The Mutual Relationships Between ESG, Total Factor Productivity (TFP), and Energy Efficiency (EE) for Chinese Listed Firms DOI Open Access

Yuxiao Gu,

Shihong Zeng, Qiao Peng

et al.

Sustainability, Journal Year: 2025, Volume and Issue: 17(5), P. 2296 - 2296

Published: March 6, 2025

This study examines the mutual relationships among ESG performance, total factor productivity (TFP), and energy efficiency (EE) in a sample of Chinese A-share listed firms from 2010 to 2022. shows that has significant promotional effect on TFP. Reducing financing constraints inefficient investment are mediating mechanisms, latter plays greater role. Heterogeneity analyses suggest state-owned enterprises (SOEs) heavy-polluting (HPEs) should be consistently committed responsibility fulfillment. Formal environmental regulation (FER) can complementary ESG, but informal (IER) opposite effect. TFP was instead suppressed by triple combined with these two. The results threshold effects EE indicate positive impact becomes more pronounced as performance improves. However, varies across subdimensions. As green technology research development (GRDE) transformation (GTTE) improve, stronger promotes EE. also exhibits heterogeneity respect ownership structure. Moreover, there is bidirectional causality between TFP, These findings reveal optimal paths potential risks for moving toward sustainability firms.

Language: Английский

The Mutual Relationships Between ESG, Total Factor Productivity (TFP), and Energy Efficiency (EE) for Chinese Listed Firms DOI Open Access

Yuxiao Gu,

Shihong Zeng, Qiao Peng

et al.

Sustainability, Journal Year: 2025, Volume and Issue: 17(5), P. 2296 - 2296

Published: March 6, 2025

This study examines the mutual relationships among ESG performance, total factor productivity (TFP), and energy efficiency (EE) in a sample of Chinese A-share listed firms from 2010 to 2022. shows that has significant promotional effect on TFP. Reducing financing constraints inefficient investment are mediating mechanisms, latter plays greater role. Heterogeneity analyses suggest state-owned enterprises (SOEs) heavy-polluting (HPEs) should be consistently committed responsibility fulfillment. Formal environmental regulation (FER) can complementary ESG, but informal (IER) opposite effect. TFP was instead suppressed by triple combined with these two. The results threshold effects EE indicate positive impact becomes more pronounced as performance improves. However, varies across subdimensions. As green technology research development (GRDE) transformation (GTTE) improve, stronger promotes EE. also exhibits heterogeneity respect ownership structure. Moreover, there is bidirectional causality between TFP, These findings reveal optimal paths potential risks for moving toward sustainability firms.

Language: Английский

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