ESG performance and green transformation of industrial corporates

Zhonghua Cheng () and Minghui Zhao ()
Additional contact information
Zhonghua Cheng: Nanjing University of Information Science & Technology
Minghui Zhao: Nanjing University of Information Science & Technology

Economic Change and Restructuring, 2025, vol. 58, issue 5, No 6, 33 pages

Abstract: Abstract Ainst the backdrop of the sustainable development era, championing corporate green transformation and the attainment of high-quality development have garnered attention from all societal sectors. As a crucial means of practicing green finance, ESG performance wields a remarkable effect on the green revolution of industrial corporates (ICGT). This research constructs a green transformation index utilizing Python web crawling technology and adopts a two-way model with fixed effects to examine the influence and underlying mechanism of ESG performance on ICGT using data from industrial corporates spanning the years 2012 to 2022. We discern the favorable impacts of ESG performance on ICGT. Mechanism testing reveals that ESG performance can propel ICGT by amplifying green investment, augmenting stakeholder attention, optimizing green equity structure, and alleviating corporate financing constraints, and this boost is greater notable in non-state-owned, small-scale, and high-tech corporates. Extended analysis demonstrates that ESG skepticism attenuates the promotional repercussions of ESG on ICGT, and compared to exaggerated low-quality ESG disclosures, high-quality ESG disclosures wield a stronger transformative effect.

Keywords: ESG performance; Green innovation; Stakeholder attention; ESG disclosure quality; ESG uncertainty (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s10644-025-09913-z Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:ecopln:v:58:y:2025:i:5:d:10.1007_s10644-025-09913-z

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/10644/PS2

DOI: 10.1007/s10644-025-09913-z

Access Statistics for this article

Economic Change and Restructuring is currently edited by George Hondroyiannis

More articles in Economic Change and Restructuring from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().