Has the Opening of High-speed Rail Improved the ESG Performance of Enterprises?The Mediating Effect of Green Technology Innovation
Using the natural experiment of whether the city where the enterprise is located has opened high-speed rail as the standard,a multi-time point difference in difference model is used to test the impact of high-speed rail opening on en-terprises'ESG performance.Results show that(1)the opening of high-speed rail has improved enterprises'ESG per-formance.(2)The opening of high-speed rail has significantly improved the level of green technology innovation in enter-prises,thereby improving ESG performance.Among them,green technology innovation plays a partial mediating effect in the relationship between high-speed rail opening and corporate environmental performance and social responsibility but does not significantly improve corporate governance.(3)Among the samples with good financial conditions,high capital market attention,and good urban development,the opening of high-speed rail has a more significant impact on the ESG perform-ance of enterprises.
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