Climate Policy Uncertainty and Corporate Sustainable Performance: An Empirical Study Based on Chinese Listed Companies
気候政策の不確実性と企業の持続可能なパフォーマンス：中国上場企業に基づく実証研究 (AI 翻訳)
Xiao Qin, Quan Fang, Yuan Virtanen
🤖 gxceed AI 要約
日本語
本研究は、2016年から2025年までの中国A株上場企業を対象に、気候政策の不確実性が企業の持続可能性（ESGスコア）に与える影響を実証分析した。二方向固定効果モデルを用いた結果、気候政策の不確実性は企業の持続可能性を向上させることが示された。この効果は、南部地域、産業政策支援セクター、大企業で特に顕著である。
English
This study empirically examines the impact of climate policy uncertainty on corporate sustainability (ESG scores) using Chinese A-share listed firms from 2016 to 2025. Employing a two-way fixed-effects model, it finds that climate policy uncertainty enhances corporate sustainability, with effects stronger for firms in southern China, sectors with industrial policy support, and large enterprises.
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
中国の気候政策不確実性が企業のESGパフォーマンスに与える影響を実証した点で、日本企業の気候関連リスク管理や開示戦略に示唆を与える。特に、政策不確実性が企業行動に与える影響を理解することは、SSBJ開示や投資家対応に有用。
In the global GX context
This study provides empirical evidence from China on how climate policy uncertainty drives corporate sustainability, contributing to the global discourse on policy and ESG performance. It offers insights for multinational corporations and investors navigating climate policy volatility, complementing TCFD/ISSB frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the policy uncertainty-sustainability nexus, useful for further research on institutional factors.
🏢実務担当者:Highlights how policy uncertainty can incentivize sustainability improvements, informing corporate strategy in volatile policy environments.
🏛政策担当者:Suggests that climate policy uncertainty can positively influence corporate sustainability, offering a nuanced view for policy design.
📄 Abstract（原文）
With the global climate governance development, climate policy uncertainty has shifted as one of the most important institutional factors influencing corporate sustainability. However, existing studies have shown mixed evidence regarding the effects of governance and have paid little attention to the boundary conditions that climate policy uncertainty shapes corporate sustainability. The relationship between climate policy uncertainty and corporate sustainability performance will be investigated in this study using a sample of Chinese A-share listed firms from 2016 to 2025, which is proxy measured through ESG (environmental, social, and governance) performance scores. We utilized a two-way fixed-effects model, including various robustness, endogeneity, and heterogeneity tests. The empirical findings suggest that the uncertainty of climate policies boosts corporate sustainability. Moreover, this positive impact is particularly significant for enterprises situated in southern China, firms engaged in sectors benefitting from industrial policy support and large enterprises. According to this finding, climate policy uncertainty’s governance impact is predicated on the interaction of external institutional settings and firms’ organizational features. By offering a more comprehensive clarification of how climate policy uncertainty affects governance, this study contributes to the literature on corporate sustainability and climate policy uncertainty and advances our knowledge of firms’ sustainability responses in the context of policy uncertainty.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18157877first seen 2026-08-06 05:07:37
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