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• Digital transformation can significantly improve corporate ESG performance. • There is heterogeneity in the impact of digital transformation on corporate ESG performance. • Environmental uncertainty negatively moderates the impact of digital transformation on corporate ESG performance. Taking all A-share listed companies in China from 2012 to 2021 as a research sample, this paper explores the internal mechanism of digital transformation affecting corporate ESG performance. The study found that digital transformation significantly improved corporate ESG performance. The results of the mechanism test show that digital transformation improves the ESG performance of enterprises by improving the level of green innovation and strengthening media attention. And environmental uncertainty plays a negative moderating role in the process of digital transformation to improve the ESG performance of enterprises. [ABSTRACT FROM AUTHOR]

• This paper explores the impact of introducing strategic investors on corporate ESG performance and the mechanism. • This study enriches the research on the economic consequences of introducing strategic investors. • This paper discusses the moderating role of ownership nature and equity structure in the impact of introducing strategic investors on corporate ESG performance. Based on the data of A-share listed companies from 2009 to 2019, this paper explores the impact of introducing strategic investors on corporate ESG performance using the DID method. The results show that the introduction of strategic investors can enhance corporate ESG performance; two impact mechanisms involving internal governance and financing constraints are verified. The effect of introducing strategic investors on corporate ESG performance is more obvious in private enterprises and firms with better equity checks and balances. In addition, corporate ESG performance has an enhancing effect on corporate stock returns, the introduction of strategic investors can deepen this effect. [ABSTRACT FROM AUTHOR]

• Companies hired executives with green experience have better ESG performance. • Executives' green education and practice experience promote corporate ESG performance. The former has a stronger effect. • Government subsidies play a positive moderating role between executives' green experience and corporate ESG performance. • The incentive effect of executives' green experience is more powerful in non-high-tech industries and eastern region. This paper innovatively explores the impact of executives' green experience on corporate environmental, social, and governance (ESG) performance, simultaneously highlights the moderating role of government subsidies. Using data on Chinese listed companies from 2009 to 2022, we find that companies hired executives with green experience perform better in ESG, and the positive effect of executives' green experience is more pronounced in non-high-tech industries and eastern region. Specifically, education and practice experience both have contribution, and the education experience effects greater. In addition, we reveal the positive moderating role of government subsidies. [ABSTRACT FROM AUTHOR]

• This paper sheds light on whether and how corporate maturity mismatch influences corporate ESG performance. • Maturity mismatch significantly reduces corporate ESG performance. • The impact of maturity mismatch on corporate ESG performance varies heterogeneously with different ownership and financing constraints. • Maturity mismatch affects corporate ESG performance by reducing governance performance and productive efficiency. The maturity mismatch can influence corporate behavior to some extent, so whether they affect corporate ESG performance becomes an issue worthy of attention. This paper verifies maturity mismatch's negative effect on corporate ESG performance. This inhibitory effect acts through governance performance and productive efficiency. Furthermore, the negative impact of maturity mismatch on corporate ESG performance varies heterogeneously with different ownership and financing constraints. [ABSTRACT FROM AUTHOR]

• CEO hedging significantly reduces corporate ESG performance. • CEO's shareholding ratio and corporate risk enhance this negative correlation, while external supervision mitigates it. • There is a stronger correlation between CEO hedging and corporate ESG performance in low polluting enterprises. Corporate ESG performance is increasingly recognized as crucial for sustainable development, yet the impact of CEO behavior on this metric remains understudied. This paper investigates how CEO hedging affects corporate ESG performance, addressing a significant gap in the literature. Using data from U.S. listed companies from 2013 to 2021, we employ regression analysis and propensity score matching to examine this relationship. Our findings reveal that CEO hedging significantly reduces corporate ESG performance. Further analysis shows that the CEO's shareholding ratio and corporate risk enhance this negative correlation, while external supervision mitigates it. Heterogeneity analysis indicates a stronger correlation in low-polluting enterprises. These results underscore the ethical implications of CEO option trading for personal risk hedging and highlight the importance of avoiding behaviors that can adversely affect a firm's ESG performance. Our study contributes to the understanding of corporate governance and sustainable development, offering valuable insights for policymakers and corporate leaders in designing effective strategies to enhance ESG performance. [ABSTRACT FROM AUTHOR]

Against the backdrop of rapid digitalization growth and deep integration with the real economy, companies are faced with more extensive and complex social responsibilities. Based on the data of 1178 A-share listed companies in China's Shanghai and Shenzhen markets from 2014 to 2021, this study empirically analyses the impact of regional digitalization on corporate ESG performance by constructing a double-difference model using the establishment of China's National Pilot Zone for the Innovative Development of the Digital Economy. This paper found that regional digital construction can improve corporate ESG performance by enhancing corporate environmental information disclosure, improving the scale of social donations, and enhancing risk resilience. In addition, the higher the level of public environmental concern in the region, the more obvious the enhancement of digital construction on corporate ESG performance. The contribution of regional digital construction to corporate ESG is also stronger in firms with high executive environmental awareness than in those with low. At the same time, this paper also responds to some scholars' questioning of corporate ESG by verifying that corporate ESG report disclosure is motivated by corporate sustainability rather than self-impression management from the dimensions of corporate management's manipulation of information and the corporate's actual environmental behavior. This paper enriches the research on the impact of the external digital environment on corporate ESG performance. It is of great significance for developing countries to promote the active participation of enterprises in ESG practices through the opportunity of digital development. [Display omitted] • A review of differentiated studies on the impact of digitization on ESG performance. • Regional digitization can contribute to corporate ESG performance. • Environmental information disclosure, the scale of social donations, and risk resilience are the mechanisms. • Refutes the idea that corporate ESG performance stems from impression management. [ABSTRACT FROM AUTHOR]

• A higher level of education among corporate executives is conducive to improving corporate ESG performance levels. • This effect is more pronounced in non-state-owned enterprises. • This impact is indirectly realized through the enhancement of internal control quality within companies. This paper empirically examines the impact of higher education on corporate ESG (Environmental, Social, and Governance) performance among non-financial and non-real estate listed companies in China's capital market. The findings suggest that a higher level of education among corporate executives is conducive to improving corporate ESG performance levels. Mechanism tests indicate that the impact of higher education on corporate ESG performance is indirectly realized through the enhancement of internal control quality within companies. Heterogeneity analysis shows that the positive effect of higher education on improving corporate ESG performance is more pronounced in non-state-owned enterprises. [ABSTRACT FROM AUTHOR]

• The linkage between shareholders' and companies' ESG performance is investigated. • We find a positive association between shareholder ESG performance and corporate ESG performance. • The effect is stronger when ownership is less concentrated, and the first shareholder is not considered. The increasing emphasis on Environmental, Social, and Governance (ESG) criteria has raised important questions about the role of shareholders in influencing corporate sustainability. Using an international sample of 5,182 companies, we find a positive association between corporate ESG performance and shareholder ESG performance, and this is robust to endogeneity issues. This effect is stronger when the first shareholder is excluded, ownership is more dispersed and firms ensure more rights to their shareholders, suggesting that these characteristics play a key role in strengthening this link. [ABSTRACT FROM AUTHOR]

Environmental, social and governance (ESG) practices are pivotal to global sustainability yet face challenges. Based on the implementation of Golden Tax Project III, we find that big data tax administration decreases corporate ESG performance. Mechanism tests indicate that Golden Tax Project III can reduce tax avoidance, cash flow and green innovation, thereby inhibiting ESG through the "taxation effect." Conversely, the project can reduce agency costs and improve information transparency, thus promoting ESG performance through the "governance effect." Overall, however, the project inhibits corporate ESG performance. According to further analysis, the negative effect on ESG performance mainly impacts the environmental responsibility (E) element. This paper provides insights relevant to advancing China's "dual carbon" policy and formulating a "Chinese approach" to global sustainable development. [ABSTRACT FROM AUTHOR]

In the digital economy era, the link between digital finance and green technology innovation is crucial yet under-explored. This study investigates how digital finance influences green technology innovation in China's manufacturing sector, analyzing A-share listed companies from 2013 to 2022. Findings indicate that digital finance directly enhances green innovation and helps enterprises overcome financing constraints by providing alternative funding sources. It also boosts R&D investment, further fostering green innovation. Moreover, corporate ESG performance significantly impacts this relationship, with stronger effects observed in state-owned, non-heavy polluting, and non-high-tech enterprises. These insights suggest that digital finance can be a catalyst for sustainable technological advancement. • Digital financial development can promote enterprise green technology innovation. • Digital financial development can promote enterprise green technological innovation by alleviating enterprise financing constraints and increasing enterprise R&D investment. • There is a threshold effect based on enterprise ESG performance in the impact of digital financial development on enterprise green technological innovation. • Digital finance is more effective in facilitating green technological innovation in state-owned, non-heavily polluting, and non-high-tech firms than in non-state-owned, non-heavily polluting, and high-tech firms. [ABSTRACT FROM AUTHOR]

• Environmental tax reform boosts ESG performance. • State-owned, eastern, and large enterprises show better ESG performance after the reform. • Debt size and institutional ownership positively influence the law-ESG link. This study examines the impact of China's 2018 Environmental Protection Tax Law on corporate ESG performance. Using a difference-in-differences approach, the tax reform enhances ESG performance, especially for heavily polluting, state-owned, and large eastern enterprises. Debt financing and institutional investors positively influence this relationship. The research adds to our understanding of ESG factors and guides policymakers and investors. [ABSTRACT FROM AUTHOR]

• Improvements in the social credit environment of a company's location can significantly enhance the ESG performance levels of enterprises within that region. • The effect is more pronounced in non-state-owned enterprises. • The effect is more pronounced in companies located in regions with lower levels of marketization. This article explores the influence of the social credit environment on corporate ESG performance in China. By analyzing the impact of China's initiative to build pilot cities for the social credit system, the study introduces a unique approach to assessing corporate sustainability. Findings indicate a positive relationship between an enhanced social credit environment and superior corporate ESG performance. This relationship is notably stronger among NSOEs and in limited marketization regions, highlighting the significant role of the social credit system in fostering corporate sustainability practices. The study's insights contribute to the discourse on the interplay between societal factors and corporate governance. [ABSTRACT FROM AUTHOR]

• Using a sample of Chinese listed companies spanning from 2011 to 2020, we investigate whether common institutional ownership affects corporate ESG performance. • The results show that common institutional ownership worsens corporate ESG performance, which still holds after conducting robustness checks. • The above conclusion is more prominent for enterprises facing stronger industrial competition, demonstrating the existence of an anticompetitive mechanism. Corporate ESG performance, which serves as an important aspect of sustainable finance, is a significant concern of communities and academics. Using a sample of Chinese listed companies spanning from 2011 to 2020, we investigate whether common institutional ownership affects corporate ESG performance. The results show that common institutional ownership worsens corporate ESG performance, which still holds after conducting robustness checks. The above conclusion is more prominent for enterprises facing stronger industrial competition, demonstrating the existence of an anticompetitive mechanism. Overall, we investigate how common institutional ownership negatively affects corporate ESG performance and has implications for emerging markets. [ABSTRACT FROM AUTHOR]

• This paper incorporate local government fiscal pressure, government behaviors and corporate ESG performance into analytical framework. • Local government fiscal pressure has significant negative effect on corporate ESG performance. • The negative impact of fiscal pressure on corporate ESG performance varies heterogeneously with different city types and corporate communist party branch. • Fiscal pressure reduces corporate ESG performance by reducing green innovation capacity and exacerbating financing constraints. This paper explores how fiscal pressure affects the corporate Environmental, Social and Governance (ESG) performance. By investigating 720 Chinese listed corporates from 2011-2020, we find that fiscal pressure is negatively associated with the corporate ESG performance. The corporates with communist party branch, the corporates located in big cities and cities with strict environmental regulation and high marketization can better resist the negative effects of fiscal pressure on ESG performance. Furthermore, the study also reveals that fiscal pressure affects ESG performance through financial constraints and green innovation. [ABSTRACT FROM AUTHOR]

The corporate environmental, social, and governance (ESG) performance of businesses is crucial for the sustainable development of our evolving global economy. This study analyzes the mechanisms through which government subsidies influence ESG performance in corporations. The findings reveal that government subsidies significantly improve corporate ESG performance. Furthermore, government subsidies enhance corporate innovation investments and mitigate managerial myopia, leading to improved ESG performance in companies. Additional research indicates that in firms with lesser political connections and greater industry competition, the impact of government subsidies in elevating corporate ESG performance is more significant. [ABSTRACT FROM AUTHOR]

• Elucidate the results of the implementation of the environmental protection tax law. • Enrich the influencing factors of corporate ESG performance. • Clarify the link between environmental protection tax law and ESG performance. We analyze the bond between environmental protection tax law (EPTL) and corporate environmental, social, and governance (ESG) performance and explore the mediating role of corporate green technological innovation between the two. The study reveals a significant positive correlation between implementing EPTL and corporate ESG performance, with corporate green technological innovation acting as an intermediary. Furthermore, we find heterogeneity in the influence of EPTL on corporate ESG performance, which is primarily concentrated in non-state-owned enterprises. This study's conclusions remain valid after robustness and parallel trend tests. [ABSTRACT FROM AUTHOR]

• Increased intensity of local environmental goal constraints can significantly improve the ESG performance of heavily polluting companies. • The intensity of local environmental goal constraints can improve the ESG performance of heavily polluting companies by promoting their green technology innovation and increasing media attention. • The effect of increasing the intensity of local environmental goal constraints varies among different types and regions of heavily polluting companies. Improving Environmental, Social, and Governance (ESG) performance has become an important international standard for measuring green and sustainable corporate development. This paper empirically finds that increasing local environmental goal constraint intensity significantly improves the ESG performance of heavy polluters based on data from Chinese A-share heavily polluting companies from 2012 to 2021. Mechanism analysis suggests that imposing local environmental goal constraints can improve ESG performance by promoting the development of green technological innovation and increasing media attention. This effect is more evident in non-state-owned, high-market value pressure companies, and cities with lower fiscal revenues and more industrial output in GDP. These findings hold significant implications for policymakers who seek to propose more effective incentive strategies. [ABSTRACT FROM AUTHOR]

• The entry of green investors enhances corporate ESG performance from both internal and external perspectives. • Green investors motivate enterprises to improve ESG performance by addressing internal financing constraints and external public environmental concerns. • Green investors play a significant role in improving corporate ESG performance for non-state-owned enterprises, highly competitive enterprises and enterprises situated in the Northern region of China. From a green perspective, this paper examines the impact of green investors on corporate ESG performance and then investigates how the entry of green investors affects corporate ESG performance based on data from A-share-listed companies in China between 2009 and 2022. The findings suggest that the entry of green investors enhances corporate ESG performance by addressing internal financing constraints and external public environmental concerns. Furthermore, the positive influence of green investors on ESG performance is markedly pronounced in non-state-owned enterprises, highly competitive enterprises and enterprises situated in the Northern region of China. [ABSTRACT FROM AUTHOR]

• Green credit improves the corporate ESG performance. • Supply chain transparency strengthens the green credit-ESG performance link. • The effect is stronger in state-owned than in non-state-owned enterprises. Green credit is crucial in advancing various facets of sustainable development in enterprises. This study, utilizing data from Chinese A-share listed manufacturing firms (2011–2020), explores green credit's impact on corporate ESG performance, emphasizing the moderating role of supply chain transparency. The results indicate that green credit positively influences corporate ESG performance, a relationship strengthened by enhanced supply chain transparency. Moreover, green credit significantly boosts ESG performance in state-owned enterprises, while it is positive but not significant for non-state-owned enterprises. [ABSTRACT FROM AUTHOR]

• This paper is the first to incorporate local government debt pressure, government behaviors and corporate ESG performance into analytical framework. • Local government debt pressure has significant negative effect on corporate ESG performance. • The negative impact of debt pressure on corporate ESG performance varies heterogeneously with different level of development and political relevance. • Debt pressure reduces corporate ESG performance by reducing green innovation capacity and exacerbating financing constraints. This paper is the first to incorporate local government debt pressure, government behaviors and corporate ESG performance into analytical framework. Using the comprehensive data of government debt and Chinese listed companies from 2015 to 2020, we find the negative correlation between debt pressure and corporate ESG performance. Furthermore, the adverse influence of debt pressure on corporate ESG performance is markedly pronounced in state-owned companies, companies with elevated political relevance, and companies situated in the inland and northern regions of China. The study also reveals that debt pressure weak ESG performance by aggravating financial constraints and diminishing the capacity for green innovation. [ABSTRACT FROM AUTHOR]

• We examine the collusion effects of multiple large shareholders (MLS) on corporate ESG performance. • Using a sample of Chinese listed firms for 2010–2020, we find that firms with MLS tend to have lower ESG performance than firms with a single large shareholder. • Our conclusion is consistent with the common-benefit and cost-sharing hypothesis, where MLS shoulder the costs of poor ESG performance with the controlling shareholder and protect their common benefit through free-riding behavior. We examine the collusion effects of multiple large shareholders (MLS) on corporate ESG performance. Using a sample of Chinese listed firms for 2010–2020, we find that firms with MLS tend to have lower ESG performance than firms with a single large shareholder. This finding is robust to a series of robustness checks. Our conclusion is consistent with the common-benefit and cost-sharing hypothesis, where MLS shoulder the costs of poor ESG performance with the controlling shareholder and protect their common benefit through free-riding behavior. [ABSTRACT FROM AUTHOR]