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Empirical Study on the Impact of ESG Performance on Financial Performance in the Manufacturing Sector

In: Proceedings of the 2024 6th Management Science Informatization and Economic Innovation Development Conference (MSIEID 2024)

Author

Listed:
  • Wei He

    (Three Gorges Electric Power Co., Ltd.)

  • Rujie Liu

    (Three Gorges Electric Power Co., Ltd.)

  • Tao Han

    (Three Gorges Electric Power Co., Ltd.)

  • Jicheng Zhang

    (Three Gorges Electric Power Co., Ltd.)

  • Yixun Lei

    (Three Gorges Electric Power Co., Ltd.)

  • Shan Xu

    (Three Gorges Electric Power Co., Ltd.)

  • Hongwei Yu

    (Wuhan University, Institute of Quality Development Strategy)

  • Zhu Li

    (Wuhan University, Electronic Information School)

Abstract

In the context of intense global competition, ESG standards are crucial for sustainable development. This study examines the impact of ESG performance on the financial performance of A-share listed manufacturing companies in China from 2009 to 2022 using Ordinary Least Squares (OLS) regression, Fixed Effects models, and Instrumental Variable (IV) techniques. The results show that ESG performance significantly enhances financial performance, primarily through improved resource efficiency, government subsidies, and brand value. High-tech industries and companies in eastern and central China benefit more. This study provides empirical data and insights for strategic decision-making and policy formulation.

Suggested Citation

  • Wei He & Rujie Liu & Tao Han & Jicheng Zhang & Yixun Lei & Shan Xu & Hongwei Yu & Zhu Li, 2025. "Empirical Study on the Impact of ESG Performance on Financial Performance in the Manufacturing Sector," Advances in Economics, Business and Management Research, in: Manhui Huang & Vilas B. Gaikar & Md Rabiul Islam & Ivan Krumov Todorov (ed.), Proceedings of the 2024 6th Management Science Informatization and Economic Innovation Development Conference (MSIEID 2024), pages 221-239, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-676-5_23
    DOI: 10.2991/978-94-6463-676-5_23
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