory pension insurance contribution rate; ESG performance; Tax and fee reduction; Chinese listed companies; PAYROLL TAXES;
D O I：
10.1016/j.frl.2023.104638
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The paper examines the impact and mechanism of statutory pension insurance contribution rates on firms' ESG performance. Using comprehensive data on statutory pension insurance contribution rates and Chinese listed companies from 2012 to 2019, we find that high contribution rates significantly reduce ESG performance, and the finding remains robust after robustness tests. We explain how pension insurance contributions undermine ESG performance through social responsibility and layoffs. Regarding heterogeneity, labor-intensive and small firms are more susceptible to increased pension insurance.
引用
收藏
页数：8
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