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Research on the impact of new quality productivity on enterprise ESG performance

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  • Chu, Haiying
  • Niu, Xiaoxiao
  • Li, Mou
  • Wei, Lei

Abstract

Since the second session of the 14th National Peoples Congress, there has been renewed emphasis on the significant role of new quality productivity in high-quality development, with corporate ESG performance serving as a key indicator of sustainable corporate development. How to empower high-quality corporate development through new quality productivity, thereby enhancing corporate ESG performance, has become a practical issue. This paper conducts an empirical analysis based on data from listed companies in the Shanghai and Shenzhen A-share markets between 2011 and 2022, using robustness tests, mechanism analysis, and heterogeneity analysis to examine whether new quality productivity influences corporate ESG performance. The empirical results show that new quality productivity has a significant positive impact on corporate ESG performance. Mechanism analysis indicates that digital transformation and green technology innovation efficiency are important pathways through which new quality productivity enhances corporate ESG performance. In heterogeneity analysis, compared to non-state-owned enterprises and regions in central and western China, the positive effect of new quality productivity on corporate ESG performance is more pronounced in state-owned enterprises and eastern regions. Further analysis reveals that the impact of increased new quality productivity on ESG varies across its three sub-dimensions, with the greatest improvement in environmental performance and limited improvement in corporate governance. Based on the research findings, some feasible recommendations are proposed for companies and relevant departments.

Suggested Citation

  • Chu, Haiying & Niu, Xiaoxiao & Li, Mou & Wei, Lei, 2025. "Research on the impact of new quality productivity on enterprise ESG performance," International Review of Economics & Finance, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:reveco:v:99:y:2025:i:c:s1059056025001728
    DOI: 10.1016/j.iref.2025.104009
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    References listed on IDEAS

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    1. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
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    1. Zhang, Hanbin & Chen, Yi, 2025. "The role of new quality productivity in driving China's green economic growth," International Review of Economics & Finance, Elsevier, vol. 102(C).
    2. Xue, Dawei & Zhu, Zhihong, 2025. "Digital transformation of energy enterprises, ESG performance, and green total factor productivity," Finance Research Letters, Elsevier, vol. 86(PA).
    3. Mu, Tian tian & Shan, Qiaojuan & Zhu, Guangyu & Xu, Yang & Agag, Gomaa & Alipour, Osman, 2026. "Beyond technology: The dual role of AI and narratives in driving ESG performance in China's retail industry," Journal of Retailing and Consumer Services, Elsevier, vol. 90(C).
    4. Ma, Defang & Xie, Yuze & Wang, Mengkai & Peng, Ting & Ding, Jiahui, 2025. "The impact of new quality productivity on sustainable development performance," International Review of Economics & Finance, Elsevier, vol. 102(C).
    5. Cui, Xiaoqian & Yu, Chunmiao & Zhou, Jing, 2026. "Does agricultural insurance promote the new-quality productivity? Evidence from double machine learning," International Review of Economics & Finance, Elsevier, vol. 105(C).
    6. Li, Junhu & Wang, Lin & Dong, Fang & Li, Qinghai, 2025. "The impact of tax reduction and fee cuts policy on corporate new-form productivity: Evidence from Chinese A-share listed companies," International Review of Economics & Finance, Elsevier, vol. 102(C).
    7. Liu, Yongtao & Li, Ruofan & Wu, Guanzheng, 2025. "How does national audit affect enterprises' operating efficiency?," Finance Research Letters, Elsevier, vol. 85(PC).
    8. Yuan Zheng & Mazni Abdullah & Nurliana Md Rahin, 2025. "Environmental, Social, and Governance (ESG) Performance and New Quality Productivity in China: The Mediating Role of Patient Capital," SAGE Open, , vol. 15(4), pages 21582440251, November.
    9. Peiran Zhang & Hongmin Li, 2025. "Sustainable Transformation Paths for Value Realization of Eco-Products Empowered by New Quality Productivity: Based on Provincial Panel Data in China," Sustainability, MDPI, vol. 17(11), pages 1-28, May.
    10. Liu, Jiawei & Shi, Yaobo & Yang, Shenghao, 2025. "Impact of economic risk on sovereign environmental, social, and governance performance: global evidence," Finance Research Letters, Elsevier, vol. 86(PA).
    11. Yu, Donglei & Wang, Dianyi & Huang, Xiaohuai, 2025. "Digital economy advancement and enterprise productivity transformation: Empirical evidence from Chinese healthcare listed companies," Finance Research Letters, Elsevier, vol. 86(PB).
    12. Chen, Yiming, 2025. "ESG performance, capital introduction and ecological transformation of industrial structure," Finance Research Letters, Elsevier, vol. 85(PB).
    13. Zhang, Taotao & Qin, Chuan & Lu, Zhaoying, 2025. "Market competitiveness and corporate ESG performance," International Review of Economics & Finance, Elsevier, vol. 101(C).
    14. Chen, Yuetong & Zhao, Pu & Fan, Yanmei & Li, Xiaokun, 2025. "The impact of the registration system reform on firms’ cross-country investment: Empirical evidence from China," International Review of Economics & Finance, Elsevier, vol. 103(C).
    15. Soufiene Assidi & Giuseppe Festa & Monica Fait & Bianca Costanzo & Matteo Rossi, 2026. "The impact of digitalization capabilities on ESG performance – A European study," International Entrepreneurship and Management Journal, Springer, vol. 22(1), pages 1-26, March.

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