摘要：
Purpose – This study investigates the influence of social trust on the attainment of corporate environmental,
social and governance (ESG) objectives.
Design/methodology/approach – This study conducts panel regression analysis on a distinctive dataset
for 2009–2017 on Chinese firms.
Findings – The analysis reveals a significant positive association between social trust and firm-level ESG
practices. Moreover, the impact of social trust on shaping ESG outcomes is further amplified by factors such as
economic growth, corporate governance standards and institutional quality. This relationship remains
statistically positive when the authors employ alternative measures and methodologies, such as the
instrumental variables, propensity score matching and difference-in-differences approaches. Notably, the
results of heterogeneity tests indicate that the Trust–ESG nexus is more prominent for state-owned enterprises
and firms with substantial market capitalization, superior profitability and higher leverage.
Originality/value – This study expands the comprehension of the determinants of ESG and underscores the
influential role of social trust as an informal institution in enhancing a firm’s ESG performance.
