Management ability and new quality productivity transition: a DID analysis of ESG performance and financial leverage thresholds in China’s high-pollution industries
経営能力と新たな質の生産性移行：中国の高汚染産業におけるESGパフォーマンスと財務レバレッジ閾値のDID分析 (AI 翻訳)
Binyu Liu, Qijun Jiang
🤖 gxceed AI 要約
日本語
本研究は、中国A株企業（2015-2022年）を対象に、環境規制が経営能力を通じて持続可能な生産性を促進するメカニズムを分析。DID、DEA-Tobit、エントロピー法を用いた分析の結果、厳格な規制が経営者の環境ガバナンス能力を高め、ESGパフォーマンス（特に環境面）を改善することで生産性向上に寄与することが示された。また、適度な財務レバレッジが生態学的投資と財政安定のバランスに有効であり、国有企業が経営能力を環境成果に転換する上で優位性を持つことが明らかになった。
English
This study analyzes how environmental regulations leverage management ability to drive sustainable productivity in Chinese A-share firms (2015-2022). Using DID, DEA-Tobit, and entropy-weighted methods, it finds that stringent regulations enhance managerial competencies in pollution control and green innovation, improving ESG performance (especially environmental governance) and mediating productivity gains. Moderate financial leverage balances ecological investments and fiscal stability, while state-owned enterprises outperform in translating management improvements into environmental outcomes.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の高汚染産業を対象とした研究だが、日本企業のESG経営やグリーン投資の効果検証にも示唆を与える。特に、経営能力とESGパフォーマンスの連携や、適切なレバレッジ水準の重要性は、日本の排出量取引制度やGXリーグの設計にも参考となる。
In the global GX context
This paper provides empirical evidence from China on how management ability and financial leverage interact with ESG performance to drive sustainable productivity. While China-specific, the findings on the mediating role of environmental governance and the moderating effect of leverage offer insights for global ESG integration and transition finance design, particularly in emerging economies.
👥 読者別の含意
🔬研究者:Provides a multi-method framework (DID, DEA-Tobit, entropy) to analyze ESG transmission mechanisms, extending dynamic capability theory.
🏢実務担当者:Highlights the importance of linking executive compensation to environmental metrics and managing leverage for green investments.
🏛政策担当者:Suggests leverage-differentiated green financial instruments and carbon market maturity-graded credit systems to support sustainable industrialization.
📄 Abstract（原文）
Purpose Integrating environmental competencies into leadership development, aligning managerial incentives with ESG metrics, particularly environmental targets and scaling transition finance for pollution-abatement technologies. These insights operationalize strategies to harmonize productivity growth with China's dual carbon goals, providing a replicable model for sustainable industrialization in emerging economies. Design/methodology/approach This study focuses on Chinese A-share firms from 2015 to 2022. It analyzes how environmental regulations leverage management ability (MA) to drive sustainable productivity through a multi-method framework, which combines DID, DEA-Tobit and entropy-weighted approaches. Findings Results show that stringent regulations enhance managerial competencies in pollution control and green innovation, which critically improve ESG performance – particularly environmental governance – mediating sustainable productivity gains. Moderate financial leverage optimally balances ecological investments and fiscal stability, while state-owned enterprises outperform in translating MA improvements into environmental outcomes through institutionalized low-carbon R&D coordination. Methodologically, staggered DID tests and placebo analyses address endogeneity, advancing dynamic capability theory by formalizing ESG-driven governance as a mechanism for sustainable industrialization. Research limitations/implications It has not fully covered the heterogeneity of technological diffusion within the industry. In the future, a cross-industry ecological efficiency tracking system can be constructed by integrating digital twin technology. Practical implications (1) Corporate governance: Implement substantive linkages between environmental leadership metrics and executive compensation, prioritizing core competencies in carbon asset management and circular technology commercialization. (2) Policy design: Develop leverage-differentiated green financial instruments and establish carbon market maturity-graded environmental credit systems.(3)Education reform: Integrate climate scenario simulations and ESG decision-making modules into management curricula to cultivate strategic thinking that balances short-term financial objectives with long-term ecological value creation. Originality/value By integrating dynamic capability theory with environmental economics, this study constructs an analytical paradigm for ESG transmission mechanisms. It extends the resource-based view's explanatory scope regarding green intangible assets and reveals institutional complementarities in low-carbon technology sharing and ecological resource integration through the “policy anchoring–market response” model.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/apjml-04-2025-0819first seen 2026-05-05 19:07:47
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