Energy Transition Policies and Corporate Environmental, Social, and Governance Performance: Evidence from a Quasi-Natural Experiment on New Energy Demonstration Cities
Year: 2026
Type: article
Abstract: To examine whether a place-based energy-transition policy improves corporate environmental, social, and governance (ESG) performance, we develop research adopting an interactional perspective between micro-level corporate behavior and the macro-level policy environment. Our analysis utilizes 37,817 firm-year observations from Chinese A-share firms listed in Shanghai and Shenzhen over the period 2009–2023. The empirical results are as follows. Firstly, the policy has a significantly positive effect on corporate ESG performance. Secondly, this effect is transmitted through greater environmental protection expenditure, stronger green innovation, and increased city-level credit supply. Thirdly, media attention further amplifies the policy impact. Finally, the effect is stronger among non-state-owned firms, mature-stage firms, high-carbon-intensity firms, and firms operating in less competitive markets. These findings clarify how local energy-transition initiatives shape corporate sustainability and highlight the complementary roles of environmental investment, green innovation, credit provision, and information scrutiny.
Source: Sustainability
DOI: 10.3390/su182111389
Authors: Qiuxia Liang, Ze Xia, Genhua Hu, Tingting Zhu, Weijun Li
Institutions: Ma'anshan University, Anhui University of Technology
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $2,896
OpenAlex ID: W7225615493