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<p>With global economic convergence advancing, enhancing firms’ global value chain position (GVCP) has become vital for China to secure high-quality open economic development. However, how corporate ESG performance operates within this process remains underexplored, highlighting the need for in-depth research. This study explores how ESG performance affects GVCP and its underlying mechanisms by utilizing a two-way fixed effects model, leveraging panel data of Chinese A-share listed companies over the period 2008 to 2023. The results show that better ESG performance is significantly associated with higher GVCP, with the social dimension (SOC) contributing the most among ESG sub-dimensions. This conclusion remains robust across sensitivity tests, including endogeneity addressing, alternative ESG metrics, and exclusion of special samples. Mechanistic analysis reveals that ESG performance enhances GVCP through improving firms’ green innovation capabilities, strengthening resource absorption capacities, and promoting industrial upgrading, following a “technology driving—organization restructuring—environment adapting” pathway. Additionally, ESG’s positive effect on GVCP is more distinct for firms in regions with stronger government environmental governance, higher industry sensitivity, and high/mid-tech manufacturing, with regional environmental regulations negatively moderating and economic development level positively moderating this relationship. This study further supplements the academic literature focusing on ESG and GVCP, and provides references for governments to formulate relevant policies and for firms to better enhance their GVCP.</p>

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Does ESG performance affect global value chain position? A theoretical analysis based on the TOE framework

  • 期刊论文

  • 发表日期：

    2025年11月28日

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  • Lu He,
  • Xinyi Gao

摘要

With global economic convergence advancing, enhancing firms’ global value chain position (GVCP) has become vital for China to secure high-quality open economic development. However, how corporate ESG performance operates within this process remains underexplored, highlighting the need for in-depth research. This study explores how ESG performance affects GVCP and its underlying mechanisms by utilizing a two-way fixed effects model, leveraging panel data of Chinese A-share listed companies over the period 2008 to 2023. The results show that better ESG performance is significantly associated with higher GVCP, with the social dimension (SOC) contributing the most among ESG sub-dimensions. This conclusion remains robust across sensitivity tests, including endogeneity addressing, alternative ESG metrics, and exclusion of special samples. Mechanistic analysis reveals that ESG performance enhances GVCP through improving firms’ green innovation capabilities, strengthening resource absorption capacities, and promoting industrial upgrading, following a “technology driving—organization restructuring—environment adapting” pathway. Additionally, ESG’s positive effect on GVCP is more distinct for firms in regions with stronger government environmental governance, higher industry sensitivity, and high/mid-tech manufacturing, with regional environmental regulations negatively moderating and economic development level positively moderating this relationship. This study further supplements the academic literature focusing on ESG and GVCP, and provides references for governments to formulate relevant policies and for firms to better enhance their GVCP.