Search Results (57)

China’s national strategies emphasize both achieving carbon peaking and neutrality (“dual carbon” objectives) and fostering high-quality economic development. This dual focus highlights the critical importance of the Green and Low-Carbon Transition (GLCT) of the economy and the development of New Quality Productive Forces (NQPF). Firms are central actors in this transformation, prompting the core research question: How does corporate engagement in GLCT contribute to the formation of NQPF? We investigate this relationship using panel data comprising 33,768 firm-year observations for A-share listed companies across diverse industries in China from 2012 to 2022. Corporate GLCT is measured via textual analysis of annual reports, while an NQPF index, incorporating both tangible and intangible dimensions, is constructed using the entropy method. Our empirical analysis relies primarily on fixed-effects regressions, supplemented by various robustness checks and alternative econometric specifications. The results demonstrate a significantly positive relationship: corporate GLCT robustly promotes the development of NQPF, with dynamic lag structures suggesting delayed productivity realization. Mechanism analysis reveals that this effect operates through three primary channels: improved access to financing, stimulated collaborative innovation and enhanced resource-allocation efficiency. Heterogeneity analysis indicates that the positive impact of GLCT on NQPF is more pronounced for state-owned enterprises (SOEs), firms operating in high-emission sectors, those in energy-efficient or environmentally friendly industries, technology-intensive sectors, non-heavily polluting industries and companies situated in China’s eastern regions. Overall, our findings suggest that corporate GLCT enhances NQPF by improving resource-utilization efficiency and fostering innovation, with these effects amplified by specific regional advantages and firm characteristics. This study offers implications for corporate strategy, highlighting how aligning GLCT initiatives with core business objectives can drive NQPF, and provides evidence relevant for policymakers aiming to optimize environmental governance and foster sustainable economic pathways. Full article

Emerging economies such as China have benefited from rapid growth but now face acute carbon risk amid worsening environmental conditions. Carbon-intensive firms—major emitters—face rising carbon risk that pervades operations and threatens efficient capital allocation. To advance global climate-change mitigation, help China meet its dual-carbon goals, and enhance corporate financial sustainability, we analyze panel data on 575 Chinese carbon-intensive companies from 2012 to 2022 and estimate OLS models to assess how carbon risk influences capital mismatch. Results show that higher carbon risk significantly widens capital mismatch, whereas higher media attention and better corporate governance each weaken this effect. These findings suggest that regulators and the media should monitor carbon-intensive firms more closely to improve information transparency and guide capital to its most productive uses, while firms themselves need to strengthen governance to limit the damage carbon risk inflicts on capital allocation. Full article

Climate change risk has significant impacts on corporate financial activities. Using firm-level data from A-share listed companies in China from 2010 to 2022, we examine how climate risk affects corporate debt financing capacity. We find that climate change risk significantly weakens firms’ ability to raise debt, leading to lower leverage and higher financing costs. These results remain robust across various checks for endogeneity and alternative specifications. We also show that reducing corporate carbon emission intensity can mitigate the negative impact of climate risk on debt financing, suggesting that supply-side credit policies are more effective than demand-side capital structure choices. Furthermore, we identify three channels through which climate risk impairs debt capacity: reduced competitiveness, increased default risk, and diminished resilience. Our heterogeneity analysis reveals that these adverse effects are more pronounced for non-state-owned firms, firms with weaker internal controls, and companies in highly financialized regions, and during periods of heightened environmental uncertainty. We also apply textual analysis and machine learning to the measurement of climate change risks, partially mitigating the geographic biases and single-dimensional shortcomings inherent in macro-level indicators, thus enriching the quantitative research on climate change risks. These findings provide valuable insights for policymakers and financial institutions in promoting corporate green transition, guiding capital allocation, and supporting sustainable development. Full article

The positive impact of data elements on enterprise operation has been confirmed by many scholars, but few studies have paid attention to the effect of data elements on corporate green transformation, especially in the context of global climate change. In this study, we employ panel data from Chinese listing firms to identify the casual impact of data elements on corporate green transformation, using the staggered difference-in-differences method. We show that: (a) Data elements exert a significant positive influence on corporate green transformation. This finding holds up in a series of robustness checks; (b) The promoting effect of data elements on green transformation is mediated by alleviating financing constraints and elevating executive green attention; (c) Green governance resilience and green management innovation can strengthen the positive relationship between data elements and green transformation; and (d) The promoting effect is more pronounced in enterprises with larger boards of directors, those located in the eastern regions, and those characterized by higher carbon emission intensities. Overall, we not only provide empirical evidence of optimizing regional data-factor allocation and promoting green technological innovation but also offer theoretical guidance for refining the pathways of corporate green transformation. Full article

This paper examines the firm-level carbon intensity of 83 constituent stocks in the Hang Seng Index, constructs two distinct indexes from the 20 firms with the highest and lowest carbon intensities, and analyzes the connectedness of their annualized daily volatilities with four key external factors over the past 15 years. Our findings reveal that low-carbon stocks—often represented by high-tech and financial firms—tend to exhibit higher volatility, reflecting their more dynamic business environments and greater sensitivity to changes in revenue and profitability. In contrast, high-carbon companies, such as those in the utilities and energy sectors, display more stable demand patterns and are generally less exposed to abrupt market shocks. We also find that oil price shocks result in greater volatility spillovers for low-carbon stocks. Among external influences, the U.S. stock market and Treasury yield exert the most significant spillover effects, while crude oil prices and the U.S. dollar–Chinese yuan exchange rate act as net volatility recipients. Full article

The present study examines the impact of customer firms’ environmental, social, and governance (ESG) performance on suppliers’ green innovation efficiency, grounded in stakeholder theory and innovation diffusion theory. The DEA-SBM model is employed to measure green innovation efficiency and analyze transmission mechanisms through knowledge spillovers, financing constraints, and the moderating roles of executives’ green cognition and digitization. This analysis is based on panel data from 3134 customer–supplier pairs of China’s A-share listed firms from 2014 to 2023. The findings indicate that high ESG performance by customer firms has a substantial impact on suppliers’ green innovation efficiency, with a 1% increase in customer ESG score resulting in a 1.38% improvement in supplier efficiency. The phenomenon under scrutiny is hypothesized to be precipitated by knowledge spillovers and mitigated by reduced financing constraints. The hypothesis further posits that supplier firm executives’ green cognition and customer digitization will amplify the effect. A heterogeneity analysis reveals stronger effects in technology-intensive firms and regions with higher governmental environmental oversight. These findings underscore the pivotal function of ESG-driven supply chain collaboration in propelling sustainable industrialization. It is imperative that policymakers prioritize cross-regional ESG benchmarking and digital infrastructure to amplify green spillovers. Conversely, firms must integrate ESG metrics into supplier evaluation systems and foster executive training on sustainability. This research provides empirical evidence for the optimization of green innovation policies and the achievement of China’s dual carbon goals through the coordination of supply chain governance. Full article

This study explores the relationship between firm-level carbon productivity (CRP), home country environmental performance (HCEP), and firm performance—both financial and international—in the global meat exporting industry. While prior research has examined these dynamics in manufacturing sectors, limited attention has been paid to the meat industry, which is both economically significant and environmentally intensive. Using a multiple case study approach, we analyze data from three leading meat-exporting firms—Agrosuper (Chile), BRF (Brazil), and Danish Crown (Denmark)—over the period 2020–2023. CRP is operationalized as the ratio of firm output to CO₂ emissions, while HCEP is measured by national emissions per million USD of GDP. Financial performance is assessed via return on assets (ROA), and international performance through export intensity. Our findings reveal a nuanced relationship between CRP and firm performance. Contrary to theoretical expectations, a higher CRP does not consistently translate into improved financial performance, suggesting potential trade-offs between sustainability investments and profitability. However, a positive association is observed between CRP and international performance, particularly in firms operating within environmentally advanced countries. These results highlight the importance of home country environmental contexts in shaping firms’ global competitiveness. This research contributes to the literature by introducing CRP as a firm-level metric in the meat industry and by emphasizing the moderating role of HCEP. The findings offer practical implications for policymakers and managers seeking to align environmental responsibility with economic and international performance goals. Full article

As the climate crisis intensifies, corporate operations face unprecedented challenges from increasing climate risks, necessitating rigorous investigation into their resultant economic ramifications. This study employs text analysis and machine learning methods to construct climate risk perception indicators for a sample of China’s A-share listed energy sector firms (2014–2023). A two-way fixed effects panel model is then applied to study the impact of climate risk perception on corporate performance in the energy industry. The empirical results demonstrate that in China’s energy sector, a 1% rise in climate risk perception corresponds to a 0.104% decline in ROE, mediated through diminished financial flexibility (β = −0.075 **) and elevated R&D intensity (β = 0.649 ***). Moderating effect testing indicates that firms with higher levels of administrative spending effectively buffer against the adverse effects of heightened climate risk perception. Furthermore, this study shows that climate risk perception has more pronounced negative effects on corporate performance in state-owned enterprises (β = −0.113 **), heavily polluting enterprises (β = −0.131 *), carbon-intensive industries, and non-carbon trading pilot regions (β = −0.119 ***). These findings empirically demonstrate how climate risk perception reshapes corporate resource allocation and management, ultimately affecting performance. This study also proposes policy recommendations to enhance corporate climate risk responsiveness, promote technological innovation, accelerate the energy sector’s green transition, optimize corporate capital structure, and advance sustainable development goals. Full article

This study examines the causal and dynamic effects of carbon information disclosure on firm value, using a policy-driven setting in China’s carbon-intensive industries. In 2018, the Ministry of Ecology and Environment implemented a regulatory policy requiring internal carbon accounting and third-party verification for carbon-intensive enterprises, without mandating public disclosure. This exogenous policy shock offers a quasi-natural experiment to investigate how firms in carbon-intensive industries respond to environmental mandates through voluntary disclosure and how such disclosure affects their market valuation. Employing a difference-in-differences framework combined with two-stage least squares estimation, we identify a significant increase in carbon information disclosure following the policy intervention. This disclosure leads to a positive and growing effect on firm value, particularly when sustained over multiple years. Moreover, the valuation effect is moderated by regional environmental regulation: firms in areas with lower enforcement intensity benefit more from disclosure, as the signal is perceived to be more voluntary and credible. These findings provide robust causal evidence on the role of carbon information disclosure in shaping market outcomes under regulatory pressure. The study contributes to the literature on environmental regulation and corporate financial behavior in emerging markets. Full article

The creative breakthroughs in policy implementation by China hold essential practical importance for promoting global sustainability. The carbon emission trading (CET) pilot policy initiated in 2011 provides a quasi-natural experimental setting to investigate the dual impacts of market-incentivized environmental regulation on corporate carbon emissions (CEs) and capacity utilization (CU) enhancement. This study employs panel data from A-share listed manufacturing companies on the Shanghai and Shenzhen stock exchanges spanning 2007–2022, constructing a corporate carbon reduction efficiency (CRE). A Generalized difference-in-differences (DID) approach is adopted to examine the policy effects. The study reveals that the execution of the CET pilot policy has shown a notable and enduring enhancement in corporate CRE, yielding the combined advantage of advancing corporate decarbonization and improving CU. These conclusions remain resilient despite thorough sensitivity analysis. Furthermore, the pilot improves CRE via three principal avenues: augmenting corporate innovation capabilities, increasing green investment intensity, and refining managerial practices. The impacts of CET pilots are most significant in state-owned firms (SOEs), capital-intensive industries (CIEs), eastern region enterprises (EEs), and sectors with little market concentration. The findings set essential empirical standards for assessing decarbonization initiatives and guiding social progress towards sustainability. Full article

China’s equipment-manufacturing industry accounts for a significant portion of its total carbon emissions. While intelligent equipment optimization has been found to be an effective way of reducing carbon emissions, understanding of its mechanisms remains limited. This paper takes the equipment-manufacturing industry as an example to explore the mechanisms and pathways for enhancing carbon emissions efficiency through intelligent equipment optimization. Using panel data from 243 equipment-manufacturing firms, the analysis identified a nonlinear, U-shaped relationship between intelligent equipment upgrades and carbon emissions efficiency. At the initial stage of intelligent upgrading of equipment, efficiency declines due to the high capital expenditures required for upgrading and integrating advanced systems. However, as these technologies become more integrated into production processes, carbon emissions efficiency improves significantly. This study also examines the mediating role of cost-saving effects and the moderating influence of energy intensity in this relationship. The effect of intelligent transformation on improving carbon emissions efficiency is more significant in high-energy-intensity enterprises. The findings suggest that intelligent equipment optimization not only enhances resource-utilization efficiency but also supports green and low-carbon transitions in equipment-manufacturing enterprises. These insights offer valuable guidance for policymakers and industry leaders aiming to further integrate intelligent manufacturing with carbon reduction strategies. Full article

This study employs the TVP-VAR-BK-DY spillover index model to investigate the risk spillover effects between China’s carbon emission trading system (ETS) pilots and A-share listed emission-regulated enterprises. The findings reveal that, due to the nascent stage of China’s carbon market, the overall risk spillover level within the “carbon-stock” system remains low; however, dynamic risk spillovers have shown an upward trend driven by the advancement of ETS pilots. In particular, during compliance periods, enterprises that exceed their emission limits must purchase sufficient allowances on the carbon trading market to avoid high penalties for non-compliance. This creates substantial demand, which drives a rapid increase in the spot prices of carbon allowances, triggering intense short-term price fluctuations and risk spillovers—a pronounced “compliance-driven trading” effect. Frequency domain analysis indicates that long-term shocks have a significantly greater impact on the market than short-term oscillations, reflecting moderate information processing efficiency within the “carbon-stock” system. Directional spillover analysis shows that A-share enterprises initially absorb risks from the carbon market in the short term, but over the long term, they transmit part of these risks back to the carbon market, forming a significant bidirectional risk transmission relationship. Furthermore, heterogeneity analysis reveals marked differences in risk spillover contributions among firms associated with different ETS pilots, as well as between enterprises with polluting behaviors and those with high ESG scores, with the latter contributing considerably higher spillovers to the overall carbon market. These findings offer nuanced insights into the dynamic, structural, and firm-level characteristics of risk spillovers, providing valuable guidance for policymakers and investors to enhance market stability and optimize investment strategies. Full article

Nowadays, the security and stability of the global industrial chain are facing unprecedented challenges. In this context, understanding how industrial robots affect chain resilience is key to promoting high-quality economic development. This study focuses on 104 cities in the Yangtze River Delta, using data from 2006 to 2021. It applies a threshold regression model and a spatial Durbin model to examine how industrial robot penetration drives chain resilience and how its effects spread across regions. The results reveal three main findings: First, the integration of advanced manufacturing and modern services, together with strong urban innovation capacity, plays a significant role in enhancing industrial chain resilience. Second, this study evaluates policy experiments, such as Low-Carbon City and Broadband China initiatives, using a multi-period difference-in-differences model. The findings show that pilot cities involved in these programs demonstrate higher levels of chain resilience. Third, the relationship between robot penetration and chain resilience shows clear spatial and temporal patterns. Cities with higher robot usage tend to drive development in surrounding areas. This, in turn, encourages more intensive production and fosters stronger coordination across industries. Overall, this study contributes to the growing body of research on chain resilience. More importantly, it offers practical policy insights. Governments and regional firms can work together to build a new development model that enhances resilience and supports long-term economic stability. Full article

This study examines the impact of green finance policies on corporate biodiversity disclosures, focusing on China’s Green Finance Reform and Innovation Pilot Zones (GFPZs). Utilizing a comprehensive dataset of Chinese-listed firms from 2010 to 2022, we apply textual analysis to annual reports to quantify biodiversity-related disclosures. Our findings reveal that GFPZ policies significantly reduce biodiversity disclosures, suggesting a trade-off between carbon-focused financial incentives and broader environmental transparency. Cross-sectional analysis indicates that firms with higher R&D intensity and those in regions with stricter environmental enforcement exhibit fewer negative effects. Mechanism analysis highlights that carbon production intensity and green information disclosure quality mediate this relationship. Robustness checks, including propensity score matching, confirm these results. Our study underscores the need for policymakers to integrate biodiversity considerations into green finance frameworks to ensure balanced ESG priorities. Full article

Digital transformation is a crucial engine empowering enterprises for green, low-carbon development and a key pathway towards achieving China’s dual carbon goals. To investigate the carbon-emission reduction effects and mechanisms of corporate digital transformation, the panel data of China’s A-share listed companies from 2010 to 2021 were utilized to empirically examine the impact and mechanisms of digital transformation on corporate carbon emissions in this study, based on the dynamic capability and resource-based theory. The results show that the following: (1) Digital transformation demonstrates significant potential in reducing corporate carbon emissions; (2) The emission reduction effects are primarily achieved through the three key mechanisms of enhancing green innovation capabilities, alleviating financing constraints, and optimizing human capital structures; (3) The effect of digital transformation on carbon emission reductions demonstrates significant heterogeneity across enterprise characteristics and geographical locations, with particularly notable impacts observed in high-tech firms, state-owned enterprises, carbon-intensive industries, and companies located in eastern China. Therefore, we should vigorously promote the process of digital transformation of enterprises and implement targeted policy measures to support corporate green innovation, enhance financing accessibility, and optimize human capital structure. Simultaneously, we should develop differentiated emission reduction mechanisms that account for enterprise-specific characteristics, thereby maximizing the effectiveness of digital transformation in achieving dual-carbon objectives. Full article