Alcohol drinking culture and Corporate ESG Performance

Our initial sample comprises Shenzhen and Shanghai A-share listed firms from 2006 to 2021. After excluding financial industry firms, special treatment entities, and observations with missing financial data, we obtain a final sample of 11,941 firm-year observations. Province-level urban alcohol consumption expenditure and disposable income data for 2006–2012 are obtained from the China National Statistical Yearbook, while 2013–2021 data are sourced from the SRIT DRCNET database. Firm-level data come from the China Stock Market and Accounting Research database. We winsorize all continuous variables at the 1st and 99th percentiles to mitigate outlier effects.