Market-based environmental regulation and corporate ESG performance: Evidence from China

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-08-05 DOI:10.1016/j.eap.2025.08.002

Minjuan Chen, Honglin Chen, Siying Liu, Yanping Liu

引用次数: 0

Abstract

As a new type of market-based environmental regulation, the carbon emissions trading pilot policy is a critical tool to help China achieve sustainable development. Using panel data of Chinese A-share listed companies from 2006 to 2020, this paper employs a staggered difference-in-differences (DID) model and finds that the carbon emissions trading pilot policy positively influences the ESG performance of enterprises in the pilot regions. This effect is driven by promoting green innovation and public environmental awareness. Additionally, it is observed that customer concentration plays a positive moderating role in this process. Through group-wise regression analysis, we further discover that for state-owned enterprises, enterprises in highly regulated industries, and those located in regions with advanced digital economy development, the positive effect of this pilot policy is enhanced by at least 26 %.

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基于市场的环境监管与企业ESG绩效：来自中国的证据

作为一种新型的市场化环境规制，碳排放权交易试点政策是帮助中国实现可持续发展的重要工具。本文利用2006 - 2020年中国a股上市公司面板数据，采用交错差中差（DID）模型，发现碳排放权交易试点政策对试点地区企业ESG绩效有正向影响。这种效果是由推动绿色创新和公众环保意识推动的。此外，我们观察到顾客集中度在这一过程中起着正向的调节作用。通过群体回归分析，我们进一步发现，对于国有企业、高度监管行业的企业以及位于数字经济发达地区的企业，该试点政策的积极效果至少提高了26%。

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

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.