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.本研究初始样本覆盖2006年至2021年深圳、上海证券交易所A股上市企业。在剔除金融行业企业、特别处理（Special Treatment，ST）企业以及存在财务数据缺失的观测样本后，最终得到11941个公司年度观测值。2006至2012年的省级城镇酒类消费支出与可支配收入数据取自《中国统计年鉴（China National Statistical Yearbook）》，2013至2021年的同类数据则来源于SRIT DRCNET数据库；公司层面数据来自中国股票市场与会计研究数据库（China Stock Market and Accounting Research Database）。为缓解异常值的影响，本研究对所有连续变量在1%与99%分位点处进行缩尾处理。