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Mitigating financial loss from global supply chain ESG regulations: Can ESG performance help?

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  • Zhu, Qinghua
  • Yang, Jinyu
  • Chen, Yuan

Abstract

Drawing on signaling theory, we examine how supply chain ESG regulations such as the Germany’s Supply Chain Due Diligence Act (SCDDA) and the European Union’s (EU’s) Corporate Sustainability Due Diligence Directive (CSDDD) affect firms’ financial performance, and whether prior ESG efforts moderate this effect. Using an event study approach, we analyze stock market reactions to 39 Chinese firms operating in Europe and 86 EU firms operating in China following three events: the SCDDA approval, its implementation, and the CSDDD approval. A consistent response appears across both samples, shifting from negative to positive and eventually neutral. For Chinese firms, superior social performance mitigates the initial negative response to the SCDDA approval and amplifies the positive reaction to the SCDDA’s implementation. These findings suggest multinational firms can leverage strong social performance to buffer negative investor responses and strengthen resilience to future ESG mandates, offering insights into ESG preparedness amid rising regulatory uncertainty.

Suggested Citation

  • Zhu, Qinghua & Yang, Jinyu & Chen, Yuan, 2026. "Mitigating financial loss from global supply chain ESG regulations: Can ESG performance help?," Journal of Business Research, Elsevier, vol. 202(C).
    • Handle: RePEc:eee:jbrese:v:202:y:2026:i:c:s0148296325005880
    DOI: 10.1016/j.jbusres.2025.115765
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