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<p>In the context of high-quality development, Chinese enterprises must reconcile environmental protection with their developmental goals, with the increase of green total factor productivity presenting a viable solution. The primary objective of ESG ratings is to guide businesses in effectively managing and integrating environmental, social, and corporate governance factors. To examine the tangible effects of these ratings on enterprise development, this paper constructs a Staggered Difference-in-Difference model, utilizing panel data from listed Chinese companies spanning 2009–2022. The present study investigates the impact of ESG ratings on green total factor productivity and the underlying mechanisms involved. The findings reveal that (1) ESG ratings significantly enhance enterprises' green total factor productivity; (2) Financing constraints and green technological innovation mediate the relationship between ESG ratings and productivity; (3) Heterogeneity analysis reveals that the positive impact of ESG ratings on green total factor productivity is particularly significant in small-scale enterprises, state-owned enterprises, highly indebted enterprises, and heavily polluting enterprises. These results provide valuable insights for enterprises aiming to make informed decisions and achieve sustainable green development.</p>

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Research on the impact and mechanism of ESG rating on enterprises’ green total factor productivity-based on staggered difference-in-differences model

  • 期刊论文

  • 发表日期：

    2025年1月23日

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  • Di Zhu,
  • Chenzhi Zhu

摘要

In the context of high-quality development, Chinese enterprises must reconcile environmental protection with their developmental goals, with the increase of green total factor productivity presenting a viable solution. The primary objective of ESG ratings is to guide businesses in effectively managing and integrating environmental, social, and corporate governance factors. To examine the tangible effects of these ratings on enterprise development, this paper constructs a Staggered Difference-in-Difference model, utilizing panel data from listed Chinese companies spanning 2009–2022. The present study investigates the impact of ESG ratings on green total factor productivity and the underlying mechanisms involved. The findings reveal that (1) ESG ratings significantly enhance enterprises' green total factor productivity; (2) Financing constraints and green technological innovation mediate the relationship between ESG ratings and productivity; (3) Heterogeneity analysis reveals that the positive impact of ESG ratings on green total factor productivity is particularly significant in small-scale enterprises, state-owned enterprises, highly indebted enterprises, and heavily polluting enterprises. These results provide valuable insights for enterprises aiming to make informed decisions and achieve sustainable green development.