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| The Impact of ESG Performance on Customer Default Risk from the Perspective of Supply Chain |
| SU Jinxia，ZHOU Liguo |
| 1.Central University of Finance and Economics， Beijing， China;2.Hunan University of Finance and Economics， Changsha， China |
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Abstract Based on the perspective of whether ESG can mitigate customer default risk, this study focuses on the spillover effect of ESG performance on customer default risk using the top five customer data disclosed by Chinese listed companies from 2010 to 2020. The results show that the default risk mitigation effect of ESG performance can spill over to downstream customers, and that the size of this spillover effect is affected by the closeness of supply chain relations and the customer’s own business performance. Corporate ESG performance reduces the occurrence of default risk mainly by improving customers’ ability to obtain long-term bank loans; The spillover effect of corporate environmental performance and social performance is large, but the spillover effect of corporate governance performance is not significant. Spillover effects on corporate ESG performance are stronger in non-polluting industries and in companies with high institutional investor ownership.
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Received: 19 December 2022
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