文献类型：期刊文献

英文题名：The nonlinear impact of financial flexibility on corporate sustainability: Empirical evidence from the Chinese manufacturing industry

作者：Sheng, Xiaojuan[1];An, Yuxiang[1,2]

第一作者：盛晓娟

通讯作者：An, YX[1]

机构：[1]Beijing Union Univ, Sch Management, Beijing, Peoples R China;[2]97 North 4th Ring Rd East, Beijing, Peoples R China

第一机构：北京联合大学管理学院

通讯机构：[1]corresponding author), 97 North 4th Ring Rd East, Beijing, Peoples R China.

年份：2024

卷号：10

期号：6

外文期刊名：HELIYON

收录：;Scopus(收录号：2-s2.0-85187577528);WOS:【SCI-EXPANDED(收录号:WOS:001210064600001)】；

语种：英文

外文关键词：Financial flexibility; Sustainability performance; Environmental uncertainty; Government grants; Institutional theory

摘要：In the face of challenges ushered in by globalization and technological advancements, financial flexibility has emerged as a pivotal strategy for attaining sustainable development in China's manufacturing sector. Financial flexibility allows firms to manage internal cash flows, alleviate external financing constraints, and augment their capability to absorb risks. Using the framework of Financial Flexibility Theory and Institutional Theory, this study examines data from A-share listed manufacturing firms on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2021. The research aims to investigate the nexus between financial flexibility and sustainable performance, while also probing the moderating roles of environmental uncertainty and governmental grants. The key findings of the study unveil an inverted U-shaped relationship between financial flexibility and sustainable performance. Moreover, environmental uncertainty exerts a significant negative influence on sustainable performance. When both environmental uncertainty and governmental grants are substantial, the inverted U-shaped correlation between financial flexibility and sustainable performance intensifies. The innovation of this study lies in revealing the optimal zone of financial flexibility for enterprises under the influence of environmental uncertainty and government grants. Amidst an increasingly intricate macro-environment, this research furnishes pragmatic insights for optimizing sustainable performance in manufacturing enterprises and offers a series of empirically grounded suggestions for enterprise managers, government departments, and investors, guiding them to enhance sustainable performance through judicious calibration of financial flexibility levels.