This study aims to investigate the differences in the impact of ESG (environmental, social, and governance) performance on the speed of capital structure adjustment (SOA) across different types of A-share Chinese companies between 2018 to 2022. The research findings, obtained by using LSDVC method, suggest that among the three dimensions of ESG, an improvement in G has the most significant effect on SOA, followed by the E dimension. Furthermore, after distinguishing between different types of enterprises, it is evident that high-polluting enterprises are most affected by both E and G dimensions in terms of their influence on SOA compared to overall manufacturing and service industries.
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Jiasheng Wang (2024) studied this question.
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