Climate Policy Uncertainty and Corporate Sustainability Capability: Evidence From ESG Performance

IF 8.3 2区 管理学 Q1 BUSINESS
Ximeng Liu, Youtao Xiang
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Abstract

With the serious ecological damage and frequent climate risks, stakeholders are increasingly concerned about corporate sustainability capability. Government agencies are also actively formulating climate policies to guide corporates to carry out ESG behaviors and promote economic and social sustainability. However, frequent climate policies may bring significant policy uncertainty, inhibiting firms' capability to improve sustainability. Based on the sample data of 742 listed firms in China from 2011 to 2022, we examine the impact of climate policy uncertainty (CPU) on corporate sustainability capability. The study finds that CPU significantly inhibits corporate sustainability capability, and this conclusion remains valid after a series of robustness tests. The mechanism tests show that CPU significantly inhibits corporate sustainability capability by reducing climate perception capability, triggering investor pessimism, and increasing bank risk. Further research found that government digital transformation can directly reduce CPU, thereby reducing the negative impact on corporate sustainability capability. The moderation analysis reveals that corporate digital transformation can significantly positively moderate the impact of CPU on corporate sustainability capability. The findings from the heterogeneity test indicate that corporates with high policy and risk sensitivity are more significantly affected by CPU in terms of their sustainability capability. Overall, this paper adds to the micro-level analytical framework and empirical evidence of climate policy shocks. Policymakers should pay attention to the issue of climate policy uncertainty and mitigate its negative shock on the sustainable development capacity of enterprises by creating more stable climate policy expectations.

气候政策不确定性与企业可持续发展能力:来自ESG绩效的证据
随着生态破坏的严重和气候风险的频繁,利益相关者越来越关注企业的可持续发展能力。政府机构也在积极制定气候政策,引导企业实施ESG行为,促进经济和社会的可持续性。然而,频繁的气候政策可能带来显著的政策不确定性,抑制了企业提高可持续性的能力。本文基于2011 - 2022年742家中国上市公司的样本数据,研究了气候政策不确定性对企业可持续发展能力的影响。研究发现,CPU显著抑制企业可持续发展能力,经过一系列稳健性检验,这一结论仍然有效。机制检验表明,CPU通过降低气候感知能力、引发投资者悲观情绪和增加银行风险显著抑制企业可持续发展能力。进一步研究发现,政府数字化转型可以直接降低CPU,从而降低对企业可持续发展能力的负面影响。调节分析表明,企业数字化转型对CPU对企业可持续发展能力的影响具有显著的正向调节作用。异质性检验结果表明,政策敏感性和风险敏感性高的企业的可持续发展能力受CPU的影响更为显著。总体而言,本文增加了微观层面的分析框架和气候政策冲击的经验证据。政策制定者应重视气候政策不确定性问题,通过创造更加稳定的气候政策预期,减轻其对企业可持续发展能力的负面冲击。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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