Search Results (915)

High-quality development is the theme of China’s economic and social development in the new era, and corporate ESG performance is a comprehensive indicator for evaluating the level of corporate environmental responsibility, social responsibility and governance, as well as an important yardstick for identifying the high-quality development of enterprises. This paper takes Chinese non-financial listed companies from 2011 to 2022 as the research sample and empirically examines the impact of corporate nationalism culture on corporate ESG performance and its mechanism by quantifying corporate nationalism culture using the text of corporate annual reports, natural language processing and text analysis methods. The results of the study show that corporate nationalism culture significantly enhances corporate ESG performance. The mechanism analysis suggests that corporate nationalism culture, as an internal informal system, can play a governance role and promote corporate ESG practices by changing attention allocation and mitigating agency problems. The positive effect of corporate nationalism culture on corporate ESG performance is more pronounced in the grouping of firms with lower institutional investor shareholding, fewer analysts’ attention and embedded party organisations. A heterogeneity analysis reveals that the corporate nationalism culture driving effect on corporate ESG performance is more significant in the subsample of firms with weak financing constraints, in the growth period and in the decline period. This study reveals the positive role of soft cultural factors in enhancing corporate ESG performance, providing useful managerial evidence for companies to integrate ESG concepts at the strategic level for high-quality economic development. Full article

When investing, the investment motives of return, liquidity, and risk play a role in decision-making. However, due to the increasing relevance of environmental and social issues and the higher availability of sustainable investments, sustainability is an additional investment motive. The attitude of an individual toward sustainability has implications for other investment motives. This paper examines the interplay between the established financial investment motives of return, liquidity, and risk on the one hand and sustainability considerations on the other hand, with a view to the Generation Y cohort. A questionnaire approach was used to collect data from randomly selected Generation Y retail banking customers from Germany. The data were analyzed using correlation and regression methods. The findings of the paper confirm that there is a negatively directed relationship between the profit maximization motive and the green tradeoff intention. Furthermore, education moderates the relationship between the risk minimization motive and the green tradeoff intention. The paper contributes to different stakeholders. Practical implications result for retail banks and investment firms, which could continue to motivate Generation Y customers for sustainable investments and generate stronger financial education through targeted marketing and information campaigns. Full article

This study examines how committees’ characteristics affect business performance (BuPE) in Saudi Arabia. Moreover, this study investigates the connection between BuPE and Environmental Sustainability (ESG), as determined by Corporate Social Responsibility (CSR). Design/methodology/approach: Econometric methods, such as feasible generalized least squares (FGLS) regression, and random effects, ordinary least squares (OLS), are applied to investigate the connection between the independent and dependent variables, utilizing a sample of 131 Saudi listed firms spanning from 2015 to 2021. Findings: Regression analysis shows that the size and independence of audit committees have a positive impact on BuPE, while audit committee meetings are negatively linked to BuPE. The outcomes also indicate that audit committee commitment was not affected by BuPE. Moreover, ESG has a positive and significant relationship with BuPE. On the same path, the results of the additional analysis confirm the main results. Practical implications: The findings of this study may serve as a valuable basis for regulatory actions, particularly with respect to audit committees and CSR. These findings have far-reaching implications for regulators and investors, as they offer valuable insights into the effects of CSR and audit committee features on BuPE. Originality/value: The current research demonstrates that audit committees and CSR have distinct implications for firms’ BuPE, as evidenced by empirical data. The findings suggest that policymakers and researchers should not view CSR as a homogenous concept, as it has varying effects on firms’ BuPE. Full article

This study explores the impact of corporate governance on firms’ environmental, social, and governance (ESG) performance, with a focus on board characteristics and ownership structures. Using a panel dataset of 6 financial and 16 non-financial firms listed on the Borsa Istanbul (BIST) from 2013 to 2021, the study investigates how ownership (blockholder, foreign, or institutional) and board composition (size, gender diversity, and foreign directors) influence ESG disclosures. The analysis distinguishes between financial and non-financial firms, revealing that corporate governance mechanisms affect ESG performance differently across sectors. Foreign ownership and the presence of foreign and female board members are positively associated with higher ESG disclosures, while ownership concentration is negatively correlated with ESG performance. These findings suggest caution when comparing firms across sectors based solely on ESG disclosures, as governance factors influence outcomes differently in financial and non-financial contexts. This study provides a detailed analysis of effective corporate governance mechanisms in Türkiye, emphasizing the crucial roles of ownership structure and board composition in enhancing ESG transparency. The results offer valuable insights for regulators and investors, contributing to a nuanced understanding of how governance structures shape ESG performance in both financial and non-financial firms in Türkiye. Full article

In recent years, climate issues have become a common challenge for all mankind. It is urgent and important to protect the environment, promote green transformation, and realize sustainable development. Consequently, increasing attention is being paid to ESG (environmental, social, and governance) actions. This study empirically investigated the effect of companies’ ESG activities on the ESG perceptions and purchase intentions of agricultural food consumers in Hebei Province, China, using structural equation modeling. The results of the study show that, firstly, the environmental and social factors of ESG activities had a significant positive effect on consumer ESG perception while governance had a non-significant effect on consumer ESG perception. Secondly, the environmental, social, and governance components of ESG activities had a significant positive effect on purchase intention. Thirdly, there was a significant mediating effect of consumer ESG perception (environmental and social, excluding governance). The theoretical contribution of this study is to reveal the important role of consumers’ ESG perceptions and to emphasize the unique contribution of governance factors in purchase intentions. In addition, this study supports the effect of ESG activities on agri-food consumer behavior through empirical data, which provides a new theoretical perspective on agri-food retailers’ ESG practices and helps to further promote the green transformation of Chinese agricultural food retailers. Full article

Objective: This paper reports on the initial outcomes of a new mHealth intervention to reduce diabetes distress (DD) in families of school-age children living with type 1 diabetes (T1D) entitled, ‘Remedy to Diabetes Distress’ (R2D2). Methods: We randomized 34 families (mean child age = 10 ± 1.4 years; 53% male, 85% White, mean HbA1c = 7.24 ± 0.71%) to one of three delivery arms differing only by number of telehealth visits over a 10-week period: zero visits = self-guided (SG), three visits = enhanced self-guided (ESG), or eight visits = video visits (VV). All families had 24 × 7 access to digital treatment materials for 10 weeks. We examined the feasibility and acceptability of R2D2. We used the Problem Areas in Diabetes-Child (PPAIDC and PAIDC, parent and child, respectively) to examine treatment effects by time and delivery arm. We performed sensitivity analyses to characterize families who responded to R2D2. Results: It was feasible for families to access R2D2 mHealth content independently, though attendance at telehealth visits was variable. Parents and children reported high satisfaction scores. There were significant pre-post reductions in PPAIDC (p = 0.026) and PAIDC (p = 0.026) scores but no differences by delivery arm. There were no differences in child age, sex, race, or pre-treatment HbA1c for responders versus non-responders, though families who responded reported higher PPAID-C scores pre-treatment (p = 0.01) and tended to report shorter diabetes duration (p = 0.08). Conclusions: Initial results support the acceptability and treatment effects of R2D2 regardless of the frequency of adjunctive virtual visits. Characterizing responders may help to identify families who could benefit from R2D2 in the future. Full article

Corporate green technology innovation is an important driver to promote the green transformation of the manufacturing industry 4.0 and an important engine to achieve China’s carbon peak, carbon neutrality, and high-quality economic development. Based on the theory of informal environmental regulation of social systems, this study empirically analyzes the impact of ESG rating events on corporate green technology innovation by constructing a multi-period DID model using panel data of Chinese listed companies from 2010 to 2022 as the research sample. The findings suggest that ESG rating events and ESG scores can stimulate corporate green technology innovation. ESG rating uncertainty can inhibit corporate green technology innovation. The mediation effect analysis shows that ESG rating events can stimulate firms’ green technology innovation by reducing financing constraints, increasing the degree of corporate internal control, and increasing R&D investment. In addition, heterogeneity analyses indicate that ESG rating events have a better stimulating effect on the quantity of innovation of non-state-owned enterprises than state-owned enterprises, while the stimulating effect on the quality of innovation of non-state-owned enterprises is inferior to that of state-owned enterprises. Moreover, the innovation stimulation effect of ESG rating events shows a trend of east-high and west-low in geographical distribution. Therefore, the government should accelerate the construction of the ESG rating system, promote the degree of convergence with international standards, and improve the level of enterprises’ utilization of digital technology while paying attention to informal environmental regulation. Full article

Environmental, social, and governance (ESG) factors are crucial in evaluating a company’s value. High ESG scores reflect ethical practices, social responsibility, and effective governance. This paper examines the impact of ESG criteria on firm value within the airline industry, focusing on their influence on operational efficiency, risk reduction, and financial performance. Using panel data analysis, the study evaluates ESG scores from 32 airline companies over the period of 2018–2023, with an explanatory power of 36.5%. The research explores how integrating environmental, social, and governance factors into strategic management can foster sustainable competitive advantage. It focuses on utilizing internal resources, meeting the needs of various interested parties, and balancing financial, social, and environmental performance. The findings indicate that while ESG practices enhance firm value through improved efficiency and risk management, they do not always lead to higher short-term firm value. Moreover, the study underscores the significance of governance in the airline industry, where robust governance structures can mitigate risks but may also increase costs. This research contributes to the literature by providing empirical evidence of the link between ESG performance and firm value in the airline industry, emphasizing the importance of integrating ESG principles into strategic management for long-term sustainability and financial success. Full article

This study thoroughly investigates the role of sustainable business models in enhancing environmental sustainability in leading manufacturing companies. Guided by the United Nations Sustainable Development Goals (SDGs), we empirically analyse the integration of sustainability goals into corporate strategies. This study identifies sustainable business models based on an analysis of the sustainability reports published on the website, examining the strategies and action plans declared by 30 companies that are leaders in the sustainability industry, according to their Dow Jones Sustainability Index World (DJSI World) and S&P Global ESG Scores. The strategies considered are aligned with the following specific sustainability development goals: 6 (water security); 7 (renewable energy); 12 (responsible consumption and production); and 13 (climate action). The dataset contains several variables, each reflecting a particular facet of a company’s environmental sustainability, as follows: energy consumption; greenhouse gas emissions; waste management strategies; and water conservation initiatives. We use a multidimensional data analysis technique called multiple correspondence analysis (MCA). After using MCA, we use a hierarchical clustering algorithm with the aim of classifying the different companies. Our findings underscore the presence of seven clusters of companies. Compared to the well-established literature on the topic of sustainable business, the innovative contribution of this study is linked to the identification of reaction time as a strategic variable explaining the different sustainable business models. The study makes it clear that the different business models are linked to reaction time to strategic alignment with environmental objectives. The country in which the company is based is also important. This study provides practical insights for companies aiming to align their practices with SDGs. In fact, the time variable provides important information in this regard and makes it possible to identify different approaches to sustainability as well as strong and weak sustainable business models; the former are characterised by a medium long-term strategic orientation towards environmental sustainability, which can be interpreted as the desire to undertake more solid and structured environmental sustainability strategies. Full article

Digital finance enhances corporate ESG performance and is essential for achieving sustainable development; however, its consistent effectiveness in improving ESG outcomes remains contested. Using panel data from A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2011 to 2021, this study empirically examines nonlinear effects, transmission mechanisms, and moderating factors. The results indicate a U-shaped relationship between digital finance and ESG performance, with a positive impact becoming apparent when digital finance exceeds the threshold of 3.81. Mechanism tests reveal that green technological innovation and public environmental attention are crucial transmission channels for the nonlinear effects. Furthermore, financial regulation levels and environmental uncertainty negatively moderate this relationship, while corporate digital transformation has a positive moderating effect. Further analysis shows that the U-shaped relationship is more pronounced in areas with lesser financial advancement and higher levels of environmental regulation, as well as in non-high-tech industries, non-manufacturing sectors, smaller firms, and companies without political connections. This study provides empirical evidence and policy insights to support the promotion of financial services that better facilitate corporate sustainability. Full article

Recent years have seen the influence of both institutional investors and corporate social responsibility strengthen in the Chinese capital market. However, research on the impact of these market changes on corporate activities and values has been insufficient. To address this gap, this study analyzes the impact of foreign and domestic institutional investors who invest in Chinese A-share listed companies on corporate value through environmental, social, and governance (ESG) policies. The results of the analysis are as follows: First, the shareholding of both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) enhances corporate value. Second, the shareholding of FIIs strengthens the company’s ESG, while that of DIIs does not significantly affect it. Third, ESG has a positive impact on corporate value. Fourth, ESG partially mediates the positive relationship between the shareholding of FIIs and corporate value. The research findings provide academic implications for the causal relationship between corporate governance, sustainable management, and performance, as well as practical implications for the development of the Chinese capital market and corporate sustainability. Full article

China’s environmental, social, and governance (ESG) actions are driven by multiple factors, among which the government is an indispensable key player. This paper empirically examines the impact of government environmental information regulation (GEIR) on corporate ESG performance using a sample of Chinese A-share listed companies in heavily polluting industries from 2011 to 2021, with a GEIR in 2014 as an exogenous shock. GEIR is found to significantly improve corporate ESG performance, which is mainly reflected in the environmental and social dimensions. Moreover, improvements in the quality of corporate information disclosure and the efficiency of green innovation are found to be the main paths through which GEIR enhances corporate ESG performance. Further research shows that the enhancement effect of GEIR is more obvious in firms with low political relevance, high investor attention, and low marketization in the region in which they are located. This work enriches the research on GEIR and corporate ESG performance and provides some references for promoting the government to play a key role in China’s ESG initiatives. Full article

The China Railway Express (CRExpress) is a vital international transportation infrastructure for the advancement of the Belt and Road Initiative and the expansion of international commerce, providing a significant opportunity for Chinese companies to undergo a sustainable transformation. We use a multi-period differences-in-differences model to investigate the relationship and mechanism between the opening of the CRExpress and green innovation of enterprises, based on the panel data of Chinese A-shared listed companies from 2007 to 2020. The results show that the opening of the CRExpress can significantly increase the logarithmic number of green patent applications by at least 5% in enterprises with a spoke radius of 250–450 km, and it also has a significant positive effect on different types of green patents to varying degrees. By examining the sub-items of ESG ratings, the opening of the CRExpress can promote the green innovation of enterprises through the improvement of E-score. Additionally, three pivotal mechanism pathways have been identified: the promotion of regional economic development, the alleviation of corporate financing constraints, and the reduction of corporate logistics expenses. Furthermore, we find that the effect of the CRExpress turns out larger on the green innovation of enterprises in the Secondary Industry and the Tertiary Industry, manufacturing industry, state-owned enterprises, and firms located in the eastern and central regions. Based on the empirical study, we provide policy implications for deepening the correlation between the CRExpress and green innovation. Full article

Loss of biodiversity and natural degradation are vital issues that have significant impacts on society and economy. Businesses, investors, and regulators have focused on corporate efforts to support biodiversity and nature-positive activities. This review provides a comprehensive overview of the importance of biodiversity for businesses, its materiality, and the roles of mandatory and nonmandatory regulations in corporate environmental reporting and sustainability disclosure frameworks. It also discusses descriptive information on the evolution of sustainability frameworks by comparing the most prominent sustainability frameworks, with a key focus on the materiality approach and biodiversity-related disclosure recommendations. Furthermore, we provide recommendations for more holistic approaches to improve future sustainability frameworks focusing on the impact of biodiversity. Additionally, we demonstrate the necessity for greater focus on the decision-making paradigm. Further research to measure the impact of biodiversity and innovative trends in sustainability reporting is required to better reflect nature-positive outcomes in corporate sector businesses. Full article

We analyze the loan portfolios of United States banks from 2013 to 2023, showing that high environmental, social, and governance (ESG) banks have larger shares of consumer loans and commercial loans and smaller shares of construction loans and real estate loans. We also find that the governance pillar (G) is more tightly related to the bank loan composition compared to the environmental (E) and social (S) pillars. Furthermore, we show that construction loans and real estate loans decrease more considerably with bank ESG scores inside countries with high gas emissions, i.e., where ESG issues would arguably be more serious. Our interpretation is that sustainable banks are reluctant in lending money for real estate projects, exposing them to potentially high ESG risk. These findings contribute to developing a deeper insight about the relationship between ESG and bank lending, which, in the previous literature, has been treated more frequently in aggregate terms instead of separating loan types. Our outcomes suggest that sustainability is crucial for the availability of funds in the real estate sector, delivering important insights to bank and real estate managers, besides policy makers. Full article