The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China
The carbon emission trading system profoundly impacts enterprises’ sustainable development as an important market incentive environmental regulation tool. Through data collected from Chinese A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2019 and Bloomberg ESG score data, this pape...
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| Veröffentlicht in: | Sustainability 2023-05, Vol.15 (10), p.8279 |
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| creator | Zhang, Yadu Zhang, Yiteng Sun, Zuoren |
| description | The carbon emission trading system profoundly impacts enterprises’ sustainable development as an important market incentive environmental regulation tool. Through data collected from Chinese A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2019 and Bloomberg ESG score data, this paper empirically analyses the impact of carbon emission trading policy on enterprise ESG performance and its channel mechanism using the difference-in-difference (DID) method. Results of this study indicate that carbon emission trading policy improves enterprise ESG performance significantly, and robustness tests confirm these findings. Carbon emission trading policy can encourage enterprises to enhance their R&D investments and promote internal controls, ultimately enhancing their ESG performance. Additionally, carbon emission trading policy positively impacts ESG performance in low-carbon enterprises, enterprises where the CEO is separated from the company, enterprises with a high degree of digital transformation, and enterprises receiving high government subsidies. This paper extends our research into the economic implications of carbon emission trading policy, enriching the literature on market-based environmental regulation policies’ impact on enterprise ESG performance. With respect to governments’ use of carbon emission trading to regulate enterprises environmentally, this paper provides theoretical guidance. It has significant practical implications for improving enterprise ESG performance and sustainability. |
| doi_str_mv | 10.3390/su15108279 |
| format | Article |
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Through data collected from Chinese A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2019 and Bloomberg ESG score data, this paper empirically analyses the impact of carbon emission trading policy on enterprise ESG performance and its channel mechanism using the difference-in-difference (DID) method. Results of this study indicate that carbon emission trading policy improves enterprise ESG performance significantly, and robustness tests confirm these findings. Carbon emission trading policy can encourage enterprises to enhance their R&D investments and promote internal controls, ultimately enhancing their ESG performance. Additionally, carbon emission trading policy positively impacts ESG performance in low-carbon enterprises, enterprises where the CEO is separated from the company, enterprises with a high degree of digital transformation, and enterprises receiving high government subsidies. This paper extends our research into the economic implications of carbon emission trading policy, enriching the literature on market-based environmental regulation policies’ impact on enterprise ESG performance. With respect to governments’ use of carbon emission trading to regulate enterprises environmentally, this paper provides theoretical guidance. It has significant practical implications for improving enterprise ESG performance and sustainability.</description><identifier>ISSN: 2071-1050</identifier><identifier>EISSN: 2071-1050</identifier><identifier>DOI: 10.3390/su15108279</identifier><language>eng</language><publisher>Basel: MDPI AG</publisher><subject>Air pollution ; Carbon dioxide ; Clean technology ; Climate change ; Corporate governance ; Developing countries ; Economic growth ; Emission analysis ; Emission standards ; Emissions trading ; Environmental law ; Environmental protection ; Environmental regulations ; Greenhouse gases ; Impact analysis ; Industrialized nations ; Innovations ; International economic relations ; Kyoto Protocol ; Laws, regulations and rules ; LDCs ; Regulation ; Social responsibility ; Society ; Sustainability ; Sustainable development</subject><ispartof>Sustainability, 2023-05, Vol.15 (10), p.8279</ispartof><rights>COPYRIGHT 2023 MDPI AG</rights><rights>2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). 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This paper extends our research into the economic implications of carbon emission trading policy, enriching the literature on market-based environmental regulation policies’ impact on enterprise ESG performance. With respect to governments’ use of carbon emission trading to regulate enterprises environmentally, this paper provides theoretical guidance. It has significant practical implications for improving enterprise ESG performance and sustainability.</description><subject>Air pollution</subject><subject>Carbon dioxide</subject><subject>Clean technology</subject><subject>Climate change</subject><subject>Corporate governance</subject><subject>Developing countries</subject><subject>Economic growth</subject><subject>Emission analysis</subject><subject>Emission standards</subject><subject>Emissions trading</subject><subject>Environmental law</subject><subject>Environmental protection</subject><subject>Environmental regulations</subject><subject>Greenhouse gases</subject><subject>Impact analysis</subject><subject>Industrialized nations</subject><subject>Innovations</subject><subject>International economic relations</subject><subject>Kyoto Protocol</subject><subject>Laws, regulations and rules</subject><subject>LDCs</subject><subject>Regulation</subject><subject>Social responsibility</subject><subject>Society</subject><subject>Sustainability</subject><subject>Sustainable development</subject><issn>2071-1050</issn><issn>2071-1050</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2023</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNpVkd9LAzEMx4soOKYv_gUFnxQ20_Z-rL7JmHMwUHQ-l14v3Tp219nexP33dkxQk4d8ST5JICHkisFQCAl3ccdyBiNeyhPS41CyAYMcTv_oc3IZ4xqSCcEkK3pELVZIZ81Wm456S8c6VL6lk8bF6JJYBF27dklf_MaZPT2U2g7DNriIdPI2pS8YrA-Nbg3e08mnqzEpaoNv6HjlWn1BzqzeRLz8iX3y_jhZjJ8G8-fpbPwwHxhRjLoByswWANmoZBpZXZVciwpKARaKjMkcCoFoilxzYHUuRJUZnkFuOK8FLwsm-uT6OHcb_McOY6fWfhfatFLxEZOZ5GlIooZHaqk3qFxrfRe0SV5j44xv0bqUfyhzkLI4XKlPbv41JKbDr26pdzGq2dvrf_b2yJrgYwxoVTpTo8NeMVCHB6nfB4lvp8Z-0w</recordid><startdate>20230501</startdate><enddate>20230501</enddate><creator>Zhang, Yadu</creator><creator>Zhang, Yiteng</creator><creator>Sun, Zuoren</creator><general>MDPI AG</general><scope>AAYXX</scope><scope>CITATION</scope><scope>ISR</scope><scope>4U-</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>PIMPY</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><orcidid>https://orcid.org/0000-0001-8628-550X</orcidid></search><sort><creationdate>20230501</creationdate><title>The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China</title><author>Zhang, Yadu ; Zhang, Yiteng ; Sun, Zuoren</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c368t-e94f6004871ae1db72a3b0730f064195063eec65a201d533b4c2405c22d327613</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2023</creationdate><topic>Air pollution</topic><topic>Carbon dioxide</topic><topic>Clean technology</topic><topic>Climate change</topic><topic>Corporate governance</topic><topic>Developing countries</topic><topic>Economic growth</topic><topic>Emission analysis</topic><topic>Emission standards</topic><topic>Emissions trading</topic><topic>Environmental law</topic><topic>Environmental protection</topic><topic>Environmental regulations</topic><topic>Greenhouse gases</topic><topic>Impact analysis</topic><topic>Industrialized nations</topic><topic>Innovations</topic><topic>International economic relations</topic><topic>Kyoto Protocol</topic><topic>Laws, regulations and rules</topic><topic>LDCs</topic><topic>Regulation</topic><topic>Social responsibility</topic><topic>Society</topic><topic>Sustainability</topic><topic>Sustainable development</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Zhang, Yadu</creatorcontrib><creatorcontrib>Zhang, Yiteng</creatorcontrib><creatorcontrib>Sun, Zuoren</creatorcontrib><collection>CrossRef</collection><collection>Gale In Context: Science</collection><collection>University Readers</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Publicly Available Content Database</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><jtitle>Sustainability</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Zhang, Yadu</au><au>Zhang, Yiteng</au><au>Sun, Zuoren</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China</atitle><jtitle>Sustainability</jtitle><date>2023-05-01</date><risdate>2023</risdate><volume>15</volume><issue>10</issue><spage>8279</spage><pages>8279-</pages><issn>2071-1050</issn><eissn>2071-1050</eissn><abstract>The carbon emission trading system profoundly impacts enterprises’ sustainable development as an important market incentive environmental regulation tool. Through data collected from Chinese A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2019 and Bloomberg ESG score data, this paper empirically analyses the impact of carbon emission trading policy on enterprise ESG performance and its channel mechanism using the difference-in-difference (DID) method. Results of this study indicate that carbon emission trading policy improves enterprise ESG performance significantly, and robustness tests confirm these findings. Carbon emission trading policy can encourage enterprises to enhance their R&D investments and promote internal controls, ultimately enhancing their ESG performance. Additionally, carbon emission trading policy positively impacts ESG performance in low-carbon enterprises, enterprises where the CEO is separated from the company, enterprises with a high degree of digital transformation, and enterprises receiving high government subsidies. This paper extends our research into the economic implications of carbon emission trading policy, enriching the literature on market-based environmental regulation policies’ impact on enterprise ESG performance. With respect to governments’ use of carbon emission trading to regulate enterprises environmentally, this paper provides theoretical guidance. It has significant practical implications for improving enterprise ESG performance and sustainability.</abstract><cop>Basel</cop><pub>MDPI AG</pub><doi>10.3390/su15108279</doi><orcidid>https://orcid.org/0000-0001-8628-550X</orcidid><oa>free_for_read</oa></addata></record> |
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| source | Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; MDPI - Multidisciplinary Digital Publishing Institute |
| subjects | Air pollution Carbon dioxide Clean technology Climate change Corporate governance Developing countries Economic growth Emission analysis Emission standards Emissions trading Environmental law Environmental protection Environmental regulations Greenhouse gases Impact analysis Industrialized nations Innovations International economic relations Kyoto Protocol Laws, regulations and rules LDCs Regulation Social responsibility Society Sustainability Sustainable development |
| title | The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China |
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