ISSN 2096-2533

CN 42-1881/F



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发布时间:2024-06-28作者:张娆 徐容浏览次数:10




The Impact of Civilized Cities Creation on Corporate ESG Performance

Zhang Rao, Xu Rong

Abstract: As a new mode of urban governance in China, the creation of civilized cities is an important measure for ecological civilization construction and sustainable development. This paper takes China's A-share listed companies from 2009 to 2022 as the research object, and uses the multi-period difference-in-differences method to analyze the impact of the creation of civilized cities on corporate ESG performance. The preliminary study finds that the establishment of civilized cities can significantly promote the improvement of corporate ESG performance. The mechanism analysis shows that the creation of civilized cities can improve the ESG performance of enterprises by promoting green technological innovation and increasing government environmental protection subsidies. Further analysis reveals that the effect of civilized city creation on corporate ESG performance is more prominent among state-controlled enterprises, enterprises with sound internal control, and enterprises with intense competition in industries. Research on the differentiation of the ESG index show that the creation of civilized cities has a significant effect on the performance of environmental (E), social (S), and governance (G), especially on the performance of social (S) and governance (G). Therefore, the government should continue to promote the policy of creating civilized cities, improve the policy system according to the different attributes of enterprises and industries, and provide resource support for corporate ESG practices. At the same time, enterprises should enhance the sensitivity to the creation of civilized cities and seize the policy opportunities to realize the strategic transformation of corporate ESG.

Keywords: Civilized Cities; Corporate ESG Performance; Green Technology Innovation; Government Environmental Subsidies