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ESG and Corporate Performance: Evidence from Agriculture and Forestry Listed Companies

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  • Lishi Zeng

    (School of Economics and Management, Beijing Forestry University, Beijing 100083, China)

  • Xuemei Jiang

    (School of Economics and Management, Beijing Forestry University, Beijing 100083, China)

Abstract

Agriculture and forestry are fundamental industries. With the development of the ESG concept, stakeholders are increasingly concerned about the relationship between ESG and agricultural and forestry corporate performance. This paper examines 156 listed agricultural and forestry companies to explore the impact of ESG on corporate performance, both theoretically and empirically, using two-stage least squares. Heterogeneity is explored from the perspective of three sub-dimensions of ESG and industry comparison, respectively. Finally, the impact mechanism of ESG is analyzed from three perspectives: government, market, and company. Results indicate that (1) ESG and corporate performance are significantly and positively correlated, and higher ESG ratings are beneficial to corporate performance improvement. (2) Compared with E performance, S and G performance are more conducive to promoting corporate performance growth. (3) There is no significant difference in the effect of ESG on corporate performance between listed companies in agriculture and forestry. (4) Tax incentives and the regional marketization degree have a negative moderating effect, but the proportion of female executives plays a positive moderating role. These findings provide useful insights for listed companies in agriculture and forestry to improve ESG performance and, consequently, corporate performance, and also promote listed companies to play a greater leading role in green development.

Suggested Citation

  • Lishi Zeng & Xuemei Jiang, 2023. "ESG and Corporate Performance: Evidence from Agriculture and Forestry Listed Companies," Sustainability, MDPI, vol. 15(8), pages 1-18, April.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:8:p:6723-:d:1124645
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    Cited by:

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    2. Haoming Ding & Wonhee Lee, 2024. "ESG and Financial Performance of China Firms: The Mediating Role of Export Share and Moderating Role of Carbon Intensity," Sustainability, MDPI, vol. 16(12), pages 1-21, June.
    3. Jingdi Fan & Vesarach Aumeboonsuke, 2025. "Perceived ESG and Competitive Performance: A Moderated Mediation Model of Green Technology Innovation and Digital Transformation in Chinese Manufacturing," Sustainability, MDPI, vol. 17(18), pages 1-28, September.
    4. Yunfu Zhu & Haoling Yang & Ma Zhong, 2023. "Do ESG Ratings of Chinese Firms Converge or Diverge? A Comparative Analysis Based on Multiple Domestic and International Ratings," Sustainability, MDPI, vol. 15(16), pages 1-17, August.
    5. Ya-Lun Chou & Chen-Yueh Chen & Ting-Hsiang Lin & Yi-Wen Zhou & Yuan-Fu Lee, 2024. "The Role of ESG Participation in Sports Sponsorship: Enhancing Consumer Purchase Intention Through Electronic Word of Mouth (eWOM)," Sustainability, MDPI, vol. 16(23), pages 1-18, December.
    6. Ampedu Raphael & Antwi Agyei Bright & Mang'ati Frank Peter & Boadi Joana Ankobea & Boakye Boateng Gifty & Nunoo Linda Ofeibea & Mensah Cornelius Nii Odoi & Mensah Richmond, 2024. "An Empirical Study on the Influence of ESG Ratings on Earnings Management among Listed Companies in China," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(8), pages 3678-3693, August.
    7. Yadu Zhang & Yiteng Zhang & Zuoren Sun, 2023. "The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China," Sustainability, MDPI, vol. 15(10), pages 1-27, May.
    8. Johan Hadisurya & Joni Joni & Tan Kwang En & Sinta Setiana, 2025. "How ESG and Gender Diversity Affect Firm Performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(3), pages 3181-3192, May.
    9. Shuai Chen & Jiameng Yang & Xue Chen, 2024. "Impact of Foreign Direct Investment on Green Total Factor Productivity: New Evidence from Yangtze River Delta in China," Sustainability, MDPI, vol. 16(18), pages 1-24, September.
    10. Xing, Yafei & Wang, Junwei & Liu, Zheng & Xiao, Daibo, 2025. "The impact of corporate financialization on ESG performance: A perspective based on executive incentives," Finance Research Letters, Elsevier, vol. 76(C).

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