中国金融学术研究网

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Does ETF improve or impede firm ESG performance

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发布日期：2025年02月18日上次修订日期：2025年02月18日

苑莹 yyuan@mail.neu.edu.cn 东北大学刘祺 1146063335@qq.com 东北大学

摘要

This paper investigates the effect of exchange-traded funds (ETFs) on the ESG performance of their underlying firms. Using data from China, we find that ETFs enhance the ESG performance of their underlying firms. This finding remains consistent after several robustness and endogeneity tests. Further, we show that the effect is more pronounced for non-SOEs, firms in low-polluting industries, and firms at growth and maturity stages. Studying the mechanisms behind these results, we find that ETFs mitigate the corporate agency problems, enhance the willingness of managers to invest in ESG, and improve the ESG performance.

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关键词：

Exchange-traded funds (ETFs) ESG performance Low carbon

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