Search Results (88)

The rapid advancement and broad adoption of digital technologies have infused ESG practices with new dimensions and significance. Drawing on panel data from Chinese A-share listed companies spanning from 2012 to 2023, this paper aims to explain the impact of digital transformation on corporate ESG performance, explore its mechanisms and external regulatory effects, and provide systematic ideas and methods for improving corporate ESG performance from the perspective of digital transformation. The key findings of this study are summarized as follows: (1) Digital transformation (DT) has a significant positive effect on corporate ESG performance, and this association remains statistically robust following multiple robustness tests and a correction for potential endogeneity. (2) An analysis of the entire operational process reveals that DT improves ESG performance through enhancing environmental information disclosure quality, strengthening the integration of digital and physical industry technologies, and bolstering supply chain resilience. (3) The implementation of the “Broadband China” strategy exerts a positive moderating effect on the linkage between DT and ESG performance. (4) A heterogeneity analysis shows that the positive impact of DT on ESG performance is more significant and stable in non-state-owned enterprises, eastern regions, less-polluted areas, and growth stage enterprises. These findings offer theoretical and empirical insights for understanding ESG performance drivers. However, the focus on Chinese A-share firms and the use of Sino-Securities ratings may limit generalizability, warranting further improvement. Full article

Using 2010–2019 data from 404 listed construction companies in China, we explore the relationship between perception of economic policy uncertainty (PEPU) and energy consumption intensity (ECI) based on a fixed effects model controlling for company, year, and city fixed effects, with standard errors clustered at the industry level. The results show that the perception of economic policy uncertainty reduces construction enterprise energy consumption intensity, and this result holds after a series of robustness and endogeneity tests. Further, this effect is stronger in firms with more green shareholders, environmental information disclosure, and external attention. Moreover, mechanism analysis indicates that internal control enhancement and green innovation improvement, including quantity and quality, are the underlying channels through which the perception of economic policy uncertainty influences energy consumption intensity. Full article

Based on a sample of A-share companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2011 to 2022, this paper measures and analyzes the degree of enterprises’ digital–green synergy and further tests the influence mechanism of fintech on enterprises’ digital–green synergistic development. It is found that fintech has a significant positive effect on enterprises’ digitization, enterprises’ greening, and their digital–green synergistic development, and the conclusion still holds after robustness and endogeneity tests. A heterogeneity analysis shows that the heterogeneity of enterprises’ size and the degree of industry emissions affects the promotional effect of fintech on the synergy. Fintech effectively promotes enterprises’ digital–green synergistic development through the three channels of green innovation, efficiency enhancement, and environmental information disclosure, and the heterogeneity of the executive team’s ages and the heterogeneity of their occupational backgrounds have a positive moderating effect on the promotional effect of fintech. The findings provide a conceptual framework and policy formulation guidelines for fintech to support the promotion of enterprises’ digital–green synergy and the improvement of new-quality productivity. Full article

Based on sample data from A-share listed heavy polluters from 2012 to 2021, this paper adopts the double-difference method to explore the influence of the construction of national pilot zone for ecological conservation on the ESG performance of heavily polluting enterprises. Following several robustness tests, this study argues that the ESG performance of heavy-polluting companies is significantly enhanced by the construction of the national pilot zone for ecological conservation. Specifically, the construction of the pilot zone enhances the ESG performance of heavy polluters by easing financing constraints. The enhancing effect of the construction of the pilot zone on the ESG performance of heavy polluters is more prominent in terms of strengthening social responsibility and optimizing governance structure. Additionally, improving heavily polluting enterprises’ ESG performance is demonstrated to effectively enhance their financial performance. The facilitating effect of the construction of the pilot zone on ESG performance is more obvious among state-owned enterprises, enterprises with high media attention, enterprises established at a late stage, and enterprises with high-quality environmental information disclosure. This study offers an empirical foundation for the government to develop policies regarding the establishment of pilot zones and for heavily polluting enterprises to enhance their ESG performance. Full article

Faced with mounting pressure to achieve high-quality green transformation, manufacturing enterprises are increasingly scrutinized for greenwashing behaviors. This study develops a novel hybrid modeling framework that combines evolutionary game theory with the SEIR epidemic model to investigate the dynamic interactions between environmental regulation, media pressure, and green innovation behavior. The model captures how strategic decisions among boundedly rational actors evolve over time under dual external pressures. Simulation results show that stronger environmental regulatory intensity accelerates the adoption of substantive green innovation and concurrently reduces the media pressure associated with greenwashing. Moreover, while social media disclosure has a limited impact during the early stages of greenwashing information diffusion, its influence becomes significantly amplified once a critical dissemination threshold is surpassed, rapidly transforming latent information into widespread public concern. This amplification triggers significant public opinion pressure, which, in turn, incentivizes local governments to enforce stricter environmental policies. The findings reveal a synergistic governance mechanism where environmental regulation and media scrutiny jointly curb greenwashing and foster genuine corporate sustainability. Full article

Environmental information disclosure, a key tool in modern environmental governance, drives green technology innovation and sustainable development. In this study, we examined how air information disclosure, induced by the issuance of China’s Ambient Air Quality Standards (AAQSs), drives urban sustainable development (USD) through environmental information disclosure. Using a multi-period difference-in-differences model and panel data from 278 cities (2005–2022), we analyzed causal effects, mechanisms, and urban heterogeneity. The findings offer insights for leveraging disclosure to advance urban sustainability. The results showed that AAQSs’ implementation significantly increases USD. Mechanism analysis revealed two mediating pathways: stimulating green technological innovation and enhancing governmental environmental concern. Climate policy uncertainty positively moderates this relationship. Heterogeneity analysis revealed stronger impacts in non-provincial capital cities, non-resource-dependent cities, and regions with weaker sustainable development foundations. The findings provide empirical evidence for leveraging information disclosure to promote green transitions and strengthen environmental concerns. Full article

In recent years, corporate ESG performance has been widely incorporated into investment decisions and capital allocation considerations, becoming a focal point and hot topic for research by governments and organizations worldwide. However, due to various reasons, significant discrepancies have emerged in ESG ratings for the same company across different institutions, and this growing divergence in ESG ratings has increasingly drawn the attention of scholars. Studying the differences in ESG (environmental, social, and corporate governance) ratings is of great significance. This not only helps to understand the root causes of differences, improve the objectivity, consistency, and comparability of ratings, but also helps users better understand the meaning and limitations of rating results. It is beneficial for investors to understand the focus of different ratings and develop more effective investment strategies. It can promote rated companies to improve the quality and transparency of ESG-related information disclosure. It can also provide a reference for regulatory agencies and policymakers, identify market failures and potential risks, and promote the development of more unified standards and frameworks. At the same time, this study can also promote the in-depth development of relevant academic research and theories. Based on this, this study systematically reviews the relevant literature on ESG rating divergence, focusing on its existence, causes, influencing factors, and impacts. The study finds that, in addition to the widespread existence of rating divergence in corporate ESG performance, scholars also disagree on the measurement and methods of this divergence. The reasons for rating divergence are mainly that ESG is a qualitative indicator; top-level design, intermediate calculations, and bottom-level data collection across multiple stages exacerbate divergence; and controversies in practice further deepen divergence, among others. The influencing factors and impact effects of ESG rating divergence are diverse. Given the existence of ESG rating divergence, all parties should treat ESG ratings with caution. This paper offers corresponding recommendations and looks forward to the future, providing a foundation for subsequent research. Full article

The Chinese government places significant emphasis on high-quality, sustainable economic development, with the value of environmental information becoming increasingly prominent. Corporate stakeholders are paying greater attention to environmental disclosures. This study analyzes data from Chinese A-share listed companies in Shanghai and Shenzhen from 2008 to 2023, exploring the relationships and influence mechanisms among environmental information disclosure, profitability, and corporate sustainable development through multiple regression models. The results indicate that environmental information disclosure promotes corporate sustainable development (with an effect coefficient of 1.441, p < 0.01), while also enhancing profitability (with an effect coefficient of 0.009, p < 0.01). Moreover, profitability serves as a mediator in the relationship between environmental information disclosure and corporate sustainable development (with an effect coefficient of 1.089, p < 0.01). These findings remain robust after a series of tests. Heterogeneity studies further reveal that the positive impact of environmental disclosure on corporate sustainability performance is more pronounced among non-state-owned firms and firms with high leverage ratios. Overall, the research findings help encourage enterprises to prioritize environmental impact, practice sustainable operations, and enhance profitability, long-term competitiveness, and market adaptability. Full article

The Industry–Finance Collaboration Pilot (IFCP) integrates governmental green guidance with digital collaboration platforms to promote non-equity-based cooperation between industrial and financial sectors. Using a Difference-in-Differences (DID) approach and a sample of A-share listed industrial firms on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2023, this study examines the IFCP’s impact on corporate green innovation (GI). Results show that the IFCP increases the number of green patent applications by 7.5% on average, indicating its effect in stimulating GI. This effect operates through two main mechanisms. First, under governmental green guidance, the IFCP encourages local green fiscal subsidies, increases green investor participation, improves environmental information disclosure, and lowers agency costs. Second, through digital finance empowerment, it mitigates information asymmetry and transaction costs in financial activities, thereby reducing credit costs and enhancing firms’ access to green credit. The effect of the IFCP on GI is more pronounced in regions with stricter environmental regulation, in pollution-intensive industries, and among firms with smaller asset sizes. Further analysis indicates that the IFCP primarily stimulates tactical, low-value GI driven by compliance or opportunistic motives, rather than promoting substantive, high-quality innovation. This study provides empirical evidence and policy insights into how governmental green guidance and digital finance empowerment can jointly promote green industrial development. 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

Solid waste governance actions are important to achieve sustainable urban development. This study uses the “zero-waste city” pilot policy as a natural experiment to evaluate the impact of solid waste governance actions on corporate environmental, social, and governance (ESG) performance. The research shows that solid waste governance actions improve corporate ESG performance by enhancing government environmental concerns, public environmental concerns, and corporate green innovation. The analysis of spillover effects indicates that solid waste governance exerts positive spatial spillover effects. Heterogeneity tests reveal that the positive effect of solid waste governance actions on corporate ESG performance is more pronounced in enterprises characterized by higher-quality information disclosure and stronger internal governance, industries with greater solid waste output and more advanced technology, regions with a closer government–market relationship, and in central–eastern regions. These findings contribute to understanding the micro-level effects of solid waste governance actions and the determinants of corporate ESG performance, providing valuable insights for other developing countries to govern solid waste and improve corporate ESG performance. Full article

In the context of green sustainable development, improving the quality of green innovation (GI) has become an urgent issue for enterprises. Corporate social networks play a vital role in improving the quality of GI, but there is a lack of research on how the social networks established by management team members influence GI, the pathways of their relationships, and their moderating effects. This study uses data from Chinese ICT industry listed companies between 2012 and 2022, employing social network analysis to construct the social network connections of core management team members. Mechanism analysis indicates that degree centrality and structural holes have positive effects on GI, while network density has a negative effect. R&D expenditure and personnel investment mediate the relationship between structural holes/network density and GI. Environmental information disclosure (EID) strengthens the relationship between structural holes/network density and GI. This research integrates the mediating effect and moderating effect models to elucidate the logical relationship among corporate social networks, R&D investment, EID, and GI, which has practical significance for further optimizing government environmental governance mechanisms, adjusting corporate social network structures, and enhancing innovation capabilities. Full article

Environmental accounting information disclosure is crucial for heavily polluting enterprises to strengthen environmental governance and realize sustainable development. However, some enterprises still suffer from weak disclosure awareness and low disclosure quality. Therefore, improving the quality of environmental accounting information disclosure in the digital era has become an urgent task to achieve China’s goal of a green and low-carbon economy. Using data from Shanghai and Shenzhen A-share listed companies in China’s polluting industries from 2013 to 2022, this study explores the impact and channels of influence of digital transformation and environmental accounting information disclosure. It has been found that digital transformation significantly impacts the quality of environmental accounting information disclosure. Further, based on the dual perspectives of internal empowerment and external monitoring, digital transformation improves environmental accounting information disclosure by promoting executive compensation incentives and enhancing analyst attention. Furthermore, the positive impact of digital transformation on environmental accounting information disclosure is more pronounced with the implementation of new environmental protection laws, high-quality audits and a high level of digital transformation, and non-state-owned enterprises. The findings provide theoretical support for the government to improve the environmental accounting information disclosure system and provide valuable policy insights to promote digitalization and green, low-carbon transformation paths for heavily polluting enterprises. Full article

In the era of the digital modern economy, digital transformation has grown into the primary battlefield for conventional industrial competitiveness. For businesses, digital transformation is not just a future trend and requirement but also an intrinsic motivation to achieve sustainable development. The purpose of this research was to investigate the connection between digital transformation and carbon emission reduction using empirical analyses, as well as to elucidate whether the qualities of internal control, environmental disclosure, and auditing affect the connection between digital transformation and carbon emission reduction in businesses. This research used fixed-effects regression to evaluate data from China’s A-share-listed businesses from 2014 to 2023. These data suggest that corporate digital transformation may successfully reduce carbon emissions. Meanwhile, internal control quality, environmental information disclosure quality, and audit quality all have a beneficial moderating influence on corporate digital transformation and carbon emission reduction. By incorporating pertinent theories, such as digital economy theory and ecological theory, this research indicates the immediate impact of digital transformation on reducing business carbon emissions, enhances and broadens the body of knowledge on the subject, and offers methodological recommendations for reducing corporate carbon emissions and attaining rapid development. Furthermore, it provides useful recommendations on how the government, businesses, and executive teams can contribute more to digital transformation and the carbon emission reduction process. This will assist Chinese corporations in raising their own level of digital transformation and achieving ongoing improvements in the management of carbon emission reduction. Full article

Greenwashing undermines the trustworthiness and integrity of environmental, social, and governance (ESG) reporting. It undermines disclosure quality, confuses decision making, destabilizes financial markets, and reduces the probability that people will trust the supplied information. This research utilizes a comprehensive literature review and bibliometric analysis to investigate the scholarly dialogue around ESG disclosure and strategies to counteract corporate “greenwashing”. This study’s objectives were achieved by bibliometric analysis, using the statistical programming tools R Studio R 3.6.0+, Biblioshiny 4.2.0, and VOSviewer 1.6.20. We acquired bibliometric data from the Scopus database for the period 2012–2024. We established the optimal sample size via the PRISMA methodology, including both inclusion and exclusion criteria. Greenwashing is a multifaceted issue that manifests in many forms, shapes, and intensities, as seen by the data. This obstructs the advancement of apparatus for prevention, quantification, and detection. Moreover, the results indicate that sustainable finance is adversely affected by greenwashing, particularly for green loans and green bonds. Moreover, the findings indicate that corporate greenwashing is a distinct kind of greenwashing. Full article