Palabras clave
ESG performance
supply chain financing
trade credit
Cómo citar
Resumen
Purpose – This study investigates how Environmental, Social, and Governance (ESG) performance enhances corporate resilience through trade credit mechanisms, considering variations in supplier concentration and industry pollution intensity.
Theoretical framework – Drawing on stakeholder theory, the study presents the pathway "ESG → Trade Credit → Resilience," showing how responsible governance strengthens stakeholder ties and supports resilience via supply chain financing.
Design/methodology/approach – Using panel data from 4,375 Chinese A-share listed firms from 2014 to 2023, the study builds a resilience index through entropy weighting. Two-way fixed effects and mediation models are employed to test the mechanisms.
Findings – ESG performance significantly improves resilience. Trade credit acquisition, provision, and net financing mediate this relationship. The effects are stronger for non-heavy-polluting firms and those with lower supplier concentration.
Practical & social implications of the research – The study highlights trade credit as a financial channel linking ESG to resilience, offering insights for firms, regulators, and investors seeking resilience strategies under uncertainty.
Originality/value – By integrating ESG, trade credit, and resilience, this research extends resilience and stakeholder theory and introduces a novel heterogeneity perspective.
Citas
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