How Does ESG Performance Shape Firm Value through Stakeholder Cognition and Attention?Evidence from China’s A-Share Listed Firms
ESGパフォーマンスはステークホルダーの認知と注目を通じて企業価値をどう形成するか：中国A株上場企業からの証拠 (AI 翻訳)
Zhi Ju, Byamba-Erdene Sukhbaatar, Minghui Li
🤖 gxceed AI 要約
日本語
この研究は、中国のA株上場企業を対象に、ESGパフォーマンスが企業価値（トービンのQ）に与える影響と、グリーンイノベーション認知による媒介効果を検証した。環境心理学の視点を取り入れ、ESGへの取り組みがステークホルダーの環境認知を高め、市場評価に影響することを示した。結果はESGが直接だけでなく、認知経路を通じて企業価値を向上させることを示唆している。
English
This study examines how ESG performance affects firm value (Tobin's Q) through stakeholder cognition and attention, using data from Chinese A-share listed firms (2011-2024). Incorporating environmental psychology, it finds that ESG engagement enhances green innovation cognition, which partially mediates the positive ESG-firm value relationship. The findings suggest ESG creates value by shaping stakeholders' cognitive processing of sustainability signals in China's emerging capital market.
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
中国の二元炭素目標とESG開示の制度化を背景に、ESGが企業価値に与える影響を認知心理学の観点から分析した点が特徴。日本のSSBJや統合報告書の文脈でも、ESG情報の認知と市場評価の関係は重要であるが、中国市場限定のため日本への直接適用には注意が必要。
In the global GX context
The paper provides empirical evidence from China on how ESG performance influences firm value through stakeholder cognitive pathways, extending the understanding of ESG valuation mechanisms beyond direct effects. This is relevant to global debates on ESG materiality and market efficiency, particularly in emerging economies with mandatory disclosure under dual-carbon goals.
👥 読者別の含意
🔬研究者:This paper offers a mediation framework linking ESG to firm value via green innovation cognition, useful for scholars studying ESG valuation mechanisms.
🏢実務担当者:Sustainability teams can use the insight that enhancing stakeholder cognition of green innovation may amplify the market impact of ESG efforts.
🏛政策担当者:The findings support policies that promote ESG disclosure to improve stakeholder cognition and market efficiency.
📄 Abstract（原文）
Against the background of China’s accelerated green transition and the increasing institutionalization of ESG disclosure under the dual-carbon goals, sustainability information has become a salient cue in capital market evaluation while still operating under conditions of information asymmetry. Within this context, this study examines how ESG performance shapes firm value through stakeholder cognition and attention by incorporating insights from environmental psychology. Using an unbalanced panel of non-financial A-share listed firms from 2011 to 2024 (31,198 firm-year observations), fixed-effects regressions show that ESG performance is positively associated with Tobin’s Q. Consistent with environmental psychology, ESG engagement enhances stakeholders’ environmental cognition by increasing the salience and interpretability of sustainability signals, which in turn influences evaluative judgments and market responses. Mediation results indicate that ESG significantly strengthens green innovation cognition (LnGreen_inn), and this cognition is positively priced by the market; introducing cognition attenuates the direct ESG effect, indicating partial mediation. Overall, the findings suggest that ESG creates value not mechanically but by shaping stakeholders’ cognitive processing and attention allocation toward firms’ environmental responsibility and long-term growth quality in China’s emerging capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://esp.as-pub.com/index.php/esp/article/download/4581/2712first seen 2026-07-18 07:51:34
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