Low-Carbon Pilot City Policy and Corporate ESG Performance:A Perspective Based on Investment Preferences
The low-carbon city pilot policy(LCPC)is an important measure to promote the sustainable development of Chinese enterprises.This paper utilizes data from Chinese A-share listed companies from 2009 to 2021 to analyze whether and how the LCPC affects corporate ESG performance.Results indicate that the LCPC can significantly improve corporate ESG performance,particularly in the environmental and governance dimensions.Mechanism tests suggest that the policy can improve ESG performance through increased environmental and high-quality human capital investment.The command-control environmental regulations are the primary mean by which the LCPC enhances corporate ESG performance,while market-based and voluntary environmental regulations reduce such investments,weakening the policy's effect on ESG improvement.Heterogeneous analysis reveals that the policy has a positive impact on ESG performance for state-owned enterprises and enterprises with low financing constraints.In addition,it has a promoting effect on corporate ESG performance in regions with more green technology innovation and abundant high-quality human capital,and in the eastern regions.
low-carbon pilot cityenvironmental regulationESG performanceinvestment preferences
NETL
NSTL
万方数据
