ESG Performance Promotes New Quality Productive Forces of Enterprises under the"Double Carbon"Goal
Under the perspective of the"dual-carbon"goal,the proposal of new quality productive forces is crucial for balancing emission reduction and economic development.Considering that firms are the main players in the development of new quality productive forces,it is important to study whether the ESG performance of firms can enhance their new quality productive forces.The relationship between ESG performance and firms'new quality productive forces is examined using data from Chinese A-share manufacturing firms from 2009 to 2022,and the empirical results show that good ESG performance can significantly enhance firms'new quality productive forces,and the above conclusions are still valid after endogeneity treatment and robustness test.The mechanism analysis shows that good ESG performance affects the new quality productive forces of enterprises through two paths:promoting the disruptive technological innovation of enterprises and improving the efficiency of enterprise labor investment,and green finance can positively regulate the impact of enterprise ESG performance on the new quality productive forces.Heterogeneity analysis shows that for state-owned enterprises,large enterprises and enterprises in the eastern region,the effect of corporate ESG performance on new quality productive forces is more significant.The regression results of carbon emission reduction performance show that ESG performance can significantly reduce the carbon emission intensity of enterprises by empowering them to improve the level of new quality productive forces.The findings not only provide empirical evidence for the emergence of new quality productive forces empowered by enterprises'ESG performance,but also reveal the potential of enterprises'ESG performance in effectively mitigating climate change and reducing the risk of carbon emissions,which can help realize the"dual-carbon"goal.
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