How does ESG administrative embedding affect corporate green total factor productivity? Evidence from China

作者：Yanfen Zou, Zhiwen Xiao · 发表于：International Review of Economics & Finance · 年份：2025 · DOI：10.1016/j.iref.2025.104779 · 被引用次数：4 · 研究领域：Corporate Social Responsibility Reporting、Environmental Sustainability in Business、Energy, Environment, Economic Growth

Against the backdrop of China's dual carbon goals, ESG (Environmental, Social and Governance) has become a key lever for governments to drive corporate green development. This study utilizes data from Chinese A-share listed companies from 2007 to 2023, combines Python natural language processing technology to construct an ESG administrative embedding index, and employs the EBM-GML model to measure corporate green total factor productivity(GTFP). It thoroughly examines the impact of ESG administrative embedding on corporate GTFP. Findings reveal a U-shaped relationship between ESG administrative embedding and corporate GTFP: low-intensity embedding inhibits green development, while high-intensity embedding promotes it. Threshold effect model tests confirm this U-shaped pattern. Heterogeneity analysis indicates this relationship is more pronounced in state-owned enterprises, heavily polluting industries, and firms with low marketization levels. Further analysis indicates that ESG administrative embedding primarily influences corporate GTFP through cognitive reinforcement, resource compensation, and information disclosure mechanisms. Additionally, executive political connections and external social oversight exert positive moderating effects on the U-shaped relationship between ESG administrative embedding and corporate GTFP. This study reveals the nonlinear relationship between ESG administrative embedding and corporate green development from a government-led perspective, offer...