Research On The Dynamic Relationship Between The High-quality Development Of Enterprises And The Quality Of ESG Information Disclosure

High-quality development is an important strategic direction for China economic development and an important way to promote the sustainable development of enterprises.At the same time,ESG information disclosure helps to strengthen the market and the public’s understanding of the company,enhance the company’s reputation,and establish its corporate image.However,whether the high-quality development of enterprises can promote the improvement of the quality of ESG information disclosure,on the contrary,whether the improvement of the quality of ESG information disclosure can further promote the high-quality development of enterprises,and whether there is a dynamic relationship between high-quality development and ESG information disclosure.Empirical analysis is made based on the data of A-share listed companies in the heavily polluting industries from 2016 to 2020.The research finds: First,there is a dynamic relationship between the high-quality development of enterprises and the quality of ESG information disclosure.Secondly,an intermediary test based on the perspective of reputation theory finds that the mutual promotion relationship is achieved by maintaining and enhancing corporate reputation and alleviating information asymmetry.Finally,the heterogeneity analysis from the two aspects of corporate strategic target and corporate competitiveness shows that,corporate strategic target is clear,competitiveness is strong,and there is a greater degree of mutual influence between corporate high-quality development and the quality of ESG information disclosure.The above research conclusions are still robust after alleviating endogeneity problems such as reverse causality,omitted variables and self-selection bias.The conclusion of this paper expands the application boundary of reputation theory,enriches the literature on the economic consequences of information disclosure,and provides empirical evidence on how to improve the high-quality development of enterprises and strengthen enterprise information disclosure.