{"title":"可持续发展受到抨击:中美关系紧张如何影响企业的ESG绩效?","authors":"Feiyun Sha , Jiawei Meng , Xiaoyu Zheng , Yaqi Jiang","doi":"10.1016/j.frl.2025.107882","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines how China–United States geopolitical tensions affect corporate environmental, social, and governance (ESG) performance, investigating two moderating mechanisms: data assets (DTAs) and government digital incentives (GDIs). Using 17,846 firm–year observations of Chinese listed companies spanning 2010–2022, we find that escalating bilateral tensions significantly deteriorate corporate sustainability performance. This correlation remains robust across instrumental variable estimation, Heckman correction, and propensity score matching approaches. However, firms’ DTAs and GDIs serve as protective mechanisms, mitigating the adverse effects of geopolitical volatility on ESG commitments. Disaggregated ESG factor analysis reveals differential impacts, showing that environmental performance improves during tensions while social and governance components deteriorate. Heterogeneity analyses demonstrate that state-owned enterprises are insulated from geopolitical effects, while private firms experience significant sustainability decline. These findings demonstrate how international political conflicts influence corporate sustainability frameworks and how digital capabilities function as strategic shields during geopolitical uncertainty. This study provides valuable insights into sustainability governance in volatile geopolitical times.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107882"},"PeriodicalIF":6.9000,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Sustainability under fire: How China-US tensions impact corporate ESG performance?\",\"authors\":\"Feiyun Sha , Jiawei Meng , Xiaoyu Zheng , Yaqi Jiang\",\"doi\":\"10.1016/j.frl.2025.107882\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study examines how China–United States geopolitical tensions affect corporate environmental, social, and governance (ESG) performance, investigating two moderating mechanisms: data assets (DTAs) and government digital incentives (GDIs). Using 17,846 firm–year observations of Chinese listed companies spanning 2010–2022, we find that escalating bilateral tensions significantly deteriorate corporate sustainability performance. This correlation remains robust across instrumental variable estimation, Heckman correction, and propensity score matching approaches. However, firms’ DTAs and GDIs serve as protective mechanisms, mitigating the adverse effects of geopolitical volatility on ESG commitments. Disaggregated ESG factor analysis reveals differential impacts, showing that environmental performance improves during tensions while social and governance components deteriorate. Heterogeneity analyses demonstrate that state-owned enterprises are insulated from geopolitical effects, while private firms experience significant sustainability decline. These findings demonstrate how international political conflicts influence corporate sustainability frameworks and how digital capabilities function as strategic shields during geopolitical uncertainty. This study provides valuable insights into sustainability governance in volatile geopolitical times.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"85 \",\"pages\":\"Article 107882\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-07-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325011407\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325011407","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Sustainability under fire: How China-US tensions impact corporate ESG performance?
This study examines how China–United States geopolitical tensions affect corporate environmental, social, and governance (ESG) performance, investigating two moderating mechanisms: data assets (DTAs) and government digital incentives (GDIs). Using 17,846 firm–year observations of Chinese listed companies spanning 2010–2022, we find that escalating bilateral tensions significantly deteriorate corporate sustainability performance. This correlation remains robust across instrumental variable estimation, Heckman correction, and propensity score matching approaches. However, firms’ DTAs and GDIs serve as protective mechanisms, mitigating the adverse effects of geopolitical volatility on ESG commitments. Disaggregated ESG factor analysis reveals differential impacts, showing that environmental performance improves during tensions while social and governance components deteriorate. Heterogeneity analyses demonstrate that state-owned enterprises are insulated from geopolitical effects, while private firms experience significant sustainability decline. These findings demonstrate how international political conflicts influence corporate sustainability frameworks and how digital capabilities function as strategic shields during geopolitical uncertainty. This study provides valuable insights into sustainability governance in volatile geopolitical times.
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