The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective

Yining Liu

doi:10.47297/wspdecWSP2515-797325.20250908

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The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective

9卷第8期

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The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective
The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective
Finance, Guangdong University of Foreign Studies, Foshan, Guangdong, 523000, China
2025年9卷第8期页码：136-139
纸质出版：2025-08-30
DOI：10.47297/wspdecWSP2515-797325.20250908
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Yining Liu. (2025). The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective. 发展经济学, 9(8), 136-139.

Liu Yining.The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective[J].Development Economics of China,2025,09(08):136-139.
Yining Liu. (2025). The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective. 发展经济学, 9(8), 136-139. DOI： 10.47297/wspdecWSP2515-797325.20250908.

Liu Yining.The Interactive Mechanism between ESG Performance and Corporate Risk Management Strategy: An Empirical Analysis Based on the Enterprise Life Cycle Perspective[J].Development Economics of China,2025,09(08):136-139. DOI： 10.47297/wspdecWSP2515-797325.20250908.

摘要

Abstract

Based on panel data from A-share listed companies in China (2018-2023) and integrating the enterprise life cycle theory

this study empirically examines the dynamic interaction mechanism between ESG performance and risk management strategies. The findings reveal: (1) ESG performance enhances corporate resilience by reducing non-systematic risk

with the effect being most pronounced in mature-stage enterprises (β = 0.32). (2) The moderating role of the life cycle stage is significant: environmental compliance (E) reduces regulatory risk in the start-up stage; ESG investment in the supply chain during the growth stage decreases the probability of operational disruptions by up to 18%; and social responsibility (S) projects in the decline stage can mitigate reputational risk. (3) Industry heterogeneity indicates that the risk mitigation effect of ESG in high-pollution industries is 1.7 times that in clean industries. Case studies further illustrate the pathways: Contemporary Amperex Technology Co. Limited (CATL

growth stage) reduced raw material price volatility risk through green supply chain ESG management

while Baoshan Iron & Steel Co.

Ltd. (mature stage) leveraged governance structure optimization to address carbon neutrality transition risks. This research provides strategic guidance for enterprises to optimize ESG resource allocation according to their developmental stage.

关键词

Keywords

references

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