The Promotion Mechanism of ESG Responsibility Fulfillment on Economic Value of Listed New Energy Companies and the Moderating Effect of Government Subsidies
The Promotion Mechanism of ESG Responsibility Fulfillment on Economic Value of Listed New Energy Companies and the Moderating Effect of Government Subsidies
ESG(Environmental,Social,and Governance)is an important indicator for evaluating sustainable development ability of companies,encompassing three dimensions:environment,society,and governance.The new energy industry is one of the strategic e-merging industries under China's 14th Five-Year Plan,playing a significant role in building new quality productive forces.This study is based on data from 184 A-share listed new energy companies and 178 traditional energy companies from 2018 to 2022,employing a multiple linear regression model to empirically analyze the impact of ESG responsibility fulfillment on the economic value of new energy and traditional energy companies,and further examine the moderating effect of government subsidies.The findings reveal that fulfilling ESG responsibilities significantly enhances the economic value of new energy listed companies,with the environmental and social di-mensions making the most substantial contributions,and this positive impact is stronger than that observed in traditional energy compa-nies.Additionally,the positive impact of ESG on economic value is more pronounced in non-state-owned new energy companies than in state-owned ones,particularly in the social and governance dimensions.Government subsidies have an insignificant moderating effect on the relationship between ESG and economic value in traditional energy companies but show a significant positive moderating effect in new energy companies.This research not only reveals the intrinsic connection between ESG and the economic value of new energy companies but also provides policy recommendations for achieving the carbon peaking and carbon neutrality goals,enriching empirical studies on ESG in the new energy field.
关键词
ESG/新能源企业/政府补助/调节作用/行业异质性/所有权异质性
Key words
ESG/new energy companies/government subsidies/moderating effect/industry heterogeneity/ownership heterogeneity
维普
万方数据