Environmental, Social and Governance Performance and Overseas Earnings of Chinese Enterprises — The Chain Multiple Intermediary Model Test Based on Financing and Supply Chain Toughness

Abstract

With the rise of anti-globalisation and protectionism, there has been significant pressure on the overseas operations of Chinese enterprises, so they need to promote the application of ESG. The way ESG performance affects the foreign earnings of Chinese enterprises is the topic of this paper. As shown in the results, ESG performance can strengthen the stability of the supply chain and reduce financial constraints through other means to increase foreign earnings, and it is also possible that a decrease in financing constraints will enhance supply chain resilience gradually. According to the results of heterogeneity analysis, it can be determined that companies without overseas directors, those in highly competitive industries and non-state-owned enterprises are positively associated with the development of exports. This paper studies the correlation between the ESG performance of foreign companies and their development, and puts forward some theoretical and practical suggestions for Chinese enterprises.