Research on the impact of new quality productivity on enterprise ESG performance

Abstract

Since the second session of the 14th National Peoples Congress, there has been renewed emphasis on the significant role of new quality productivity in high-quality development, with corporate ESG performance serving as a key indicator of sustainable corporate development. How to empower high-quality corporate development through new quality productivity, thereby enhancing corporate ESG performance, has become a practical issue. This paper conducts an empirical analysis based on data from listed companies in the Shanghai and Shenzhen A-share markets between 2011 and 2022, using robustness tests, mechanism analysis, and heterogeneity analysis to examine whether new quality productivity influences corporate ESG performance. The empirical results show that new quality productivity has a significant positive impact on corporate ESG performance. Mechanism analysis indicates that digital transformation and green technology innovation efficiency are important pathways through which new quality productivity enhances corporate ESG performance. In heterogeneity analysis, compared to non-state-owned enterprises and regions in central and western China, the positive effect of new quality productivity on corporate ESG performance is more pronounced in state-owned enterprises and eastern regions. Further analysis reveals that the impact of increased new quality productivity on ESG varies across its three sub-dimensions, with the greatest improvement in environmental performance and limited improvement in corporate governance. Based on the research findings, some feasible recommendations are proposed for companies and relevant departments.