ESG, Cohort Effect, and Energy Consumption Intensity

Run Yuan (), Hongwei Zhang (), Weijie Tan (), Ruosi Wen () and Yongjian Huang ()
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Run Yuan: Anhui University of Finance and Economics
Hongwei Zhang: Central University of Finance and Economics
Weijie Tan: Shanghai University of Finance and Economics
Ruosi Wen: The Hong Kong University of Science and Technology
Yongjian Huang: Central University of Finance and Economics

Journal of the Knowledge Economy, 2025, vol. 16, issue 3, No 54, 12566 pages

Abstract: Abstract Utilizing data of A-share listed companies from 2011 to 2020, we explore the relationship between corporate ESG and ECI. The result shows that corporate ESG can promote enterprise ECI reduction. And this result remains stable considering a series of robustness and endogeneity tests. Further analysis shows this relationship will be stronger in enterprises with high quality of internal control, belonging to non-manufacturing industry, located with strong regional environmental regulation and high public environmental concern. Mechanism analysis reveals that corporate ESG reduces ECI by alleviating financing constraints and improving green innovation. Additionally, the ESG cohort effect at industry and region will harm the ECI reduction of firm with better ESG performance. Our study is the first to shed the light on the influence of corporate ESG on enterprise ECI reduction, especially focusing on the ESG cohort effect. Our results can promote enterprise to perform sustainable development with less energy consumption and benefit policymakers to guide enterprise to reduce ECI with measures in enterprise ESG improvement.

Keywords: ESG; Energy consumption intensity; Financing constraint; Green innovation; ESG cohort effect (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s13132-024-02313-0

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