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<p>Environmental, Social, and Governance (ESG) ratings play a crucial role in connecting companies to the market, fostering intrinsic motivation, enhancing the external information environment of firms, and providing incentive-compatible, market-based governance mechanisms to support the green development of enterprises. Employing advanced big data text recognition techniques, this study evaluates the potential of ESG ratings to drive the green transformation of manufacturing enterprises (GTME) by analyzing data from 1,070 listed manufacturing companies in China from 2011 to 2023. The findings reveal that: (1) ESG ratings significantly and positively impact the GTME, which has been confirmed by a variety of robustness checks. (2) Alleviating financing constraints and fostering green technology innovation are two important channels through which ESG ratings influence the GTME. Additionally, external supervision and internal incentives positively moderate the relationship between ESG ratings and the GTME. (3) ESG ratings are especially effective in promoting green transformation in non-state-owned enterprises, firms in growth or decline phases, companies operating in non-high-tech or heavily polluting industries, and those located in regions with higher levels of marketization and competition. (4) Supply chain ESG spillovers are directionally asymmetric: ESG signals transmit from downstream customers to lead firms, whereas the reverse does not hold. These findings provide valuable insights for countries worldwide seeking to achieve corporate green transformation and enhance green development through the use of ESG ratings.</p>

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Bridging market signals and sustainability: ESG ratings and supply chain transmission for corporate green transformation

  • 期刊论文

  • 发表日期：

    2026年7月8日

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  • Lu Yang,
  • Haoyang Wang,
  • Jiahao Du,
  • Manyu Huang

摘要

Environmental, Social, and Governance (ESG) ratings play a crucial role in connecting companies to the market, fostering intrinsic motivation, enhancing the external information environment of firms, and providing incentive-compatible, market-based governance mechanisms to support the green development of enterprises. Employing advanced big data text recognition techniques, this study evaluates the potential of ESG ratings to drive the green transformation of manufacturing enterprises (GTME) by analyzing data from 1,070 listed manufacturing companies in China from 2011 to 2023. The findings reveal that: (1) ESG ratings significantly and positively impact the GTME, which has been confirmed by a variety of robustness checks. (2) Alleviating financing constraints and fostering green technology innovation are two important channels through which ESG ratings influence the GTME. Additionally, external supervision and internal incentives positively moderate the relationship between ESG ratings and the GTME. (3) ESG ratings are especially effective in promoting green transformation in non-state-owned enterprises, firms in growth or decline phases, companies operating in non-high-tech or heavily polluting industries, and those located in regions with higher levels of marketization and competition. (4) Supply chain ESG spillovers are directionally asymmetric: ESG signals transmit from downstream customers to lead firms, whereas the reverse does not hold. These findings provide valuable insights for countries worldwide seeking to achieve corporate green transformation and enhance green development through the use of ESG ratings.