Browsing by Subject "ESG performance"

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    Can green finance policy reduce corporate carbon emissions? Evidence from a quasi-natural experiment in China
    (Elsevier, 2024-12-04) Liu, Xiaoqian; Wan, Chang’an; Wan, Long; Cifuentes Faura, Javier; Ciencia Política, Antropología Social y Hacienda Pública; Facultad de Economía y Empresa
    The construction of pilot zones for green finance reform and innovation (PZGFRI) is China's regional exploration aimed at increasing financial support for green transformation and development. However, its impact on corporate carbon emission governance is uncertain. This paper examines the impact of the PZGFRI policy on corporate carbon emissions (CCEs) and its mechanisms based on the difference-in-differences model. The results indicate that this PZGFRI policy notably reduces the carbon emissions of enterprises in the pilot regions. Mechanism analysis reveals that this green finance policy reduces CCEs via alleviating corporate financing constraints, promoting corporate green innovation and corporate ESG performance. Heterogeneity results show that this negative impact is more pronounced for non-SOEs than SOEs. Furthermore, the PZGFRI policy dramatically reduces the carbon emissions of enterprises with short-sighted managers, while having insignificant performance on those with long-sighted management. Moreover, carbon reduction effect is notable for high-carbon industry enterprises, and this impact is insignificant for non-high carbon emission industry enterprises. Additionally, this policy has a prominent carbon reduction influence on enterprises in eastern and central regions, but its effect is minimal for those in western regions. This paper provides empirical evidence for other countries to implement green finance policies to promote low-carbon transformation development.
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    Corporate equality and sustainable development: evidence from ESG performance in European listed firms
    (Wiley, 2026-05-17) Pérez Escamez, Pilar; Santos Jaén, José Manuel; Martínez Conesa, Isabel; Gallardo Vázquez, Dolores; Economía Financiera y Contabilidad; Facultades de la UMU::Facultad de Economía y Empresa
    This study examines the relationship between corporate equality and ESG performance in large European listed firms, with particular attention to the role of equality-oriented practices in supporting sustainable development. Using a panel dataset of 300 companies included in the Euro Stoxx 300 index over the period 2012–2024, we analyze whether corporate equality—operationalized through a composite index capturing diversity, human capital development, and workplace inclusion—acts as a driver of corporate sustainability. Employing Ordinary Least Squares, fixed-effects, and random-effects models, the analysis controls for firm-level financial characteristics and unobserved heterogeneity. The results reveal a positive and significant relationship between overall corporate equality and ESG performance, particularly within the environmental and social pillars. Diversity and human capital development emerge as key contributors to sustainability outcomes, while workplace inclusion shows heterogeneous effects across ESG dimensions, with a stronger association with governance performance. These findings suggest that equality-oriented corporate practices enhance firms' capacity to address stakeholder expectations and implement sustainability strategies, although their impact varies across ESG pillars. This study contributes to the literature by providing robust longitudinal evidence from the European context and by disentangling the differential effects of corporate equality components on ESG performance. The results offer relevant implications for managers, investors, and policymakers seeking to integrate equality, inclusion, and sustainability into corporate governance frameworks.