The ESG-productivity paradox: how ESG performance expectation gaps impede total factor productivity

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-10-19 DOI:10.1016/j.jbusres.2025.115775

Xiaonan Dong

引用次数: 0

Abstract

Despite extensive studies on expectation gaps in financial performance, the impact of ESG performance expectation gaps (ESGNGAP) remains underexplored. Based on data from Chinese listed manufacturers (2011–2023), this study examines how ESGNGAP affect firms’ total factor productivity (TFP), offering novel insights into the non-financial drivers of productivity. The findings demonstrate that larger ESGNGAP significantly reduce TFP by intensifying hidden executive corruption (exemplified by excessive on-the-job consumption) and weakening green innovation. This negative effect is mitigated by firms’ digital transformation, executives’ environmental backgrounds, and regional fintech development. Additional analysis reveals that the impact of ESGNGAP on productivity varies across ownership structures and industries. This study enriches the ESG performance feedback literature by revealing the effects of ESGNGAP on productivity.

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ESG-生产率悖论：ESG绩效预期差距如何阻碍全要素生产率

尽管对财务绩效预期差距进行了广泛的研究，但ESG绩效预期差距（ESGNGAP）的影响仍未得到充分探讨。基于2011-2023年中国上市制造商的数据，本研究考察了ESGNGAP对企业全要素生产率（TFP）的影响，为生产率的非金融驱动因素提供了新的见解。研究结果表明，较大的ESGNGAP会加剧隐性高管腐败（例如过度在职消费）和削弱绿色创新，从而显著降低全要素生产率。这种负面影响被企业的数字化转型、高管的环境背景和区域金融科技发展所缓解。进一步的分析表明，ESGNGAP对生产率的影响因所有权结构和行业而异。本研究通过揭示ESGNGAP对生产率的影响，丰富了ESG绩效反馈的相关文献。

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

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

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