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Facilitating or inhibiting? The impact of climate policy uncertainty on enterprises' ESG performance in China

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  • Han, Qingyang
  • Gao, Hongying

Abstract

The complexity of the climate system and its profound effect on the economy and society has made a growing global challenge. Existing studies on the influence of climate policy uncertainty (CPU) on enterprises' environmental, social, and governance (ESG) performance yield inconsistent findings and lack systematic analysis of the underlying mechanisms. This analysis utilizes a fixed effects model to appraise how CPU affects ESG performance, building upon data from Chinese A-share listed enterprises during the 2009–2022 period. The outcomes reveal that CPU hurts ESG performance, and a range of robustness tests serve to corroborate its veracity. Mechanism tests indicate that corporate R&D investment and media attention serve to alleviate the adverse influences of CPU on ESG, whereas financing constraints serve to exacerbate this impact. Additionally, for non-state enterprises located in non-first-tier cities and with low free cash flow, the suppressive influence of CPU on ESG performance is especially significant. Further analysis reveals that the CPU exerts a particularly profound inhibitory effect on the functioning of corporate governance structures. In sum, the findings not only explore the relationship and mechanism between CPU and ESG but also offer crucial revelations for government climate policy establishment and corporate sustainability.

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  • Han, Qingyang & Gao, Hongying, 2025. "Facilitating or inhibiting? The impact of climate policy uncertainty on enterprises' ESG performance in China," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 1329-1345.
    • Handle: RePEc:eee:ecanpo:v:86:y:2025:i:c:p:1329-1345
    DOI: 10.1016/j.eap.2025.04.034
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