Climate policy uncertainty and corporate ESG performance: evidence from Chinese listed companies

China Finance Review International, Journal Year: 2025, Volume and Issue: unknown

Published: March 7, 2025

Purpose This study aims to investigate the relationship between climate policy uncertainty (CPU) and corporate environmental, social governance (ESG) performance. We attempt uncover underlying rationale of how CPU influences ESG performance provides empirical evidence for companies’ strategic enhancement with risk reduction objectives. Design/methodology/approach conduct a regression analysis using panel data from 4,490 Chinese listed companies spanning period 2011 2022. In addition, we use propensity score matching (PSM), two-stage least squares (2SLS), system generalized method moments (sys-GMM) difference-in-differences (DID) methods analyze enterprise systematic risk. Findings The findings reveal positive correlation performance, stronger effect observed in non-state-owned enterprises, heavy-polluting industries those facing fierce market competition strict environmental regulation. Mechanism suggests that as increases, higher systemic tend improve more significantly, highlighting mitigation primary motive. Robustness tests further validate consistency our conclusions. Additionally, find enhancing helps mitigate risks total factor productivity arising increased CPU. Originality/value examines impact on its logic. conclusions this paper provide important references coordinated development security, well effectively mitigating adverse hope offer insights identify potential factors, thereby their level sustainable sense responsibility.

Language: Английский

Facilitating or inhibiting? The impact of climate policy uncertainty on enterprises' ESG performance in China

Economic Analysis and Policy, Journal Year: 2025, Volume and Issue: unknown

Published: April 1, 2025

Language: Английский

The Impact of Environmental, Social, and Governance (ESG) on the Green Development of Listed Companies in China’s Agricultural and Forestry Industries

Sustainability, Journal Year: 2025, Volume and Issue: 17(10), P. 4648 - 4648

Published: May 19, 2025

Corporate environmental, social, and governance (ESG) performance has become an increasingly critical driver of sustainable development. Investigating the impact ESG on corporate green development is great significance for achieving transformation sustainability goals. This study examines effects underlying mechanisms Chinese A-share listed companies in agricultural forestry sectors from 2013 to 2023. The empirical results show that higher significantly promotes Further heterogeneity analysis reveals this effect varies markedly across ownership structures, geographic regions, levels rating uncertainty. Mechanism testing indicates fosters primarily through three pathways: stimulating innovation, improving resource allocation efficiency, enhancing structure human capital. In addition, by decomposing total factor productivity, further quantifies contribution growth. These findings offer new insights into ESG–green nexus provide valuable policy implications enterprises.

Language: Английский