Carbon Emission Trading, Green Technology Innovation, and Corporate ESG Performance: The Dual Moderation of Executives’ Green Cognition and Environmental Policy Uncertainty
炭素排出権取引、グリーン技術革新、企業ESGパフォーマンス：経営者のグリーン認知と環境政策不確実性の二重調整効果 (AI 翻訳)
Guoyu Mao, Luqian Xu
🤖 gxceed AI 要約
日本語
中国の炭素排出権取引パイロットを自然実験とみなし、高炭素産業のA株上場企業データ（2010-2023）を用いて、炭素取引がESGパフォーマンスを有意に向上させることを実証。経営者のグリーン認知と環境政策不確実性が正の調整効果を持ち、グリーン技術革新は媒介効果が弱い一方、資金調達制約と炭素情報開示品質が主要な経路であることを示す。
English
Using China's carbon trading pilot as a quasi-natural experiment and panel data of A-share listed firms in high-carbon industries (2010-2023), this study finds that carbon trading significantly enhances corporate ESG performance. Executives' green cognition and environmental policy uncertainty positively moderate this effect, while green technology innovation mediates weakly due to an internal offset; financing constraints and carbon disclosure quality are the primary channels.
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
中国の炭素市場とESGの関係を実証した研究は、日本企業が中国市場での事業展開やサプライチェーン管理を考える際に参考になる。また、炭素情報開示の重要性を示唆しており、SSBJ開示や有報での情報開示強化に取り組む日本企業にとっても示唆に富む。
In the global GX context
This study provides causal evidence on carbon pricing and ESG performance, relevant to global discussions on carbon markets and disclosure. It highlights the role of carbon disclosure quality as a transmission channel, aligning with ISSB and CSRD emphasis on transparency. The findings on regional heterogeneity and policy uncertainty offer insights for designing effective carbon pricing policies.
👥 読者別の含意
🔬研究者:Provides causal evidence on carbon trading's impact on ESG and identifies financing constraints and disclosure quality as key channels.
🏢実務担当者:Highlights the importance of carbon disclosure quality and green cognition for ESG performance, useful for sustainability strategy.
🏛政策担当者:Offers evidence on the effectiveness of carbon pricing and the need for regionally differentiated regulation.
📄 Abstract（原文）
Carbon emission trading is a vital market-based instrument for corporate sustainable development. Treating China’s carbon emission trading pilot as a quasi-natural experiment, this study employs panel data of A-share listed firms in high-carbon industries (2010–2023) and a time-varying difference-in-differences model to examine its effect on corporate ESG performance. The results confirm that carbon trading significantly enhances ESG performance. Beyond this, three key insights emerge. First, both executives’ green cognition and environmental policy uncertainty positively moderate this relationship; notably, a three-way interaction reveals partial substitution between the two moderators at high levels, refining the capability–pressure coupling framework. Second, green technology innovation is a statistically significant but economically weak mediator. This weakness stems from an internal offset—the policy promotes substantive invention patents while suppressing incremental utility model patents—and alternative channels, particularly financing constraints and carbon disclosure quality, which serve as the primary transmission pathways. Third, the policy effect is more pronounced among heavily polluting firms and in eastern and central regions, reflecting differential regulatory exposure. These findings offer practical implications for carbon market expansion, green innovation incentives, regionally differentiated regulation, and the integration of carbon asset management with executives’ green cognition development.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18157791first seen 2026-08-05 04:50:47
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