Can ESG rating help shape enterprises' new-quality productivity? Evidence from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-09-24 DOI:10.1016/j.iref.2025.104654

Yi Guo , Jinsong Hu , Yue Dou , Shuyi Lin

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引用次数: 0

Abstract

As an advanced form of productive forces, new-quality productivity serves as a crucial engine for promoting high-quality development. Against the background of the exogenous shock caused by SynTao Green's first public release of the ESG rating of listed companies, this paper investigates the impact of ESG ratings on the new-quality productivity of Chinese companies. We employ the multiple-period difference-in-differences (DID) model in this study. The main findings are as follows: ESG ratings can significantly promote the new-quality productivity of enterprises. This conclusion remains valid after a series of robustness tests. The mechanism tests indicate that ESG rating new-quality productivity of enterprises by enhancing corporate innovation capacities and green productivity. Furthermore, the effect of ESG rating on new-quality productivity varies in accordance with different characteristics of enterprises, such as their lifecycle, new-quality productivity performance, degree of digital transformation, firm size, and market competition levels. In conclusion, we propose several policy implications.

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ESG评级能否帮助塑造企业的新质量生产力？来自中国的证据

新质量生产力是生产力的先进形态，是推动高质量发展的重要引擎。本文以商道绿色首次公开发布上市公司ESG评级引发的外生冲击为背景，研究ESG评级对中国公司新质量生产率的影响。在本研究中，我们采用了多期差中差（DID）模型。主要发现如下：ESG评级对企业新质量生产率有显著的促进作用。经过一系列稳健性检验，这一结论仍然有效。机制检验表明，ESG通过提升企业创新能力和绿色生产力来评价企业的新质量生产率。此外，ESG评级对新质量生产率的影响因企业生命周期、新质量生产率绩效、数字化转型程度、企业规模和市场竞争水平等不同特征而异。最后，我们提出了几点政策启示。

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

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.