ESG Performance, Product Market Competition, and High-Quality Corporate Development

Chen Zhang and Yuanxiang Shi ()
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Chen Zhang: Lanzhou University of Technology, School of Economics and Management
Yuanxiang Shi: Lanzhou University of Technology, School of Economics and Management

A chapter in Proceedings of the 2024 5th International Conference on Management Science and Engineering Management (ICMSEM 2024), 2024, pp 399-423 from Springer

Abstract: Abstract This paper uses cross-industry enterprise-level panel data from 2012-2022 to explore the impact of corporate Environmental, Social, and Governance (ESG) performance on high-quality corporate development under different product market competition. The study uses a fixed-effects model to analyze the direct impact of ESG performance on high-quality corporate development, and introduces product market competition as a moderating variable to assess its impact on the relationship between ESG and Total Factor Productivity (TFP). The study found that good ESG performance significantly improves the high-quality development of the company, and this effect shows significant heterogeneity in different market competition. Specifically, in markets with weak product competition, that is, monopoly or oligopolistic market structures, the positive impact of ESG on TFP is more significant. This study reveals the complex relationship between ESG, product market competition, and high-quality corporate development, providing policy implications and practical guidance for corporations on how to enhance their strength in different market environments by improving ESG performance.

Keywords: ESG Performance; Total Factor Productivity; Market Competition; Product Market Competition; Market Structure (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-94-6463-570-6_41

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