Search Results (135)

Recent theoretical and empirical studies highlight that information asymmetry and owner–manager conflict of interest can distort corporate investment decisions. Building on this premise, we hypothesize that superior environmental, social, and governance (ESG) performance mitigates these frictions by (H1) alleviating financing constraints and (H2) intensifying external analyst scrutiny. To test these hypotheses, we examine all Shanghai and Shenzhen A-share non-financial firms from 2009 to 2023. Using panel fixed-effects and two-stage least squares with an industry–province–year instrument, we find that higher ESG performance significantly reduces investment inefficiency; the effect operates through both lower financing constraints and greater analyst coverage. Heterogeneity analyses reveal that the improvement is pronounced in small non-state-owned, non-high-carbon firms but absent in large state-owned high-carbon emitters. These findings enrich the literature on ESG and corporate performance and offer actionable insights for regulators and investors seeking high-quality development. Full article

Green public procurement (GPP) is a pivotal policy instrument for advancing urban low-carbon transitions. Using panel data from 285 Chinese cities (2015–2023), this study employs a panel fixed-effects model, mediation analysis, and spatial Durbin model to assess the impact, influencing mechanisms, and spatial spillover effects of GPP on urban carbon emissions intensity. The key findings reveal the following: (1) a 1% increase in GPP implementation is associated with a 1.360% reduction in local urban carbon emissions intensity. (2) GPP reduces urban carbon emissions intensity through urban green innovation, corporate sustainability performance, and public ecological awareness. (3) GPP exhibits significant cross-boundary spillovers, where a 1% reduction in local carbon emissions intensity induced by GPP leads to a 14.510% decline in that in neighboring cities. These results provide robust empirical evidence for integrating GPP into the urban climate governance framework. Furthermore, our findings offer practical insights for optimizing the implementation of GPP policies and strengthen regional cooperation in carbon reduction. Full article

With the continuous expansion of global trade, achieving sustainable maritime transport optimization and operations has become a key strategic direction for transforming maritime transport companies. To summarize the current state of research and identify emerging trends in sustainable maritime transport optimization and operations, this study systematically examines representative studies from the past decade, focusing on three dimensions, technology, management, and policy, using data sourced from the Web of Science (WOS) database. Building on this analysis, potential avenues for future research are suggested. Research indicates that the technological field centers on the integrated application of alternative fuels, improvements in energy efficiency, and low-carbon technologies in the shipping and port sectors. At the management level, green investment decisions, speed optimization, and berth scheduling are emphasized as core strategies for enhancing corporate sustainable performance. From a policy perspective, attention is placed on the synergistic effects between market-based measures (MBMs) and governmental incentive policies. Existing studies primarily rely on multi-objective optimization models to achieve a balance between emission reductions and economic benefits. Technological innovation is considered a key pathway to decarbonization, while support from governments and organizations is recognized as crucial for ensuring sustainable development. Future research trends involve leveraging blockchain, big data, and artificial intelligence to optimize and streamline sustainable maritime transport operations, as well as establishing a collaborative governance framework guided by environmental objectives. This study contributes to refining the existing theoretical framework and offers several promising research directions for both academia and industry practitioners. Full article

Achieving the dual carbon goal and addressing escalating environmental challenges requires that manufacturing enterprises in China must pursue sustainability via green innovation strategies. A key rationale for green innovation is to overcome boundaries and acquire knowledge through boundary-spanning search. Additionally, leveraging artificial intelligence (AI) capabilities provides technical support throughout the innovation process. Thus, both boundary-spanning search and AI capabilities are crucial for achieving sustainability objectives. Drawing on organizational search and knowledge management theories, this paper aims to analyze how dual boundary-spanning search affects sustainability performance and green innovation. It also examines the moderating role of AI capabilities and constructs a moderated mediation model. We analyzed questionnaire data collected from 171 Chinese manufacturing companies over a 13-month period, employing hierarchical regression and bootstrap sampling methods using SPSS 27.0. Our findings reveal that both prospective and responsive boundary-spanning searches significantly enhance corporate sustainability performance. Furthermore, green innovation acts as a positive partial mediator between dual boundary-spanning search and corporate sustainability performance. Notably, AI capabilities positively moderate the relationship between dual boundary-spanning search and green innovation. They also strengthen the mediating effect of green innovation on the link between dual boundary-spanning search and corporate sustainability performance. Based on these findings, more resources should be allocated to boundary-spanning search while encouraging enterprises to pursue green innovation and develop AI capabilities. These efforts will provide robust support for sustainability performance in the manufacturing sector. Full article

This paper empirically investigates the impact of energy transition on corporate performance by utilizing panel data from A-share listed companies in Shanghai and Shenzhen between 2008 and 2022. Employing a fixed-effects model, the analysis incorporates key mediating variables including financing constraints, research and development (R&D) investment, corporate reputation, and investor attention. The results demonstrate that the energy transition exerts a significantly positive effect on firm performance, primarily through alleviating financing constraints and stimulating R&D activities. These effects are notably stronger among firms with higher market responsiveness and in regions exhibiting greater levels of economic development—particularly small- and medium-sized enterprises (SMEs), non-state-owned firms, enterprises located in eastern China, and those operating in high-carbon-emitting industries. Furthermore, enhanced corporate reputation and heightened investor attention serve as important amplifiers, reinforcing the positive relationship between energy transition and firm performance. This suggests the existence of a virtuous cycle wherein “transition investment” facilitates “resource integration,” ultimately leading to superior “performance outcomes.” The findings highlight the strategic value of aligning energy transition efforts with firm-level capabilities, indicating that sustainable investments can serve as a pathway to both environmental and economic gains through enhanced competitiveness and stakeholder engagement. Full article

In 2020, the Chinese government announced the “Dual Carbon” goals, making carbon responsibility the most prominent focus within the Environmental, Social, and Governance (ESG) practices of Chinese firms. This shift creates a new type of ESG-washing, a practice involving the selective disclosure of information that portrays the firm in a favorable light, thereby leading stakeholders to overestimate its ESG performance. In this study, we define a novel type of ESG-washing behavior called “ESG carbonwashing”, in which firms disproportionately highlight their carbon responsibility initiatives while overlooking other dimensions of ESG. By adopting a strategy of excessively emphasizing their carbon-related efforts in ESG activities, these firms mislead stakeholders about their overall ESG performance. Using a sample of 59 high-carbon-emitting firms listed on the Shanghai and Shenzhen A-share markets from 2018 to 2022, we construct a systematic framework to measure the extent of ESG carbonwashing and further analyze its temporal and industry-level variations. Our key findings indicate that: (1) ESG carbonwashing has significantly increased alongside the rollout of the “Dual Carbon” policy; (2) there are significant inter-industry differences, with the steel and aviation sectors exhibiting the highest levels of ESG carbonwashing, while the building materials industry shows the lowest. This study offers valuable guidance for ESG information users in detecting and mitigating carbonwashing practices, while also providing robust empirical support for refining relevant regulatory frameworks. Full article

Urgency and severity of climate change impacts have become increasingly prominent, making the enhancement of corporate climate risk disclosure (CCRD) a shared demand among regulators, investors, and the general public. From the perspective of irrational behavioral traits, this paper utilizes a sample of A-share-listed companies in China from 2008 to 2022 to empirically examine the impact of executives’ overseas experiences on CCRD and its underlying mechanisms. To measure firm-level climate risk disclosure, we employ machine learning-based textual analysis techniques and match the constructed disclosure indicators with firms’ financial data. The results demonstrate that executives with overseas experience significantly enhance the level of CCRD, and this effect remains consistent after a series of robustness tests. This effect operates through the dual paths of “climate attention allocation enhancement” and “management myopia mitigation”. Moreover, the positive impact of overseas experience is more pronounced among firms in climate-sensitive industries and regions with lower climate awareness. A further analysis of executive overseas experience characteristics shows that executives with experience in developed economies and those with international educational backgrounds exhibit a stronger influence in promoting CCRD. Additionally, an investigation into the economic consequences demonstrates that executives with overseas experiences not only improve firms’ ESG performances but also help reduce ESG rating discrepancies, reinforcing the beneficial role of overseas exposure in corporate governance. The findings not only provided micro-level empirical evidence for the effectiveness of talent recruitment policies in emerging economies but also yielded critical policy implications for regulatory bodies to refine climate disclosure frameworks and enable enterprises to leverage opportunities in low-carbon transition. Full article

In response to urban digital intelligence transformation (DIT) and the rising global emphasis on corporate carbon performance (CP), this study leverages the “National New-Generation AI Innovation Development Pilot Zones” (NAIPZs) as a quasi-natural experiment. Utilizing an unbalanced panel of A-share listed firms from China’s Shanghai and Shenzhen stock exchanges between 2010 and 2022, this study employs a multi-period Difference-in-Differences (DID) model combined with propensity score matching (PSM-DID) to examine how urban DIT affects corporate CP and its underlying mechanisms. The results indicate that the policy significantly enhances corporate CP, with robustness confirmed through parallel trend, placebo, and PSM-DID tests. Heterogeneity analysis shows stronger effects for non-state-owned enterprises, high-pollution industries, and large enterprises. Mechanism analysis reveals that green technological innovation and R&D expenditure are key drivers of improved CP. The study concludes with policy suggestions including tailored regulation, the development of innovation platforms, strengthened R&D support, and the implementation of monitoring systems to better harness AI technologies for improving corporate carbon performance. Full article

Intensifying challenges posed by global warming have elevated the urgency of improving corporate carbon performance and curbing carbon emissions. Green financial instruments serve a vital function in advancing corporate transitions toward environmentally responsible and low-carbon operational models. This research explores the influence of green funds on carbon performance at the firm level, aiming to clarify the micro-level mechanisms through which green financial instruments promote low-carbon development. The study utilizes data from Chinese listed companies spanning 2012 to 2021 and employs a TWFE regression model to empirically assess the effects. The findings indicate that green funds contribute to improved carbon performance. Furthermore, this effect is positively moderated by executive green awareness and financial background, indicating that managerial cognition and experience play a vital role in amplifying the benefits of green finance. Notably, green funds exert a stronger positive effect in highly polluting industries, suggesting that green financial resources should be directed not only to low-emission sectors but also to high-emission ones to improve their carbon efficiency. These findings extend existing literature by offering firm-level evidence on the effectiveness of green financial instruments and underscore the importance of targeted policy support to encourage green upgrading across all industry types. Full article

Against global carbon neutrality goals and China’s “dual carbon” strategy, this study examines how green technology innovation shapes corporate carbon performance through a dual-path mechanism—improving enterprises’ resource utilization efficiency and environmental governance capabilities. Leveraging data from Chinese A-share listed firms (2007–2022) and methods including fixed effects, instrumental variables, and Heckman two-stage models, key findings include: (1) Green technology innovation significantly improves carbon performance. (2) This effect operates through two pathways: enhancing total factor productivity (TFP) and strengthening environmental governance. (3) Green media and investor attention amplify the positive impact of green innovation on carbon performance. (4) The effect remains significant but shows diminishing marginal returns over 1–4 future periods. (5) Non-state-owned enterprises and non-high-carbon industries exhibit more pronounced improvements. This research provides micro-level evidence for “technology-driven low-carbon transformation”, offering theoretical support for policy differentiation and corporate green technology strategies, with practical implications for achieving China’s “dual carbon” objectives. 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

In recent years, a pressing global challenge has been that increasingly stringent environmental regulations have failed to prevent global climate change. In this context, exploring the synergistic effects of a policy mix approach has emerged as a promising strategy to turn the tide. Given that companies are the primary sources of carbon emissions, this study adopts a novel micro-level perspective. It employs the difference-in-differences method and establishes a two-way fixed effects model to empirically examine the interactive effects of the Low-Carbon City Pilot (LCCP) and the Carbon Emissions Trading Pilot (CETP) on corporate low-carbon development. Based on data availability and relevance, it uses a sample of Chinese listed industrial companies in 2007–2020. The findings indicate that the CETP enhances corporate carbon performance, whereas the LCCP has no significant impact on its own. However, the combined implementation of the two policies has resulted in a synergistic effect, with green innovation playing a mediating role in this process. The study also identifies the presence of a “green paradox” under heavily polluting industries and a weakening of the policies’ effectiveness in Western China and among non-high-tech firms. For emerging countries undergoing low-carbon transitions, it is essential to design context-specific policy combinations that maximize the effectiveness of environmental regulations. Full article

Climate change presents a critical challenge to achieving the 2030 Sustainable Development Goals (SDGs), particularly SDG 13 on Climate Action. This study examined the effect of corporate governance on carbon emission disclosure and carbon performance among 150 non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2016 to 2022. Drawing on stakeholder, legitimacy, agency, and resource dependence theories, the study utilized panel data comprising 468 firm-year observations and employed ordinary least squares (OLS) regression to assess both direct and moderating effects. The findings indicate that governance attributes covering board size, board gender diversity, foreign ownership, and the presence of a CSR committee had a positive effect on carbon emission disclosure and carbon performance. Moreover, these governance factors enhanced the correlation between disclosure and performance, suggesting that robust governance could strengthen the environmental impact of transparency. However, board independence exhibited a negative or statistically insignificant effect, highlighting a potential disconnect between governance expectations and environmental oversight in emerging markets. Despite increasing awareness, the levels of carbon disclosure and performance in Indonesia remained low, averaging only 27.8% and 6.6%, respectively. This study provides policy recommendations to strengthen ESG regulations, encourages firms to institutionalize sustainability practices, and calls for cross-country comparative research to improve generalizability. Full article

For a country like China, which places equal emphasis on economic development and environmental governance, the exploration of the potential of digital transformation to enhance corporate Environmental, Social, and Governance (ESG) performance is of paramount importance in achieving the carbon peak target by 2030. Accordingly, this paper employs a two-way fixed-effects model to analyze the impact of digital transformation on corporate ESG performance, based on annual data from Chinese listed companies from 2014 to 2023. On this basis, we established a theoretical framework and implemented a dual fixed-effects model. The findings argue that digital transformation materially enhances corporate ESG performance, primarily by enhancing resource allocation efficiency and narrowing the technological gap. The research results are confirmed to be valid through rigorous robustness testing and endogeneity analysis, with evident effects observed in large-scale, technology-intensive, asset-intensive, central–eastern regions, and high-tech enterprises. This research offers both theoretical foundations and practical insights for companies pursuing ESG performance enhancement through digital transformation while also providing a valuable point of reference for policymakers working toward green transformation and the carbon peaking target. Full article

Under the pressure of the global low-carbon transition, green initiatives have gradually emerged as a critical direction for outward foreign direct investment (OFDI). In the context of China’s high-level opening up, environmental, social, and governance (ESG) performance can promote sustainable development of firms. However, there is lack of research on the influence of ESG performance from the perspective of corporate green OFDI. This study examines the impact mechanism of ESG performance on corporate green OFDI in terms of its propensity and depth, using a sample of Chinese A-share listed firms from 2009 to 2023. The findings indicate that ESG performance promotes corporate green OFDI, a result that remains robust after a series of endogeneity and robustness tests. The internal mechanism analysis reveals that ESG performance enhances corporate green OFDI by reducing financing constraints and managerial myopia and by promoting risk-taking and foreign institutional investors’ shareholdings. The external mechanism analysis verifies that ESG institutional constraints in the home country and ESG locational advantages in host countries strengthen the positive effect of ESG performance on corporate green OFDI. Further analysis shows that ESG performance facilitates corporate green innovation development through collaborative and independent innovation by promoting corporate green OFDI. By extending the theoretical understanding of the impact of ESG performance on the process of corporate green OFDI, this study provides strategic guidance for the sustainable development of firms in China and other similar developing countries. Full article