期刊论文

Zhang, XY

英文

Finance Research Letters

1544-6123

2025

75

106900

10.1016/j.frl.2025.106900

CRediT authorship contribution statement Xubo Zhang: Writing – review & editing, Writing – original draft, Validation, Supervision, Resources, Project administration, Methodology, acquisition, Conceptualization. Xinyu Zhang: Writing – original draft, Validation, Software, Resources, Project administration, Methodology, Investigation, Formal analysis, Data curation, Conceptualization. Yanbin Tu: Writing – review & editing.

本校为第一且通讯机构

This paper examines the relationship between government-guided fund (GGF) investment and corporate ESG (Environmental, Social, and Governance) performance using China's A-share companies that received GGFs from 2013 to 2022. Our analysis indicates a significant negative correlation between GGFs holdings and ESG performance, with one period lagged effect. This negative correlation is pronounced for non-state-owned enterprises but insignificant for state-owned enterprises. For state-owned enterprises, robust regional economic development and stringent environmental regulations mitigate the negat...