From uncertainty to sustainability: How climate policy uncertainty shapes corporate ESG?

作者：Haiyan Ge, Xiaoxi Zhang · 发表于：International Review of Economics & Finance · 年份：2025 · DOI：10.1016/j.iref.2025.104011 · 被引用次数：61 · 研究领域：Climate Change Policy and Economics、Energy, Environment, Economic Growth、Sustainable Development and Environmental Policy

This study provides novel empirical evidence on how climate policy uncertainty influences corporate Environmental, Social, and Governance (ESG) performance, highlighting key mechanisms that shape this relationship. Using panel data from Chinese A-share listed companies between 2009 and 2022, the findings reveal that heightened climate policy uncertainty significantly weakens corporate ESG performance by increasing operational risks and complicating resource allocation . The study further identifies critical moderating mechanisms. Green technological innovation mitigates these adverse effects by enhancing firms’ adaptability to policy changes, while improved information transparency reduces perceived uncertainty among external stakeholders, fostering greater corporate commitment to ESG initiatives. In contrast, high agency costs exacerbate the negative impact of policy uncertainty, reflecting inefficiencies in governance and resource management. Firm heterogeneity also plays a crucial role—state-owned enterprises (SOEs) demonstrate greater resilience due to policy support, while large firms leverage their resource reserves to navigate policy uncertainty more effectively. These findings extend the theoretical framework on policy uncertainty and corporate behavior, providing actionable insights for firms and policymakers seeking to enhance ESG performance in uncertain regulatory environments.