Impact of internal control quality on financing constraints of high-carbon-emission manufacturing enterprises

This study introduces ESG performance as the mediating variable, sets analyst attention as the moderating variable, and further constructs the conceptual model of the impact of internal control quality on financing constraints of high-carbon-emission manufacturing enterprises. Empirical analysis is carried out to investigate how internal control quality affects financing constraints of high-carbon-emission manufacturing enterprises. Empirical findings suggest that internal control quality alleviates financing constraints, and a significantly negative correlation is found between internal control quality and financing constraints of high-carbon-emission manufacturing enterprises. ESG performance exerts a notable mediating effect in the function mechanism through which internal control quality affects financing constraints, and analyst attention has a significant positive moderating impact in the process of ESG performance reducing financing constraints.