Corporate ESG Performance and Green Total Factor Productivity
Against the background of efforts to realize the"double carbon"goal,it is important to examine in depth the impact of corporate ESG performance on green total factor productivity,in order to promote the green transformation and upgrading of enterprises as well as their sustainable development.Based on the data of China's A-share listed companies from 2012 to 2022,this paper empirically explores the impact and mechanism of corporate ESG performance on green total factor productivity.The study finds that corporate ESG performance significantly improves the level of green total factor productivity and affects it mainly through increasing green innovation output,easing resource allocation distortions,reducing corporate operating costs,and optimizing human capital structure.The heterogeneity test shows that for state-owned enterprises,enterprises in heavily polluting industries,and enterprises in the eastern region,the promotion effect of ESG performance on their green total factor productivity is more obvious.Further research finds that social responsibility and corporate governance factors in corporate ESG performance have a significant positive impact on green total factor productivity.In addition,corporate ESG performance not only promotes the improvement of green technology efficiency,but also significantly promotes corporate green technology progress.This paper reveals that corporate ESG performance has a positive impact on green total factor productivity,which provides inspiration for companies to better fulfill their social responsibilities and achieve green and low-carbon transformation.
ESG PerformanceGreen Total Factor ProductivityGreen InnovationResource Allocation efficiency
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万方数据
