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<p>Scientifically constructing the evaluation system of ESG characteristic industries and analyzing the influencing factors and value benefits of ESG disclosure quality hold significant implications for addressing rating divergences and promoting long-term value investment. Focusing on the intersection between pollution prevention and scientific innovation in construction materials, this study utilizes ESG data from noise prevention and control concept stock listed companies from 2017 to 2022. Through a synthesis of normative research, content analysis, and grounded theory, we construct an ESG information disclosure rating framework and empirically investigate cross-sectional firm differences and longitudinal time development perspectives indicator dynamics, their determinants, and value creation effects through theoretical derivation and exploratory data analysis. The results show that the constructed rating system contains three dimensions of environment, social responsibility, and corporate governance, 14 secondary indicators and 71 tertiary indicators; Cross-sectionally, annual report disclosures predominantly emphasize compliance metrics, whereas integrated reporting methods demonstrate higher transparency; Longitudinally, indicator coverage expands continuously with strategic shifts from E-dimension dominance toward increased S and G-dimension priorities, coupled with growing direct attention to noise control constructs; Major drivers include firm size, regulatory requirements, investor preferences, governance structures, industry characteristics, and corporate culture. The quality of ESG disclosure enhances enterprise value through the mechanisms of mitigating information asymmetry, strengthening consumer trust, optimizing credit terms, and improving principal-agent relationships. Specifically, E information elevates green competitiveness, S information attracts media attention, and G information alleviates financing constraints. Furthermore, this study proposes policy recommendations including strengthening disclosure mechanisms, fostering environmental culture, deepening social responsibility practices, co-building data infrastructure, and standardizing certification protocols. The logical framework and methodologies developed in this study demonstrate transferability, universality, extensibility, and dynamic adaptability, providing a theoretical foundation and practical framework for constructing specialized ESG evaluation systems in relevant industries.</p>

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Environmental, social responsibility and corporate governance (ESG) characterized industry evaluation system, factors and benefits -- evidence from the grounded theory of noise prevention and control concept stocks in China

  • 期刊论文

  • 发表日期：

    2025年8月26日

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  • Desheng Zhang,
  • Botao Yan,
  • Huiling Zhang

摘要

Scientifically constructing the evaluation system of ESG characteristic industries and analyzing the influencing factors and value benefits of ESG disclosure quality hold significant implications for addressing rating divergences and promoting long-term value investment. Focusing on the intersection between pollution prevention and scientific innovation in construction materials, this study utilizes ESG data from noise prevention and control concept stock listed companies from 2017 to 2022. Through a synthesis of normative research, content analysis, and grounded theory, we construct an ESG information disclosure rating framework and empirically investigate cross-sectional firm differences and longitudinal time development perspectives indicator dynamics, their determinants, and value creation effects through theoretical derivation and exploratory data analysis. The results show that the constructed rating system contains three dimensions of environment, social responsibility, and corporate governance, 14 secondary indicators and 71 tertiary indicators; Cross-sectionally, annual report disclosures predominantly emphasize compliance metrics, whereas integrated reporting methods demonstrate higher transparency; Longitudinally, indicator coverage expands continuously with strategic shifts from E-dimension dominance toward increased S and G-dimension priorities, coupled with growing direct attention to noise control constructs; Major drivers include firm size, regulatory requirements, investor preferences, governance structures, industry characteristics, and corporate culture. The quality of ESG disclosure enhances enterprise value through the mechanisms of mitigating information asymmetry, strengthening consumer trust, optimizing credit terms, and improving principal-agent relationships. Specifically, E information elevates green competitiveness, S information attracts media attention, and G information alleviates financing constraints. Furthermore, this study proposes policy recommendations including strengthening disclosure mechanisms, fostering environmental culture, deepening social responsibility practices, co-building data infrastructure, and standardizing certification protocols. The logical framework and methodologies developed in this study demonstrate transferability, universality, extensibility, and dynamic adaptability, providing a theoretical foundation and practical framework for constructing specialized ESG evaluation systems in relevant industries.