ESG(Environmental,Social,and Governance)performance has emerged as a central metric in assessing corporate sustainability.Utilizing ESG rating data for A-share listed companies on the Shanghai Stock Exchange spanning ...ESG(Environmental,Social,and Governance)performance has emerged as a central metric in assessing corporate sustainability.Utilizing ESG rating data for A-share listed companies on the Shanghai Stock Exchange spanning from 2019 to 2022,coupled with measures of corporate transformation and upgrading,this study introduces green innovation as a mediating variable to dissect the impact of ESG ratings on corporate transformation and upgrading.The key findings of this research are as follows:(1)ESG ratings positively influence corporate transformation and upgrading,a conclusion that retains robustness after a comprehensive series of tests and discussions on endogeneity.(2)Mechanism analysis reveals that ESG ratings foster corporate transformation and upgrading by enhancing corporate green innovation.(3)In comparison with other industries,the influence of ESG ratings on corporate transformation and upgrading is notably more pronounced among heavily polluting industries among listed companies in China.Additionally,ESG ratings exhibit a more significant promotional effect on non-state-owned enterprises compared to state-owned enterprises.Larger enterprises play a more substantial role in transformation and upgrading than small and medium-sized enterprises.The promotional effect of ESG ratings is more evident in enterprises with poor information disclosure quality.Furthermore,as media attention increases,so does the impact of ESG ratings on corporate transformation.This study offers valuable policy insights from the ESG rating perspective,aiming to propel corporate transformation and upgrading,thereby contributing to economic high-quality and sustainable development.展开更多
As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while pro...As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.展开更多
文摘ESG(Environmental,Social,and Governance)performance has emerged as a central metric in assessing corporate sustainability.Utilizing ESG rating data for A-share listed companies on the Shanghai Stock Exchange spanning from 2019 to 2022,coupled with measures of corporate transformation and upgrading,this study introduces green innovation as a mediating variable to dissect the impact of ESG ratings on corporate transformation and upgrading.The key findings of this research are as follows:(1)ESG ratings positively influence corporate transformation and upgrading,a conclusion that retains robustness after a comprehensive series of tests and discussions on endogeneity.(2)Mechanism analysis reveals that ESG ratings foster corporate transformation and upgrading by enhancing corporate green innovation.(3)In comparison with other industries,the influence of ESG ratings on corporate transformation and upgrading is notably more pronounced among heavily polluting industries among listed companies in China.Additionally,ESG ratings exhibit a more significant promotional effect on non-state-owned enterprises compared to state-owned enterprises.Larger enterprises play a more substantial role in transformation and upgrading than small and medium-sized enterprises.The promotional effect of ESG ratings is more evident in enterprises with poor information disclosure quality.Furthermore,as media attention increases,so does the impact of ESG ratings on corporate transformation.This study offers valuable policy insights from the ESG rating perspective,aiming to propel corporate transformation and upgrading,thereby contributing to economic high-quality and sustainable development.
基金This paper was supported by the Fundamental Research Funds for the Central Universities[Grant number:JBK2202018].
文摘As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.
