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The impact of digital inclusive finance on ESG disputes: Evidence from Chinese non-financial listed companies

Author

Listed:
  • Fahad Khalid

    (Guilin University of Electronic Technology)

  • Muhammad Irfan

    (Shandong University)

  • Mohit Srivastava

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School)

Abstract

In the dynamic landscape of corporate sustainability, this study sheds light on the transformative role of digital inclusive finance (DIF) in fostering sustainable practices and responsible corporate behavior. The study employs a unique dataset consisting of Chinese nonfinancial A-share listed firms for the period 2017–2020. The findings demonstrate a significant positive relationship between DIF and the mitigation of environmental, social and governance (ESG) disputes. Moreover, the mechanism analysis reveals that DIF mitigates ESG disputes by reducing financial constraints and improving internal control. The heterogeneity results show that the impact of DIF on corporate ESG disputes is more pronounced for firms located in underdeveloped regions, belongs to sensitive industrial sectors, low industrial competition, and high environmental uncertainty. The research findings provide several implications for policymakers, regulators and managers seeking to navigate the intersection of finance, sustainability and corporate responsibility in digital era.

Suggested Citation

  • Fahad Khalid & Muhammad Irfan & Mohit Srivastava, 2024. "The impact of digital inclusive finance on ESG disputes: Evidence from Chinese non-financial listed companies," Post-Print hal-04737627, HAL.
    • Handle: RePEc:hal:journl:hal-04737627
    DOI: 10.1016/j.techfore.2024.123415
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    Citations

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    Cited by:

    1. Barbosa, Anrafel de Souza & Crispim, Maria Cristina & da Silva, Luiz Bueno & da Silva, Jonhatan Magno Norte & Barbosa, Aglaucibelly Maciel & Correia, Lucas Miguel Alencar de Morais & Morioka, Sandra N, 2025. "Empirical analysis of workers' perceptions of ESG impacts on corporate sustainability performance: A methodological innovation combining the PLS-SEM, PROMETHEE-ROC and FIMIX-PLS methods," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    2. Liu, Xinran & Si, Deng-Kui, 2025. "Does digital inclusive finance promote innovation? Evidence from China," Economic Modelling, Elsevier, vol. 152(C).
    3. Cheng, Wenyin & Ouyang, Xin & Yu, Anqi & Shen, Zhiyang & Vardanyan, Michael, 2024. "Subjective perceptions versus objective outcomes: Assessing the impact of smart city pilots on environmental quality in China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    4. Tang, Chun & Wu, Yizhong & Liu, Xiaoxing, 2025. "Does China's national carbon market play a role? Evidence from corporate ESG performance," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1053-1064.
    5. Hasri Mustafa & Chu Chen & Asna Abdullah Atqa & XingYu Li & ZhenKai Qin & Mushtaq Yousif Alhasnawi & ZiQian Lin, 2025. "The influence of ESG performance on banking credit decisions: empirical from highly polluting enterprises in China," Future Business Journal, Springer, vol. 11(1), pages 1-25, December.
    6. Wu, Yanxia & Zhang, Jie, 2025. "Digital inclusive finance and rural households’ economic resilience," Finance Research Letters, Elsevier, vol. 74(C).
    7. Zhu, Qin & Zhou, Xiangxiang, 2025. "Digital trade and firm ESG performance: The perspective of finance development," Research in International Business and Finance, Elsevier, vol. 77(PA).
    8. Duan, Dingkang & Wei, Ran & Wang, Chao & Xia, Bingyu, 2025. "Opportunity or obstacle? Climate risk disclosure and corporate ESG performance," International Review of Economics & Finance, Elsevier, vol. 100(C).
    9. Li, Ruiqian & Huang, Tong & Ramanathan, Ramakrishnan, 2026. "Turning perception into impact: ESG risk perception and ESG controversies," Research in International Business and Finance, Elsevier, vol. 81(C).
    10. Bai, Caiquan & Wang, Huimin & Xue, Qihang & Zhao, Yaping, 2025. "Financial crime and corporate social responsibility: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 151(C).
    11. Wang, Zhiwen, 2025. "The impact of common ownership between banks and firms on corporate ESG performance: Evidence from China," Emerging Markets Review, Elsevier, vol. 69(C).
    12. Song, Tao & Tian, Mohan & Li, Dongwei, 2025. "The development of digital finance, equity pledge behavior, and the quality of information disclosure," Finance Research Letters, Elsevier, vol. 86(PA).
    13. Wang, Xue & Wang, Hui & Song, Lulu & Zhang, Feiteng, 2025. "Digital inclusive finance and digital innovation in private enterprises," International Review of Economics & Finance, Elsevier, vol. 98(C).
    14. Chen, Yuhang & Zhong, Yilin & Xu, Feng & Zhang, Qinghua, 2025. "Driving environmental, social, and governance excellence: The direct and indirect effects of intelligent transformation," Structural Change and Economic Dynamics, Elsevier, vol. 75(C), pages 313-331.
    15. Bai, Xue & Zhang, Zhuo, 2025. "Does the digital innovation ecosystem promote green technology innovation? Evidence from 264 cities in China," Technology in Society, Elsevier, vol. 83(C).

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