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This study investigates the impact of Environmental, Social, and Governance (ESG) performance on the green technological innovation (GTI) of Chinese A-share-listed companies, using data from 2009 to 2022. The findings indicate that strong ESG performance significantly enhances GTI, with this effect being more pronounced in state-owned firms and non-high-tech sectors, demonstrating heterogeneity across firm types. Mechanism analysis reveals that ESG performance facilitates GTI by mitigating financing constraints and boosting R&D investments. Moreover, the study identifies a non-linear relationship, wherein the effect of ESG on GTI varies with firm size and environmental regulation intensity, as confirmed through a threshold model. This study not only deepens the theoretical framework linking corporate ESG performance with GTI but also uncovers the practical mechanisms through which ESG performance drives GTI, providing both practical insights and theoretical foundations for governments to formulate corporate green transition policies. [ABSTRACT FROM AUTHOR]

This paper takes the implementation of the River Chief System (RCS) as a case study representing government-led environmental governance policies. Based on the sample of 11,654 observations of Chinese A-share-listed companies spanning the years 2009 to 2021, it empirically examines the effect of the RCS on corporate Environmental, Social, and Governance (ESG) performance and the macro- and micro-mechanisms utilizing a staggered Difference-in-Differences (DID) model, controlling for companies' financial and organizational structure characteristic variables, cities' economic characteristic variables, and firm-year two-way fixed effects. The results indicate that the implementation of the RCS significantly enhances corporate ESG performance, a conclusion supported by various robustness checks such as the parallel trend test and placebo test. Further investigation reveals that implementing the RCS, at the micro level, boosts corporate green technology innovation, increases environmental protection investment, and, at the macro level, heightens public environmental attention, thus improving corporate ESG performance. Heterogeneity analysis finds that the RCS has a more pronounced impact on enhancing ESG performance for enterprises in central and western regions of China, state-owned enterprises, enterprises with political connections, and enterprises in mature and declining stages. These research findings of this paper provide valuable insights for local governments seeking to enhance the RCS, enrich environmental governance frameworks, and facilitate corporate green transformation. [ABSTRACT FROM AUTHOR]

Corporate ESG performance is an important way for stakeholders to understand the corporate environment, social responsibility, and governance behavior. Under China's implementation of the "carbon peak and carbon neutrality" dual carbon strategic background, ESG has become an important tool to promote the achievement of the "dual carbon" goals and high-quality development. How enterprises can reasonably and effectively improve their ESG performance and promote their green and sustainable development has become a major practical problem that urgently needs to be solved. Based on social learning and dynamic competition theories, this study takes Shanghai-Shenzhen A-share listed companies from 2011 to 2021 as research samples, empirically tests whether there is a peer effect in the ESG performance of listed companies in China, and examines the generation mechanism and influencing factors of the peer effect in the ESG performance of enterprises. The results show that: (i) There is an industry and regional peer effect on the ESG performance of enterprises, where the average ESG performance of other enterprises in the same industry and region, except for the focus enterprise, significantly affects the ESG performance of the focus enterprise. This core conclusion still holds true after robustness tests such as instrumental variable method, propensity score matching method, and first-order difference method to eliminate endogeneity issues, replace key measurement indicators, and control for macro factors. (ii) The mechanism analysis results show that the "information learning" and "competitive pressure" mechanisms promote the peer effect of ESG performance. (iii) Further research has found that institutional investors' attention and government environmental regulations positively and significantly impact the peer effect of corporate ESG performance. (iv) Heterogeneity analysis shows that the ESG performance peer effect is more significant for large-scale, eastern, and state-owned enterprises than for small-scale, central, western, and non-state-owned enterprises. This study expands the boundaries of current ESG theory and empirical research, and the conclusions provide important policy implications for governments and enterprises. [ABSTRACT FROM AUTHOR]

Copyright of Resources Development & Market is the property of Sichuan Resource Development & Market Magazine Co., Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Given the increasing prevalence of global warming and the frequent occurrence of extreme weather events and other challenges, countries are increasingly recognizing the importance of green and sustainable development. This paper uses the multi-period double difference and PSM-DID method to test the impact of green finance policies on the ESG performance of Chinese listed companies. Research has shown that implementing pilot zone policies can improve corporate ESG performance, especially for enterprises with low business reputations, fierce industry competition, severe information asymmetry, and state-owned attributes. The GFPZ policy drives companies to improve their ESG performance through two paths: promoting environmental innovation and strengthening restrictions on corporate financing. In addition, the increase in economic policy uncertainty hinders the positive impact of GFPZ policies on improving corporate ESG performance. This study enriches the existing micro-research on green finance policies from the perspective of enterprises. It provides empirical evidence and research insights to support the further improvement of pilot zone policies, the promotion of green sustainable development, and the improvement of corporate ESG performance. [ABSTRACT FROM AUTHOR]

In the context of addressing climate change, the uncertainty of climate policies has intensified the environmental and regulatory risks faced by enterprises, forcing them to adjust their strategies for fulfilling ESG responsibilities in pursuit of sustainable development. This paper uses panel data from listed non-financial enterprises on China's Shanghai and Shenzhen A-share markets from 2011 to 2022, employing a fixed-effects panel model to examine the impact of climate policy uncertainty on corporate ESG performance. The findings indicate that climate policy uncertainty significantly hampers the ESG performance of enterprises. The mechanism analysis reveals that climate policy uncertainty negatively affects ESG performance by deepening corporate financing constraints and increasing short-term financial performance. The heterogeneity analysis shows that in terms of ownership structure, the negative impact of climate policy uncertainty on the ESG performance of state-owned enterprises is relatively weaker. In terms of industry heterogeneity, climate policy uncertainty suppresses the ESG performance of enterprises in technology-intensive industries. From a regional perspective, climate policy uncertainty has a stronger inhibitory effect on the ESG performance of enterprises in eastern China. This study provides valuable insights for both national climate policy formulation and corporate efforts to enhance ESG performance. [ABSTRACT FROM AUTHOR]

Enterprises should strive for sustainable development since it is a vital component of the economy. Sustainable development serves as a safeguard against elements that might negatively impact the future development of their companies. This article aims to explore the influence of corporate environmental, social, and governance (ESG) performance on corporate violation using Chinese A‐share listed firms as a sample. We discover that corporate ESG performance considerably discourages corporate violation behavior, reducing the risk of corporate violations. Based on the fraud triangle theory, we also show that corporate ESG performance reduces the opportunity of corporate violations by improving information transparency, reduces the pressure of corporate violations by alleviating financing constraints, and reduces the rationalization of corporate violations by increasing media attention. By examining particular corporate violations, we document that corporate ESG performance is more effective for disclosure violations and general violations in corporate governance. Further analysis shows that corporate ESG performance has a considerable impact on companies in nonstate‐owned and small‐company subsamples. These results add to the literature and provide theoretical insights for governors, regulators, company executives, auditors, and other stakeholders. [ABSTRACT FROM AUTHOR]

High-quality development is the theme of China's economic and social development in the new era, and corporate ESG performance is a comprehensive indicator for evaluating the level of corporate environmental responsibility, social responsibility and governance, as well as an important yardstick for identifying the high-quality development of enterprises. This paper takes Chinese non-financial listed companies from 2011 to 2022 as the research sample and empirically examines the impact of corporate nationalism culture on corporate ESG performance and its mechanism by quantifying corporate nationalism culture using the text of corporate annual reports, natural language processing and text analysis methods. The results of the study show that corporate nationalism culture significantly enhances corporate ESG performance. The mechanism analysis suggests that corporate nationalism culture, as an internal informal system, can play a governance role and promote corporate ESG practices by changing attention allocation and mitigating agency problems. The positive effect of corporate nationalism culture on corporate ESG performance is more pronounced in the grouping of firms with lower institutional investor shareholding, fewer analysts' attention and embedded party organisations. A heterogeneity analysis reveals that the corporate nationalism culture driving effect on corporate ESG performance is more significant in the subsample of firms with weak financing constraints, in the growth period and in the decline period. This study reveals the positive role of soft cultural factors in enhancing corporate ESG performance, providing useful managerial evidence for companies to integrate ESG concepts at the strategic level for high-quality economic development. [ABSTRACT FROM AUTHOR]

China's environmental, social, and governance (ESG) actions are driven by multiple factors, among which the government is an indispensable key player. This paper empirically examines the impact of government environmental information regulation (GEIR) on corporate ESG performance using a sample of Chinese A-share listed companies in heavily polluting industries from 2011 to 2021, with a GEIR in 2014 as an exogenous shock. GEIR is found to significantly improve corporate ESG performance, which is mainly reflected in the environmental and social dimensions. Moreover, improvements in the quality of corporate information disclosure and the efficiency of green innovation are found to be the main paths through which GEIR enhances corporate ESG performance. Further research shows that the enhancement effect of GEIR is more obvious in firms with low political relevance, high investor attention, and low marketization in the region in which they are located. This work enriches the research on GEIR and corporate ESG performance and provides some references for promoting the government to play a key role in China's ESG initiatives. [ABSTRACT FROM AUTHOR]

Corporate environmental, social, and governance (ESG) performance is gaining significance in global sustainable development. Corporations can improve ESG performance through digital technology innovation (DTI). However, few studies systematically examined the relationship between DTI and ESG performance. This study uses digital technology patent application data as a proxy for DTI to provide empirical evidence. Analysis of Chinese A‐share firms from 2009 to 2021 shows that DTI significantly improves ESG performance, particularly for small‐sized and non‐state‐owned firms. Mediation analysis indicates that DTI promotes ESG performance by increasing internal control quality and human capital. Institutional environment and government digital attention optimization enhances DTI's promotion effect on ESG performance. Firms with advanced digital transformation can better improve ESG performance through DTI. The findings expand the theoretical understanding of DTI's role in corporate sustainability and provide practical insights into how managers can leverage DTI opportunities to strengthen ESG performance. [ABSTRACT FROM AUTHOR]

The energy-consuming right trading policy (ECRTP) represents a significant initiative to promote the sustainable development of Chinese enterprises. This study employs the difference-in-differences methodology to analyze how ECRTP influences ESG performance based on data from A-share listed industrial enterprises in China from 2006 to 2020. The findings indicate that ECRTP effectively enhances corporate ESG performance, and this conclusion holds valid following a battery of robustness checks. Moreover, ECRTP improves corporate ESG performance by promoting green technological innovation and green perceptions among executives. Tests for heterogeneity show that the ECRTP exerts a more pronounced influence on ESG performance for enterprises located in regions with high public environmental awareness, heavily polluting industries, and coastal areas. This study broadens the literature on ECRTP effectiveness evaluation, providing valuable insights for refining the design of these policies, promoting their implementation, and facilitating the achievement of dual control targets for energy consumption. [ABSTRACT FROM AUTHOR]

With the rise of environmental, social, and governance (ESG) investment concepts, foreign institutional investors have become increasingly concerned about corporate ESG performance. Based on data of China's A‐share listed companies from 2011 to 2021, we empirically find that corporate ESG performance enhances foreign institutional investors to hold shares. Economic policy uncertainty significantly reduces the impact of corporate ESG performance on foreign institutional investors' shareholdings. The mechanism analyses show that information asymmetry and corporate reputation are the two transmission channels for corporate ESG performance that influence foreign institutional investors to hold shares. Further analysis shows that companies with good ESG performance are prone to become heavy investments and long‐term shareholdings for foreign institutional investors. The heterogeneity analyses show that the effect of ESG performance on foreign institutional investors' shareholdings is more significant among firms that are not state‐owned, with high business risk and in heavily polluting industries. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of big data on firms' environmental, social, and governance (ESG) performance. We provide quasi-experimental estimates using a unique quasi-natural experiment: the national policy of introducing Big Data Pilot Zones (BDPZs) in Chinese cities. Our analysis exploits data on firm-level ESG performance with a standard difference-in-differences empirical strategy. We find that big data has a significant positive impact on corporate ESG performance. The effect is more prominent for companies in non-heavily polluting industries, with a lower level of digital transformation, and those not rigorously audited. Analysis of the mechanisms shows that big data enhances the transparency of corporate information. Facing external supervisory pressure, companies tend to enhance their ESG performance to mitigate reputational risks. [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.

Using Chinese A-share listed companies from 2011 to 2020 as a research sample, this paper examines the relationship between negative media coverage and corporate ESG performance using a two-way fixed-effects model. It is found that, first, negative media coverage can effectively promote corporate ESG performance. Second, the mediation mechanism study shows that negative media coverage positively promotes corporate ESG performance by increasing the degree of corporate financing constraints and information asymmetry and prompting corporations to change their ESG governance level. Third, the results of the heterogeneity test find that the positive relationship between negative media coverage and corporate ESG performance is more pronounced among firms without executives with overseas backgrounds, and the positive relationship between the two is more significant after the promulgation of China’s Code of Governance for Listed Companies in 2018. Fourth, further discussion revealed that negative media coverage has the strongest promotion effect on the performance of corporate environmental governance, followed by social governance performance, and lastly, corporate governance performance. The research in this paper contributes to an in-depth understanding of the impact of negative media coverage on corporate ESG performance and provides empirical evidence to facilitate policy formulation related to the role of media monitoring and to fully utilize the media’s role in corporate ESG governance.

In the age of the digital economy, digital evolution has emerged as a central focus in academic research. The achievement is of paramount importance for augmenting their international investments. This research utilizes data from publicly listed manufacturing firms in China from 2010 to 2021 to examine the influence of enterprise digital evolution on outbound foreign investments. The research findings reveal that enterprise digital evolution has a significant positive impact on the outward foreign investments of enterprises and exhibits heterogeneity in terms of region, company size, and industry type. Mechanism tests reveal that the impact of enterprise digital evolution on outward foreign investments can be realized through four pathways: enhancing ESG performance, reducing debt financing costs (COD1) (representing the proportion of interest costs to the total of long and short-term debts), company age, and debt financing costs (COD2) (denoting the proportion of financial expenses to the total of long and short-term debts). In the context of digitization, enterprise digital evolution continues to hold positive significance for outward foreign investments, contributing to the enrichment of the theoretical research on the subject to a certain extent. [ABSTRACT FROM AUTHOR]

Using Sino‐Securities Environmental, social, and governance (ESG) ratings data, we examine how environmental uncertainty affects the ESG performance of Chinese A‐share non‐financial listed firms from 2008 to 2020. Our findings show that environmental uncertainty harms corporate ESG performance. In particular, when environmental uncertainty increases, a firm's ESG score and ESG ratings decline due to factors such as financial constraints and industry competition. We argue that as the environmental risk premium rises, it increases the real options value of postponing sustainable investment for a firm. Consequently, the firms tend to cut down their ESG investment by weighing the long‐term benefits and short‐term direct costs. The value of real options changes with the investment opportunities available to the firms and the financing constraints and competitive pressure changes the size of investment opportunities. We argue that higher financing constraints and industry competition restrict available investment opportunities and dilute the negative impact of environmental uncertainty on corporate ESG performance. These results add to the existing literature investigating the impact of uncertainty on corporate ESG performance and offer insights to regulators and enterprise managers. These results are robust to alternate proxies of ESG performance and alternate regression techniques. [ABSTRACT FROM AUTHOR]

Recently, environmental, social, and governance (ESG) has been the subject of extensive research and publication. Researchers have pointed out that corporate ESG performance is not only determined by the demographic and personality characteristics of current executives, but also by early‐life experiences. Recent research has illuminated the influence that early‐life experiences of executives have on corporate social performance. However, there is still a lack of research on how executive poverty experiences affects corporate ESG performance. To fill this void, our study investigates the potential influence of CEOs' childhood poverty experiences on corporate ESG performance, employing the upper echelon theory and imprinting theory. Specifically, we gathered data for publicly traded Chinese companies from 2011 to 2020, and discovered that companies helmed by CEOs who grew up in underprivileged neighborhoods demonstrated superior ESG performance. We also scrutinized the moderating mechanisms that impacted the strength and attenuation of poverty imprinting. Our findings reveal that CEO expected tenure and green investors augment the favorable impact of poverty imprinting on corporate ESG performance, while CEOs who receive higher compensation exhibit a weaker imprint. Our study contributes significantly to the imprinting field and the literature on corporate ESG performance, while also providing valuable insights into strategies that facilitate pro‐social conduct among firms. [ABSTRACT FROM AUTHOR]

Using Chinese A-share listed companies from 2011 to 2020 as a research sample, this paper examines the relationship between negative media coverage and corporate ESG performance using a two-way fixed-effects model. It is found that, first, negative media coverage can effectively promote corporate ESG performance. Second, the mediation mechanism study shows that negative media coverage positively promotes corporate ESG performance by increasing the degree of corporate financing constraints and information asymmetry and prompting corporations to change their ESG governance level. Third, the results of the heterogeneity test find that the positive relationship between negative media coverage and corporate ESG performance is more pronounced among firms without executives with overseas backgrounds, and the positive relationship between the two is more significant after the promulgation of China's Code of Governance for Listed Companies in 2018. Fourth, further discussion revealed that negative media coverage has the strongest promotion effect on the performance of corporate environmental governance, followed by social governance performance, and lastly, corporate governance performance. The research in this paper contributes to an in-depth understanding of the impact of negative media coverage on corporate ESG performance and provides empirical evidence to facilitate policy formulation related to the role of media monitoring and to fully utilize the media's role in corporate ESG governance. [ABSTRACT FROM AUTHOR]

This study, situated in the context of China's transportation and logistics industry, explores the impact of digital transformation on corporate environmental, social, and governance (ESG) performance, as well as the role played by green innovation. Analyzing data from 95 A-share listed transportation companies from 2011 to 2021, this paper examines the relationship between digital transformation and corporate ESG performance, drawing on information asymmetry and agency theories. The research finds that digital transformation significantly elevates corporate ESG levels, with more pronounced effects in state-owned and large enterprises. The degree of financing constraints modulates this relationship, indicating a stronger enhancement of ESG performance by digital transformation under lower financing constraints. Moreover, green innovation serves as a mediator between digital transformation and corporate ESG performance, revealing that digital transformation boosts ESG outcomes through fostering green innovation. The contribution of this study lies in providing new insights into the relationship between digital transformation and corporate ESG performance in a specific industry context, expanding the field through a lens of mechanisms and conditions, and underscoring the central mediating influence of green innovation. [ABSTRACT FROM AUTHOR]

In the context of addressing climate change, the uncertainty of climate policies has intensified the environmental and regulatory risks faced by enterprises, forcing them to adjust their strategies for fulfilling ESG responsibilities in pursuit of sustainable development. This paper uses panel data from listed non-financial enterprises on China’s Shanghai and Shenzhen A-share markets from 2011 to 2022, employing a fixed-effects panel model to examine the impact of climate policy uncertainty on corporate ESG performance. The findings indicate that climate policy uncertainty significantly hampers the ESG performance of enterprises. The mechanism analysis reveals that climate policy uncertainty negatively affects ESG performance by deepening corporate financing constraints and increasing short-term financial performance. The heterogeneity analysis shows that in terms of ownership structure, the negative impact of climate policy uncertainty on the ESG performance of state-owned enterprises is relatively weaker. In terms of industry heterogeneity, climate policy uncertainty suppresses the ESG performance of enterprises in technology-intensive industries. From a regional perspective, climate policy uncertainty has a stronger inhibitory effect on the ESG performance of enterprises in eastern China. This study provides valuable insights for both national climate policy formulation and corporate efforts to enhance ESG performance.

Based on China's government‐business relations theory, we use difference‐in‐differences and causal forest to find that local green finance policies can significantly enhance corporate ESG performance especially for nonstate‐owned companies, companies with high levels of executive social capital, non‐heavily polluting companies, and companies in developed regions. We also find that the corporate financing constraint mitigation effect and the regional environmental regulation effect of local green finance policies are important mechanisms for promoting corporate ESG performance. Additionally, local green finance policies can strengthen the positive role of corporate ESG performance in enhancing corporate value, which is conducive to corporate sustainability. [ABSTRACT FROM AUTHOR]

Urban digital infrastructure is the cornerstone of optimizing resource allocation and promoting sustainable economic development in the era of digital economy, and it will also affect corporate ESG performance. Based on the data of Chinese A-share listed companies from 2011 to 2021, an asymptotic difference-in-difference model is used to investigate the impact of urban digital infrastructure on corporate ESG performance based on the "broadband China" strategy and its underlying mechanism. This paper finds that urban digital infrastructure can promote corporate ESG performance. Further, urban digital infrastructure can contribute to corporate ESG performance by increasing research and development (R&D) investment, improving corporate governance, and increasing information transparency. Through heterogeneity analysis, the results show urban digital infrastructure contributes more significantly to the ESG performance of state-owned, small and medium, growth-stage, and low-profit companies and is more pronounced in non-heavy polluting companies and companies in the central and western regions. This paper has enhanced the theoretical framework of urban digital infrastructure and corporate ESG (environmental, social, and governance) performance, paving the way for a new approach to the collaborative development of cities and enterprises in pursuit of green and sustainable growth. [ABSTRACT FROM AUTHOR]

The conception of environmental, social, and governance (ESG) performance has been widely implemented and has become an important indicator of firms' eco-friendly transformation in heavy-pollution industries. The sectoral and regional peer influences of corporate ESG performance can effectively promote firms' green sustainable development within an entire industry, district, and market. In this study, our main hypothesis is that corporate ESG performance has a significantly positive peer effect among heavy-pollution industry firms within the same province, industry, and product market. Therefore, by employing novel spatial econometric techniques, we investigate the peer effect of corporate ESG performance among 681 of China's A-share listed firms within 20 heavy-pollution industries from 2012 to 2021 and explore the impacts from peer indirect effect views, such as public media attention, regulatory pressure, and green innovation. Further, we detect the sectoral and regional peer pulling and dragging effects under the two statuses of firms' ESG rating changes. The main findings are as follows. First, corporate ESG performance has a significantly positive peer effect, which is the highest among firms within the same industry. Second, the mechanism analysis presents that the increase in other firms' negative web news, environment-related penalties, and green patents has different peer indirect effects on corporate ESG performance within the same province, industry, and product market. Third, corporate ESG performance has a significantly positive peer-pulling effect among firms when other firms' ESG levels increase, yet a significantly positive peer-dragging effect only within the same region and industry when other firms' ESG levels decrease. This study gives empirical contributions that firms can take advantage of the positive peer effect of corporate ESG performance to improve their own ESG practice level and employ it as a competitive strategy for pursuing long-term value, and governments should maintain sustainable supervision measures and an orderly competitive market environment to cultivate a consensus on corporate ESG development in heavy-pollution industries. [ABSTRACT FROM AUTHOR]

In recent years, environmental, social, and governance factors (ESG) have played an increasingly significant role in the practice of corporate development of widespread concern. For corporate ESG, it is still necessary to consider the factors that influence the development of corporate ESG. This paper performed fixed-effect panel model analysis to investigate the relationship between analyst coverage and corporate ESG performance using data from China's listed firms from 2011 to 2021. Our results showed that analyst coverage improves corporate ESG performance, especially the environmental (E) and social (S) dimensions, proving that analyst coverage is an important driving force behind corporate ESG engagement. The results were shown to be valid through a series of endogeneity and robustness checks. In the heterogeneity analysis, we showed that the promotion effects are more significant for state-owned firms and firms faced with greater financial constraints and higher information asymmetry. Furthermore, analyst coverage improves corporate ESG performance through the potential channels of attracting media attention and conducting site visits. Our study enriches the existing literature on the determinants of corporate ESG performance, and highlights the role analysts play in shaping corporate non-financial behavior and promoting corporate sustainable development. [ABSTRACT FROM AUTHOR]

Global climate change has emerged as a persistent global crisis. Under the dual pressures of industrial structure upgrading and ecological environment improvement, enhancing enterprise ESG (Environmental, Social, and Governance) performance can contribute to achieving sustainable development of the global economy. Selected a sample of 285 prefecture-level cities in China from 2005 to 2020 and panel data of listed companies to empirically examine the impact of industrial agglomeration on corporate ESG performance and its heterogeneity effects. We found that industrial agglomeration generally positively affects corporate ESG performance, with the significant promotion of ESG performance in manufacturing and a "U"-shaped relationship between producer services. Influence channel analysis found that industrial agglomeration acts on corporate ESG performance through the micro-transmission mechanisms of financing constraints, investment levels, market competitiveness, and internal control. Heterogeneity research found that the impact of manufacturing agglomeration on corporate ESG performance is more significant in capital-intensive and high-end technology industries, while producer service agglomeration has a more significant effect on ESG performance for knowledge-intensive industries. This study contributes to a better understanding of the microeconomic consequences of industrial agglomeration and expands the research perspective on the internal mechanisms and external incentives of corporate ESG performance. It provides a basis for local governments to analyze the different characteristics and microeconomic consequences of industrial agglomeration and provide empirical evidence for listed companies to adjust their ESG performance structure dynamically. [ABSTRACT FROM AUTHOR]

Enterprises are important subjects in the transformation of national green development, while financial support is an important thrust to promote the fulfillment of environmental responsibility. In the dual context of building a digital inclusive financial system and green transformation of corporate production, this paper explores the impact of digital inclusive finance on corporate ESG performance and its mechanism of action through theoretical and empirical analyses using data of Chinese A-share listed enterprises from 2011 to 2020. It is found that the development of digital inclusive finance significantly contributes to the improvement of corporate ESG performance, and the impact of digital inclusive finance on corporate ESG performance has a marginal decreasing effect, while corporate green technology innovation has a marginal increasing effect on corporate ESG performance. The mechanism analysis found that corporate green technology innovation has a mediating effect. The development of digital inclusive finance can enhance the green technology innovation ability of enterprises, and the green technology innovation of enterprises enhances the green sustainability ability of enterprises and improves the ESG performance of corporates. Further research shows that the effects of digital inclusive finance and corporate green technology innovation on corporate ESG performance are industry heterogeneous and pollution degree heterogeneous. How to promote financial services to better promote the combination of corporate green development and fulfillment of social and environmental responsibility is the most direct research implication of this paper. [ABSTRACT FROM AUTHOR]

Copyright of China Forestry Economy is the property of China Forestry Economy Magazine Agency and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Urban digital infrastructure is the cornerstone of optimizing resource allocation and promoting sustainable economic development in the era of digital economy, and it will also affect corporate ESG performance. Based on the data of Chinese A-share listed companies from 2011 to 2021, an asymptotic difference-in-difference model is used to investigate the impact of urban digital infrastructure on corporate ESG performance based on the “broadband China” strategy and its underlying mechanism. This paper finds that urban digital infrastructure can promote corporate ESG performance. Further, urban digital infrastructure can contribute to corporate ESG performance by increasing research and development (R&D) investment, improving corporate governance, and increasing information transparency. Through heterogeneity analysis, the results show urban digital infrastructure contributes more significantly to the ESG performance of state-owned, small and medium, growth-stage, and low-profit companies and is more pronounced in non-heavy polluting companies and companies in the central and western regions. This paper has enhanced the theoretical framework of urban digital infrastructure and corporate ESG (environmental, social, and governance) performance, paving the way for a new approach to the collaborative development of cities and enterprises in pursuit of green and sustainable growth.

• 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]

• 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]

Corporate Environmental, Social, and Governance (ESG) performance reflects the alignment of firms with national strategies and macroeconomic development principles, and serves as a crucial foundation for achieving sustainable development. Investigating the factors driving corporate ESG performance has significant theoretical and practical implications. This study utilizes data from Shanghai and Shenzhen A-share listed companies in China from 2010 to 2022 and theoretically analyzes and empirically tests the effects and mechanisms of executives' green experience on overall ESG performance and performance on each element of ESG. The results indicate that executives' green experience enhances the efficiency of corporate green patent innovation, thereby improving environmental performance. In addition, green experiences foster environmental investment and charitable donations, leading to better social performance. Executives with green experience also attract green investors and analysts' attention, thereby improving corporate governance and ultimately positively affecting overall corporate ESG performance. The robustness of these findings is confirmed through alternative variable measurements, Propensity Score Matching(PSM) Tests, Entropy Balancing Tests, Instrumental Variable Tests, and controlling for the impact of significant public health events. Further analysis revealed that the positive effects of executives' green experiences on corporate ESG performance are more pronounced in non-heavily polluting corporations, non-state-owned corporations, and firms where executives have higher power. This study enriches research on the consequences of executives' green experiences and the determinants of corporate ESG performance, extending the boundaries of how executive characteristics influence micro-level corporate outcomes. It also provides valuable references for regulatory bodies promoting ESG practices and decision-making by capital market participants. • The executives' green experience has a positive effect on corporate ESG practices. • The influencing mechanisms are green innovation efficiency, environmental investment, donations, and external attention • The impact is more significant in non-polluting, non-national, low marketization, and high executive power enterprises. • Providing a new dimension for leadership to influence organizational behavior through personal experience. [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]