Search Results (129)

In the grand context of the global convergence of the “dual-carbon” strategy and the digital economy, the underlying mechanisms by which corporate fintech impacts ESG performance remain a “black box” waiting to be explored. To this end, this study reveals the path by which corporate fintech unlocks ESG performance by constructing a theoretical framework that integrates resources, technology and governance. Based on data from Chinese A-share listed companies from 2011 to 2023, we found that corporate fintech can significantly improve ESG performance. Its core mechanism is to optimize resource allocation by alleviating financing constraints, promote green innovation-driven technological upgrades, and reduce agency costs to improve internal governance. Heterogeneity analysis further reveals that this effect is particularly prominent in companies with financial difficulties or high proportions of independent directors, and areas with weak institutional environments, highlighting the catalytic role of corporate fintech in specific situations. This study not only provides micro-mechanism evidence for digital technology to empower the sustainable development of enterprises but also offers important policy implications for emerging markets to leverage fintech to make up for institutional shortcomings and promote green transformation. Full article

In today’s increasingly serious environmental problems, a growing number of enterprises are upgrading remanufacturing as an important corporate strategy. This paper compares two third-party remanufacturing models: the entrusting and Authorizing Models, and introduces two different levels of consumer low-carbon preferences: medium and high. By establishing game equations, we find the equilibrium solution of each model. The results reveal that in the basic model, OEM tends to choose the Authorizing Model when consumers have a pronounced quality bias against remanufactured products. Contrary to intuition, TRM always prefers the Entrusting Model. In scenarios where consumers possess medium low-carbon preferences, OEM tends to choose the Authorizing Model when consumers have a high bias against the quality of the remanufactured products or a low bias against the carbon emissions of the new products. Conversely, OEM tends to choose the entrusting remanufacturing model under the opposite conditions. In scenarios where consumers express high low-carbon preferences, the situation becomes the complete opposite. When consumers exhibit a low bias against remanufactured products’ quality or a high bias against carbon emissions from new products, OEM tends to choose the Authorizing Model. Conversely, OEM prefers the Entrusting Model when consumers’ biases differ. In addition, the consumer surplus and social welfare of the Entrusting Model are higher than those of the Authorizing Model, regardless of the research scenario. Full article

Higher education institutions face a critical methodological challenge in pursuing net-zero commitments: Within the amount ofhe emissions related to Scope 3, including indirect emissions from water consumption, waste disposal, business travel, and mobility, employees commuting represents 50–92% of campus carbon footprints, yet reliable quantification remains elusive due to fragmented data collection and governance silos. The present research investigates how purposeful integration of the Home-to-Work Commuting Plan (HtWCP)—mandatory under Italian Decree 179/2021—into the Climate Neutrality Plan (CNP) could constitute an innovative strategy to enhance emissions accounting rigor while strengthening institutional governance. Stemming from the University of Genoa case study, we show how leveraging mandatory HtWCP survey infrastructure to collect granular mobility behavioral data (transportation mode, commuting distance, and travel frequency) directly addresses the GHG Protocol-specified distance-based methodology for Scope 3 accounting. In turn, the CNP could support the HtWCP in framing mobility actions into a wider long-term perspective, as well as suggesting a compensation mechanism and paradigm for mobility actions that are currently not included. We therefore establish a replicable model that simultaneously advances three institutional dimensions, through the operationalization of the Avoid–Shift–Improve framework within an integrated workflow: (1) methodological rigor—replacing proxy methodologies with actual behavioral data to eliminate the notorious Scope 3 data gap; (2) governance coherence—aligning voluntary and regulatory instruments to reduce fragmentation and enhance cross-functional collaboration; and (3) adaptive management—embedding biennial feedback cycles that enable continuous validation and iterative refinement of emissions reduction strategies. This framework positions universities as institutional innovators capable of modeling integrated governance approaches with potential transferability to municipal, corporate, and public administration contexts. The findings contribute novel evidence to scholarly literature on institutional sustainability, policy integration, and climate governance, whilst establishing methodological standards relevant to international harmonization efforts in carbon accounting. Full article

In the context of global climate change and carbon-neutrality goals, carbon taxes and carbon tariffs have become key policy tools for regulating corporate emissions. However, most existing studies examine these policies in isolation and overlook firms’ behavioral responses under their joint implementation, especially with product heterogeneity. This study analyzes production and emission-reduction decisions of two-country manufacturers under carbon taxation and further investigates corporate behavior and social welfare outcomes when both carbon taxes and carbon tariffs are imposed. The results show that carbon taxes enhance emission-reduction efforts, though with diminishing marginal effects. Moderate carbon tariffs further motivate exporting firms to reduce emissions, while overly high tariffs may induce market exit, particularly for high-quality manufacturers. Consumer preferences also interact with policy effects: stronger preferences for high-quality products encourage firms to expand domestic markets and increase green investments, whereas weaker preferences shift focus toward exports. Social welfare responds asymmetrically, moderate tariffs improve environmental performance, while excessive tariffs lead to trade distortions and welfare losses. Overall, this study highlights nonlinear and heterogeneous firm responses under combined carbon policies, offering insights for policy design and corporate strategy. Full article

Under China’s “dual carbon” targets and deepening global climate governance, this paper investigates whether and how corporate green transformation (GTF) improves carbon performance (CP). Using panel data on Chinese A-share listed firms from 2008 to 2023 and multiple causal identification strategies (fixed effects, RD, DID and PSM), we find that GTF significantly enhances CP, with stronger marginal effects for firms with poorer initial carbon performance. Mechanism analyses show that carbon disclosure (CD) acts as a positive mediator in the GTF–CP nexus, whereas executives’ green perception (EGP) exerts a short-term suppressing effect. Policy analyses further indicate that the 2012 pilot emissions trading schemes and the 2021 national carbon market amplify the positive impact of GTF on CP, but local “compliance traps” around industry medians suggest strategic use of allowance trading. The study integrates EGP and CD into a cognition–disclosure framework linking GTF and CP and provides evidence on the emission-reduction effects of GTF under evolving carbon policies, with implications for carbon market design and corporate low-carbon governance. Full article

Regarding the deep integration of China’s “dual carbon” strategy with high-quality development, the objectives of practicing ESG principles and fostering new quality productive forces are highly aligned, which constitute an endogenous driving force for corporate sustainability. Government subsidies, by providing directional incentives and guiding resource allocation, further facilitate the integration and agglomeration of factors that underpin new quality productive forces. Yet, existing research offers limited theoretical explanation and empirical evidence regarding the relationship among these three dimensions and the mechanisms through which their effects are transmitted. To fulfill the research, this study uses resources from A-share listed enterprises in China between 2015 and 2023. From the perspective of government subsidies and grounded in signaling theory and resource allocation theory, we construct an index system to measure new quality productive forces and employ a two-way fixed effects model alongside Bootstrap mediation test to investigate the mechanisms and transmission pathways linking ESG performance, government subsidies, and new quality productive forces. The results reveal that strong ESG performance substantially enhances the new quality productive forces, and the assertion stays steadfast after addressing endogeneity concerns and conducting multiple robustness checks. Moreover, ESG performance enhances firms’ access to government subsidies, which subsequently has a partial mediation effect. The analysis also uncovers heterogeneity: the beneficial impact of ESG performance is more salient among small and medium-sized firms as well as firms in eastern regions. This study contributes to the literature by extending the theoretical framework on the correlation between ESG performance and new quality productive forces, while also offering practical insights for advancing corporate ESG practices and refining government subsidy policies. Full article

In the context of global sustainable development and China’s “Dual Carbon” goals, green transformation has emerged as a crucial pathway for manufacturing enterprises to enhance their ESG performance. This study develops a comprehensive and novel framework for assessing green transformation and uses panel data from Chinese A-share listed manufacturing firms spanning 2009 to 2022 to systematically evaluate the impact of this transformation on ESG performance. It also investigates the moderating effects of financing constraints, firm size, and digital transformation. The empirical findings reveal three key results. First, green transformation exerts a significant positive influence on corporate ESG performance, and this conclusion remains robust after conducting multiple endogeneity and sensitivity tests. Second, the beneficial effect of green transformation is more pronounced in state-owned enterprises, firms in central, western, and northeastern China, and younger enterprises. This reflects the substantial impact of policy orientation and resource base on the effectiveness of implementing green strategies. Third, financing constraints amplify the ESG benefits derived from green transformation. In contrast, firm size exhibits a negative moderating effect, indicating that small- and medium-sized enterprises (SMEs) derive greater advantages. Although digital transformation generally enhances ESG performance, it presents a synergistic imbalance with green transformation that diminishes its marginal effect. This study provides theoretical foundations and robust empirical evidence to support the advancement of corporate ESG performance through initiatives focused on green transformation. Full article

In the context of the ongoing deepening of the “dual carbon” strategy and concepts of sustainable development, corporate environmental, social, and governance (ESG) performance has increasingly garnered the attention of various investment entities and gradually influenced key operational areas, such as supply chain financing. This paper analyzes the potential impact and mechanisms through which ESG performance affects corporate supply chain financing, using resource dependence and stakeholder theories as analytical lenses. The study utilizes data from A-share listed companies in China from 2013 to 2023 and finds that strong ESG performance significantly enhances the supply chain financing available to companies. This effect is particularly pronounced among state-owned enterprises, large firms, those with lower pollution levels, and companies in high-tech industries. Further analysis indicates that ESG performance positively influences supply chain financing by enhancing corporate reputation and reducing information asymmetry. Therefore, companies, financial institutions, and relevant government agencies should prioritize the development of ESG performance, integrate it into long-term strategies, promote standardized information disclosure, and support the sustainable development of supply chain financing. Full article

Supply chain digitalization (SCD) plays a critical role in accelerating corporate green innovation, reducing carbon emissions, and enhancing corporate green transformation performance (CGTP). Drawing on the practice-based view, this study examines how SCD influences CGTP and through which mechanisms, using data from Chinese A-share listed firms spanning 2013 to 2021. Applying a double machine learning approach, the results demonstrate that SCD significantly enhances CGTP. Further, heterogeneity tests reveal that this positive effect is more pronounced in firms exposed to higher technological uncertainty, led by executives with stronger green cognition, and operating in less competitive markets. Mechanism tests suggest that SCD enhances firms’ sensing, seizing, and reconfiguring capabilities, thereby facilitating CGTP. The findings enrich the understanding of digital transformation and sustainability linkages and provide practical insights for managers and policymakers seeking to leverage SCD-driven strategies to promote corporate green transformation and sustainable development. Full article

This study investigates the role of government subsidies in fostering sustainable development among 69,525 Chinese manufacturing companies, with a focus on product quality and production efficiency. We examine how subsidy effects vary across companies with different ownership types, export orientations, and market competition intensities. Our results indicate that subsidies generally enhance both product quality and production efficiency, albeit with a time lag. These improvements are primarily driven by increased R&D investment and the adoption of upgraded equipment, contributing to sustainable operational practices. We find that subsidies are particularly effective in promoting sustainability outcomes in non-state-owned and non-exporting companies, though their suitability remains context-dependent. Specifically, subsidies more significantly improve product quality in low-competition, export-oriented companies, while they exert a stronger influence on production efficiency in companies operating in highly competitive environments. For management, aligning government subsidies with corporate strategy is crucial to enhancing product quality and efficiency. For policymakers, the heterogeneous treatment effects support moving away from one-size-fits-all grants toward tiered support that channels R&D-intensive subsidies to leading industries and efficiency-oriented subsidies to highly competitive industries. These findings directly inform China’s Dual-Carbon strategy and offer an exportable evaluation framework for emerging economies seeking to align industrial policy with the UN Sustainable Development Goals. Full article

This study focuses on highway service areas. Building upon prior research that identified key influencing factors through surveys and ISM–MICMAC analysis, it constructs a tripartite evolutionary game model involving the government, service area operators, and carbon reduction technology providers based on stakeholder theory. Combined with MATLAB simulations, the model reveals the dynamic patterns of the carbon reduction system. The results indicate that government strategies exert the strongest influence on the system and catalyze the other two parties, followed by service area operators. Carbon reduction technology providers adopt a more cautious stance in decision-making. Government actions shape system evolution through a “cost-benefit-incentive” triple mechanism, with its strategies exhibiting significant spillover effects on other actors. Enterprise behavior is markedly influenced by Xinjiang’s regional characteristics, where the core barriers to corporate carbon reduction lie in the costs of proactive equipment and technological investments. The willingness of technology providers to cooperate primarily depends on two drivers: incremental baseline benefits and enhanced economies of scale. The core trade-off in government decision-making lies between the cost of strong regulation (Cg1) and the cost of environmental governance under weak regulation (Cg2). An increase in Cg1 prolongs the government’s convergence time by 233.3% and indirectly suppresses the willingness of enterprises and technology providers due to weakened subsidy capacity. Enterprises are relatively sensitive to the investment costs of carbon reduction equipment and technology, with convergence time extending by 120%. Technology providers are highly sensitive to incremental baseline returns (Rt), with stabilization time extending by 500%. Compared to existing research, this model quantitatively reveals the “cost-benefit-incentive” triple transmission mechanism for carbon reduction coordination in “grid-end” regions, identifying key parameters for strategic shifts among stakeholders. Based on this, corresponding policy recommendations are provided for all three parties, offering precise and actionable directions for the sustainable advancement of carbon reduction efforts in service areas. The research conclusions can provide a replicable collaborative framework for decarbonizing transportation infra-structure in grid-end regions with high clean energy endowments. Full article

With the rise of the digital economy, energy management has become increasingly intelligent and data-driven. Environmental, Social, and Governance (ESG) considerations have emerged as a key driver of corporate competitiveness, while microgrid scheduling serves as an essential pathway for enterprises to achieve carbon reduction, attract green investment, and meet low-carbon development goals. However, traditional microgrid economic dispatch algorithms often suffer from low optimization efficiency, limited scalability, and poor flexibility. To address these challenges, this paper proposes a multi-strategy improved sand cat swarm optimization (MISCSO) algorithm for the economic scheduling of microgrids. First, a distribution-optimized initialization method based on adaptive diversity guidance is developed to enhance the quality of the initial population. This approach improves algorithmic performance by generating individuals in high-potential regions to ensure solution quality while maintaining population diversity through the inclusion of individuals from low-potential regions. Subsequently, an elite-centered global random movement strategy is introduced to balance elite guidance and global exploration, thereby improving both convergence speed and optimization accuracy. In addition, an adaptive elastic boundary mapping mechanism is proposed to effectively handle boundary violations, striking a balance between boundary constraints and global search capability. To evaluate the effectiveness of MISCSO, it is compared with 11 state-of-the-art algorithms using the IEEE CEC2017 benchmark set, and statistical analyses are conducted to assess performance differences. Experimental results demonstrate that MISCSO achieves superior optimization accuracy, convergence performance, and robustness. Finally, the applicability of MISCSO is verified through its implementation in microgrid economic scheduling, where it achieves outstanding optimization results. Full article

In response to escalating global ecological and environmental challenges, this study examines the impact of carbon information disclosure on environmental, social, and governance (ESG) performance to encourage corporate transition toward pollution reduction and carbon mitigation, thereby contributing to the practical advancement of the “dual carbon” strategy. Based on a hierarchical regression analysis of manufacturing listed companies on the Shanghai and Shenzhen A-share markets from 2009 to 2023, the findings reveal that carbon information disclosure significantly enhances corporate ESG performance. Mechanism tests reveal that green technology innovation partially mediates the relationship between carbon information disclosure and ESG performance, while environmental regulations, media attention, and market competition exert positive moderating effects on this relationship. Heterogeneity analysis indicates that carbon information disclosure exerts a pronounced positive effect on ESG performance for high-tech, heavily polluting, and eastern enterprises. This research expands the understanding of the value of carbon information disclosure and provides theoretical foundations and practical insights for enterprises pursuing sustainable development. Full article

Green transformation is becoming key for corporate sustainability in the context of global carbon neutrality goals and China’s “dual carbon” strategy (peak carbon emissions and carbon neutrality). Digital transformation, particularly supply chain digitization, plays a significant role in green transformation. Corporations could improve environmental performance through appropriate resource allocation. Much academic and practical attention is drawn to this area to motivate corporate green transformation. This research proposes to explore the incentive effect of supply chain digitization on corporate green transformation and analyze the mediation mechanism of carbon information disclosure and the regulatory effect of external investor supervision. The study samples Chinese A-share listed firms between 2012 and 2024, constructs a moderated mediation effect model, and arrives at the following conclusions: (1) The digitization of the supply chain significantly stimulates the green transformation of public firms, indicating that digital technology promotes the green development of enterprises through optimizing supply chain management and improving environmental governance efficiency; (2) Carbon information disclosure plays a partial intermediary role between supply chain digitization and corporate green transformation, that is, supply chain digitization enhances the quality of carbon information disclosure and further strengthens the willingness and ability of enterprises to undergo green transformation; (3) The positive regulatory effect of external supervision on carbon information disclosure by investors indicates that external regulatory pressure can enhance the transmission effect of carbon information disclosure on corporate green transformation; (4) Heterogeneity analysis shows that supply chain digitization has a more significant incentive effect on green transformation for manufacturing firms, state-owned enterprises, and high-polluting enterprises, indicating that industry attributes, property rights, and environmental regulation intensity affect the effectiveness of digital green transformation. Full article

Corporate carbon information disclosure (CID) is gradually transitioning from being voluntary to mandatory, consistent with the global consensus on addressing climate change and achieving sustainable development. CID reflects corporate environmental performance and is a crucial source for the market to comprehend corporate environmental risks and assess their long-term value. However, corporate operations are often influenced by managers’ behavioral preferences when formulating disclosure strategies, as managerial cognitive vision and values directly affect strategic decisions. This study used a sample of Chinese A-share-listed companies for 2010 to 2023 to investigate the relationship between managerial myopia and CID. The findings indicate that managerial myopia significantly inhibits CID by reducing executive environmental awareness and corporate green innovation capabilities. A heterogeneity analysis shows that managerial myopia has a stronger inhibitory effect on CID in companies with weak governance structures and those that are not technology-intensive, providing valuable references for environmental performance and CID practice in emerging countries. Full article