Supply chain resilience, ESG performance, and corporate growth

This paper uses a sample of Chinese A-share listed companies from 2010 to 2022 to examine the impact of supply chain resilience and ESG (Environmental, Social, and Governance) performance on corporate growth, while exploring the pathways through which these factors operate. The study finds that strengthening supply chain resilience and enhancing ESG performance both contribute to sustainable corporate growth. The mediation analysis indicates that supply chain resilience accelerates corporate growth by optimizing the production process through improved total factor productivity, whereas ESG performance promotes corporate growth by alleviating financing constraints and broadening funding sources. Furthermore, heterogeneity analysis reveals that the impact of supply chain resilience varies among companies of different sizes and production factors. Specifically, the positive effects of supply chain resilience are more pronounced in small and technology-intensive firms. Similarly, the role of ESG performance varies depending on whether the CEO holds dual roles and at different stages of the corporate life cycle. In companies without dual CEO roles and during the growth phase of a company, ESG performance has a more significant positive impact on corporate growth.