Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach
This study employs an extended CDM (Crépon-Duguet-Mairesse) model to construct a framework for examining the impact of environmental, social, and governance (ESG) practices on corporate total factor productivity (TFP), with a particular focus on the innovation process and “third-order” empowerment....
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| Format: | Article |
| Language: | English |
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Elsevier
2025-06-01
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| Series: | Sustainable Futures |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2666188825002345 |
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| author | Baolong Yuan Sijia Ma Kun Zhang |
| author_facet | Baolong Yuan Sijia Ma Kun Zhang |
| author_sort | Baolong Yuan |
| collection | DOAJ |
| description | This study employs an extended CDM (Crépon-Duguet-Mairesse) model to construct a framework for examining the impact of environmental, social, and governance (ESG) practices on corporate total factor productivity (TFP), with a particular focus on the innovation process and “third-order” empowerment. Drawing on data from listed energy-intensive manufacturing firms in China from 2015 to 2020, our findings reveal that: (1) ESG practices play a significant role in stimulating R&D investment, with green finance further reinforcing this effect. (2) Corporate R&D investment exerts a positive impact on both radical and incremental innovation. Additionally, regional human capital combined with R&D investment synergistically enhances the innovation output. (3) Both radical and incremental innovations contribute positively to corporate TFP. However, the expected positive moderating effect of digital transformation on the relationship between innovation output and TFP is not statistically significant. These findings provide valuable insights for improving corporate TFP by strengthening ESG implementation. |
| format | Article |
| id | doaj-art-e4ab87cac7a349d59e05523b8d2a5ed0 |
| institution | Kabale University |
| issn | 2666-1888 |
| language | English |
| publishDate | 2025-06-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Sustainable Futures |
| spelling | doaj-art-e4ab87cac7a349d59e05523b8d2a5ed02025-08-20T03:45:14ZengElsevierSustainable Futures2666-18882025-06-01910066610.1016/j.sftr.2025.100666Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approachBaolong Yuan0Sijia Ma1Kun Zhang2School of Economics and Management, Central South University of Forestry and Technology, Changsha 410004, PR ChinaSchool of Economics and Management, Central South University of Forestry and Technology, Changsha 410004, PR ChinaCorresponding author.; School of Economics and Management, Central South University of Forestry and Technology, Changsha 410004, PR ChinaThis study employs an extended CDM (Crépon-Duguet-Mairesse) model to construct a framework for examining the impact of environmental, social, and governance (ESG) practices on corporate total factor productivity (TFP), with a particular focus on the innovation process and “third-order” empowerment. Drawing on data from listed energy-intensive manufacturing firms in China from 2015 to 2020, our findings reveal that: (1) ESG practices play a significant role in stimulating R&D investment, with green finance further reinforcing this effect. (2) Corporate R&D investment exerts a positive impact on both radical and incremental innovation. Additionally, regional human capital combined with R&D investment synergistically enhances the innovation output. (3) Both radical and incremental innovations contribute positively to corporate TFP. However, the expected positive moderating effect of digital transformation on the relationship between innovation output and TFP is not statistically significant. These findings provide valuable insights for improving corporate TFP by strengthening ESG implementation.http://www.sciencedirect.com/science/article/pii/S2666188825002345D22L21M14O30Q55 |
| spellingShingle | Baolong Yuan Sijia Ma Kun Zhang Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach Sustainable Futures D22 L21 M14 O30 Q55 |
| title | Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach |
| title_full | Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach |
| title_fullStr | Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach |
| title_full_unstemmed | Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach |
| title_short | Unlocking sustainable growth: How ESG and innovation reshape China’s energy-intensive manufacturing—An extended CDM model approach |
| title_sort | unlocking sustainable growth how esg and innovation reshape china s energy intensive manufacturing an extended cdm model approach |
| topic | D22 L21 M14 O30 Q55 |
| url | http://www.sciencedirect.com/science/article/pii/S2666188825002345 |
| work_keys_str_mv | AT baolongyuan unlockingsustainablegrowthhowesgandinnovationreshapechinasenergyintensivemanufacturinganextendedcdmmodelapproach AT sijiama unlockingsustainablegrowthhowesgandinnovationreshapechinasenergyintensivemanufacturinganextendedcdmmodelapproach AT kunzhang unlockingsustainablegrowthhowesgandinnovationreshapechinasenergyintensivemanufacturinganextendedcdmmodelapproach |