Search Results (864)

In the digital economy era, how to effectively leverage data elements to promote green productivity has become a critical issue. The Big Data Comprehensive Pilot Zone (BDCPZ) serves as an institutional arrangement to promote data circulation, governance, and efficient allocation. Utilizing panel data from Chinese A-share listed firms spanning 2012–2023, this study treats the 2016 establishment of BDCPZ as a quasi-natural experiment and employs a difference-in-differences (DID) model to investigate how improvements in the data institutional environment induced by BDCPZ affect enterprise green total factor productivity (GTFP). Empirical results indicate that the establishment of BDCPZ significantly enhances GTFP, with results remaining robust across specification tests. Heterogeneity analyses demonstrate that these positive effects are more pronounced among non-heavily polluting enterprises, high-technology enterprises, and enterprises in less competitive markets. Mechanism analyses suggest that data-oriented institutional reforms primarily enhance GTFP through innovation incentives, human capital accumulation, and industrial structure upgrading. Furthermore, superior managerial efficiency and stronger managerial equity ownership amplify these positive effects. This study provides firm-level empirical evidence on the relationship between data-oriented institutional reforms and GTFP enhancement, contributing to the literature on data-driven institutional reforms and green productivity, and policy implications for optimizing data element utilization and promoting sustainable development. Full article

Electricity production is one of the most significant sources of environmental pollution. Traditional energy sources involve environmental devastation associated with the extraction of fossil fuels, greenhouse gas emissions, dust, and the byproducts of ash and other harmful substances. Therefore, the choice of energy source directly impacts the environmental impact of technological processes. Obtaining energy from sources that do not generate such a significant negative impact on the environment, such as hydroelectric power plants or wind farms, is not always possible, as it depends on the location of a given enterprise near rivers or areas with regularly strong winds. Therefore, the aim of our study was to assess the environmental impact of switching the power source for the technological process of mass bottle packaging from grid-connected to photovoltaic power. To this end, a 1 MW photovoltaic PV installation was designed to replace traditional grid-connected power. The design was carried out using PVsyst 7.4 software. An analysis of the monthly yields from the PV installation showed that it could power the analyzed technological process independently for ten months of the year, excluding January and December. Using Simapro 9.6 software and the Ecoinvent database, an environmental impact analysis of the change in electricity source was conducted. The study showed that powering the process with energy from the proposed photovoltaic farm reduces the potential environmental impact by approximately 75% in terms of human health, approximately 65% in terms of ecosystems, and approximately 50% in terms of resources. Full article

Green finance is an important policy for facilitating corporate environmental transformation and supporting sustainable economic development under China’s “dual-carbon” strategy. This study investigates how green financial policies influence a firm’s TFP. A DID framework is employed to estimate the policy effect and to further explore its transmission mechanisms and heterogeneous impacts across firms, applying the data of China’s A-share-listed companies from 2013 to 2024. It is found that green financial policies significantly improve a firm’s TFP. Specifically, firms located in pilot regions exhibit an average increase of 0.4509 in TFP. The results remain stable across multiple robustness checks. In addition, the policy improves TFP through three primary channels: alleviating financing constraints, stimulating green technological innovation, and promoting digital transformation. The mediation analysis based on Bootstrap resampling confirms the statistical significance of the identified transmission channels. Among them, digital transformation plays the most prominent role, contributing 20.62% to the overall mediating effect. Furthermore, the policy can enhance the TFP of non-state-owned enterprises and for firms operating in industries with lower pollution intensity. Finally, this study proposes further improving the green financial policy framework and strengthening support for green technological innovation and digital transformation, thereby better leveraging green finance to enhance firms’ TFP. Full article

Achieving simultaneous control over total carbon emissions and intensity is essential for China’s dual carbon goals. Using panel data from 1235 listed manufacturing firms (2015–2022), we construct a composite index to measure dual carbon control and investigate how data elements influence corporate carbon performance from an industry heterogeneity perspective. The main findings are as follows. (1) Data elements significantly enhance dual carbon control, with effects concentrated in high-pollution sectors, particularly metallurgy and mineral products, while remaining insignificant in low-pollution industries. (2) Mechanisms differ across industry types: capacity utilization drives improvements in high-pollution industries, whereas green technology innovation matters in low-pollution sectors such as agro-processing and textiles. (3) ESG disclosure and green credit subsidies amplify these effects, though with varying efficacy. Policymakers should adopt differentiated strategies including removing structural barriers to green innovation in high-pollution industries and activating capacity utilization through monitoring standards and technology markets in low-pollution sectors. A tailored policy framework is essential to realize the full potential of data elements in advancing China’s dual carbon goals. Full article

Using the data of Chinese listed companies from 2011 to 2021 and the Digital Inclusive Finance Index from Peking University, this study investigates the impact of digital finance on the quality of corporate environmental information disclosure from both internal and external perspectives. The findings indicate the following: (1) Digital finance significantly enhances corporate environmental information disclosure quality, a conclusion that remains valid after a series of robustness tests. (2) Mechanism analysis shows that digital finance boosts disclosure quality by enhancing corporate environmental awareness and strengthening external oversight. (3) Heterogeneity analysis shows that digital finance more strongly enhances environmental disclosure quality for state-owned enterprises, firms in non-heavy pollution industries, and those located in regions with well-developed digital infrastructure. (4) Economic consequences analysis demonstrates that better disclosure quality, driven by digital finance, boosts a firm’s capital attractiveness, R&D investments, financing conditions, and green innovation. This process also triggers significant environmental spillover effects. The findings enrich theoretical research in digital finance and expand the discussion on enhancing environmental information disclosure. Full article

Drawing on the ecological economic system theory, this paper constructs a theoretical model to analyze the impact of enterprise digital transformation on carbon emissions and the critical mechanism of green innovation therein. Empirical evidence based on data from China’s A-share listed companies from 2007 to 2024 indicates the following: First, enterprise digital transformation significantly reduces corporate carbon emissions. This conclusion remains robust after a series of robustness checks and endogeneity treatments. Second, digital transformation promotes carbon reduction primarily by increasing the quantity of green innovation, whereas the mediating role of green innovation quality has not yet manifested. Third, heterogeneity analysis confirms our theoretical deductions, revealing that this carbon reduction effect is significantly stronger in regions with high environmental regulation intensity and is predominantly manifested in highly polluting industries. Fourth, descriptive spatial analysis indicates that digital transformation is associated with reduced carbon emissions in surrounding areas, exhibiting broader regional environmental correlations as the geographic range expands. Finally, the implementation of policy instruments, represented by carbon trading and low-carbon city construction, reinforces the carbon reduction effect of digital transformation. By integrating internal technological processes, contextual heterogeneities, descriptive spatial observations, and macro-policy environments, this paper provides holistic insights into the synergistic evolution of enterprise digitalization and green transition. Full article

Differentiating between authentic corporate compliance and strategic avoidance is of paramount importance for the evaluation of carbon-emission reduction policies. Leveraging China’s Total Carbon-Emission Control Policy (TCP) as a quasi-natural experiment, the influence of carbon regulations on corporate ESG performance was investigated in this study. Three significant patterns were identified by analyzing data of Chinese non-financial A-share listed companies from 2009 to 2023 through a difference-in-differences (DID) design. First, after the implementation of the TCP, the ESG performance of firms demonstrated an increase of 0.1309 on the Huazheng ESG index, indicating substantial compliance. Second, the positive impact is more obvious in state-owned enterprises, enterprises located in the eastern regions, large-scale enterprises, and industries with high pollution, which possess stronger institutional capacity and enforcement. Third, the mechanism analysis reveals that the TCP exerts opposing forces: it promotes ESG performance via green innovation while simultaneously increasing rent-seeking costs. The net positive effect implies that substantial compliance prevails. These findings passed robustness checks. The results suggest that carbon regulations can propel corporate sustainability when institutional design achieves a balance between targets and transparency, offering insights for the climate policies of emerging economies. Full article

Under the constraints of carbon peaking and carbon neutrality targets, corporate emission reduction is shifting from fragmented governance toward integrated governance that aligns pollution control with carbon reduction and long-term sustainable development. New energy transition policies have become a key instrument for restructuring urban energy, environmental, and economic systems, yet it remains unclear how these macro-level policies reshape firms’ marginal abatement cost–benefit structures and under what governance conditions they generate the synergy within corporate pollution reduction, rather than merely shifting burdens. It is valuable to identify whether, how, and under which governance conditions new energy demonstration city policies enhance the synergy between corporate pollution reduction and carbon mitigation. Guided by system synergy theory and a marginal abatement cost perspective, we use panel data on listed firms to construct a synergy index that jointly reflects multiple pollutant emissions and abatement costs, capturing both environmental effectiveness and economic efficiency. A DID model based on the staggered rollout of new energy demonstration cities is then employed to estimate the policy’s impact on the synergy between corporate pollution reduction and carbon mitigation and its contextual conditions. The results show the following: (1) Inclusion in a new energy demonstration city significantly increases the synergy within corporate pollution reduction. (2) Mechanism analysis indicates that higher municipal attention to green and environmental development and higher corporate ESG (environmental, social, and governance) performance strengthen the positive policy influence. (3) Heterogeneous effects are mainly concentrated in non-energy intensive industries, state-owned enterprises, and small firms, which indicates structural divergence in policy incentives across different types of firms. Overall, this study enriches the studies about the synergy between pollution reduction and carbon mitigation to the firm level, embeds a marginal abatement cost perspective into synergy measurement, and provides an evaluative framework that is consistent with how firms balance environmental and financial objectives. The findings contribute to the sustainability literature by informing the design and assessment of energy transition policies and by offering evidence to refine new energy demonstration city programs so that limited governance resources are directed toward more cost-effective joint gains. Full article

Green technological innovation is critical for highly polluting agricultural operations to accelerate green transformation and achieve sustainable growth. A detailed review of these firms’ green technological innovation efficiency, as well as an analysis of the internal and external factors influencing it, can help accelerate their green technological innovation processes. As a result, this study employs firms identified as key polluting units (extremely polluting) by environmental protection authorities from 2018 to 2023 as decision-making entities. After removing ST samples, a final sample of 198 companies was obtained. This study measures and analyses the efficiency of green technological innovation using the Super-efficiency SBM model and the Super-efficiency SBM–Malmquist index model. A random-effects model investigates additional contributing elements. The findings show that the average comprehensive technological efficiency of green innovation in high-pollution agricultural enterprises is 0.29, which is only 75% of the overall efficiency level for all agricultural enterprises, and that this efficiency is distributed regionally as follows: western > central > eastern. External factors, including economic development levels and environmental restrictions, have a considerable detrimental impact on the green technology innovation efficiency of high-pollution agricultural operations. Internally, enterprise scale and equity concentration have a considerable favorable impact. The impact of technological spillover levels, government support, and how well capital is allocated is not significant and needs to be looked at more closely in a more detailed and contextual way. Full article

Under China’s “Dual Carbon” strategy, carbon transparency has become a critical determinant of corporate competitiveness. Using a dataset of Chinese A-share listed companies from 2010 to 2023, this study constructs an integrated theoretical framework combining signaling theory and the “real effects” hypothesis to investigate the impact of carbon information disclosure (CID) on firm value. The results demonstrate a significant positive relationship between CID quality and firm value, a finding that remains highly robust against the exogenous macro-policy shock of the 2020 Dual Carbon goals. A primary conceptual contribution lies in identifying Green Mergers and Acquisitions (M&A) as a vital mediating strategic mechanism. High-quality CID acts as a credible commitment device that triggers internal problemistic search, compelling firms to undertake substantive green M&A to fulfill environmental claims, thereby establishing a “transparency-to-strategy-to-value” continuum. Furthermore, heterogeneity analysis indicates that the valuation premium is markedly more pronounced in non-state-owned enterprises (Non-SOEs) and non-heavily polluting industries, reflecting their reliance on transparency to alleviate capital constraints and signal “green competitiveness.” These findings confirm that the capital market prices carbon disclosure as a high-quality strategic asset rather than a mere compliance cost, offering targeted empirical evidence for policymakers to refine standardized disclosure frameworks and for investors to screen for substantive “Green Alpha.” Full article

While it is a global imperative that firms should achieve superior environmental, social, and governance (ESG) performance, the specific impact of ESG on export product quality remains under-explored. Based on stakeholder theory and principal–agent theory, this paper utilizes a sample of Chinese listed companies and the High-Dimensional Fixed Effects (HDFE) Model to empirically examine the impact and underlying mechanisms of ESG performance on export product quality. The results indicate a U-shaped relationship between ESG performance and export product quality, a non-linear correlation that has received limited attention in the previous literature. This U-shaped relationship is more pronounced among state-owned enterprises (SOEs), firms producing non-high-tech products, and those in heavy-polluting industries. Mechanism analysis reveals that ESG performance influences export product quality primarily through three channels: innovation levels, total factor productivity (TFP), and supply chain stability. By unveiling these non-linear dynamics and their underlying pathways, this study provides a novel theoretical framework and critical empirical evidence that reconcile conflicting views on ESG effects. These findings offer important insights for policymakers and exporters seeking to align ESG practices with export objectives, thereby contributing to more sustainable and high-quality development of foreign trade in China and beyond. Full article

Against the backdrop of comprehensively promoting a green economy to drive high-quality development, curbing corporate greenwashing is pivotal to advancing this agenda. Consequently, leveraging the quasi-natural experiment presented by the gradual regional rollout of intermediate environmental courts, this study employs A-share data from Chinese listed companies between 2012 and 2024, utilizing a difference-in-differences approach. It empirically examines the impact of environmental judicial systems on corporate greenwashing practices. The findings reveal that the policy of establishing intermediate environmental courts exerts a restraining effect on corporate greenwashing. This conclusion remains robust across a series of stability and endogeneity tests. Mechanism analysis indicates that this policy reduces greenwashing by enhancing judicial efficiency, upgrading green strategies, and strengthening rights protection oversight. Further analysis indicates that the negative effect of intermediate environmental courts on corporate greenwashing is more pronounced among state-owned enterprises, heavily polluting industries, and regions with stringent environmental regulations. This provides substantial evidence that specialized environmental adjudication effectively curbs corporate greenwashing. Consequently, leveraging environmental judicial mechanisms to curb corporate greenwashing and promote green innovation holds significant implications for advancing high-quality socio-economic development. Full article

Against the backdrop of escalating global climate risks, whether and how government attention to climate risks affects corporate green investment is a key issue to address the “macro–micro” transmission obstruction in green economic transformation. Based on stakeholder theory, combining text analysis and panel data regression methods, this paper systematically examines the impact effect, transmission mechanism, and economic consequences of government attention to climate risks on corporate green investment, using Chinese A-share listed companies from 2010 to 2023 as research samples. The findings are as follows: (1) Government attention to climate risks significantly and positively promotes corporate green investment, and this conclusion remains valid after multiple robustness tests; (2) government attention to climate risks indirectly drives enterprises to increase green investment by strengthening environmental regulation constraints and encouraging corporate green innovation; (3) the promotion effect is more significant in enterprises in central China, manufacturing enterprises, and heavily polluting enterprises; (4) there is a U-shaped relationship between corporate green investment and corporate value. Government attention to climate risks significantly strengthens this U-shaped correlation by lowering the value return threshold of green investment and amplifying the marginal returns after crossing the threshold. Full article

This study empirically examines the impact of digital transformation on the green development of manufacturing enterprises using a fixed-effects model and a mediation model, based on sample data from A-share listed manufacturing companies from 2012 to 2023. The findings reveal: (1) Digital transformation significantly promotes green development in manufacturing enterprises, a conclusion that remains valid after controlling for endogeneity and conducting robustness tests; (2) Mechanism analysis indicates that digital transformation empowers green development through dual pathways: enhancing new-quality productivity and attracting green investors; (3) Heterogeneity analysis shows that the promotional effect of digital transformation on green development is more pronounced in non-heavily polluting industries and among enterprises in eastern regions; (4) Further analysis reveals that the promotional effect of digital transformation on green development is modulated by firm growth potential and financing constraints, with positive and negative significant effects, respectively. These findings underscore the strategic importance of understanding and leveraging the channels and enabling effects of digital transformation on green development to enhance both digital production and green development levels in manufacturing enterprises. Full article

The problem of urban surface runoff (USR) treatment is associated with the presence of high concentrations of specific pollutants. One of these pollutants is petroleum product (PP), whose concentration depends on the season and the location of the formation of snow masses, meltwater, and rainwater. For USR treatment, it is possible to use very environmentally friendly and inexpensive technologies. The article discusses natural sorbents based on wood materials, which effectively remove dissolved petroleum products from water. Pine sawdust and shredded branches of maple, birch, and poplar are used as raw materials, which are waste products from the city’s woodworking enterprise and utilities. These materials were pre-microwave (MW) treated to improve their sorption properties. As a result of the experiment, it turned out that modified pine sawdust and crushed maple pinwheels proved to be the most effective sorbents. The maximum sorption capacity values were 0.689 mg/g and 0.952 mg/g for pine and maple sorbents, respectively. This article proposes schemes for filtering devices that can be used in practice in an urban environment. Full article