Does the ESG disclosure quality affect financial performance: Empirical evidence from Chinese energy-listed companies

Meixia Wang, Li Liu and Tongxin Liang

Finance Research Letters, 2025, vol. 77, issue C

Abstract: This paper tests the impact mechanism of ESG disclosure quality on financial performance of Chinese energy-listed companies from 2015 to 2021. It is found that ESG disclosure quality has a significant positive impact on the financial performance. Financing cost, technological innovation and inefficient investment have mediating effects between the two. Furthermore, ESG disclosure quality's impact on the financial performance is more significant when the companies are non-state-owned, with a low ownership concentration, or with high ESG disclosure quality. Therefore, energy-listed companies should improve the ESG disclosure quality, strengthen ESG management, in order to enhance financial performance and strengthen market competitiveness.

Keywords: ESG disclosure quality; Financial performance; Energy-listed companies; Mediating effect (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003812

DOI: 10.1016/j.frl.2025.107118

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