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<p>This study examines the impact of the “Green Factory” certification on corporate ESG performance, using a sample of Chinese A-share non-financial selected listed companies between 2011 and 2022. The results show that the “Green Factory” certification significantly improves corporate ESG performance. The heterogeneity analysis reveals that this positive effect is more pronounced in regions with stronger environmental regulation, higher levels of public environmental attention, and firms with higher financing constraints. Three potential mechanisms for this effect are promoting green innovation, increasing external supervision and improving internal governance. Additionally, improved ESG performance is found to impact corporate value positively. These findings contribute to the existing literature on the determinants of ESG performance and offer practical insights for businesses, policymakers, and leaders striving to achieve sustainable development.</p>

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The impact of green factory certification on ESG performance among selected Chinese companies

  • 期刊论文

  • 发表日期：

    2025年4月7日

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  • He Lin,
  • Qianwei Ying

摘要

This study examines the impact of the “Green Factory” certification on corporate ESG performance, using a sample of Chinese A-share non-financial selected listed companies between 2011 and 2022. The results show that the “Green Factory” certification significantly improves corporate ESG performance. The heterogeneity analysis reveals that this positive effect is more pronounced in regions with stronger environmental regulation, higher levels of public environmental attention, and firms with higher financing constraints. Three potential mechanisms for this effect are promoting green innovation, increasing external supervision and improving internal governance. Additionally, improved ESG performance is found to impact corporate value positively. These findings contribute to the existing literature on the determinants of ESG performance and offer practical insights for businesses, policymakers, and leaders striving to achieve sustainable development.