Fu Xinru

School of Management Science and Engineering, Anhui University of Finance & Economics

Abstract：

Environmental, Social, and Governance (ESG) performance constitutes a critical pathway for advancing China's "dual carbon" strategy (i.e., carbon peaking and carbon neutrality). How to enhance ESG performance among listed companies has increasingly become a focal point of shared interest in both academia and practice. Grounded in the TOE (Technology-Organization-Environment) framework, this study draws on the 2020 Wind ESG Rating A-Share Ranking published by Wind as its sample source and employs fuzzy-set Qualitative Comparative Analysis (fsQCA) to investigate the multi-factor configurational pathways that drive high ESG performance across technological, organizational, and environmental dimensions. The findings reveal that no single factor constitutes a necessary condition for high ESG performance; rather, multi-dimensional elements must operate synergistically. Configurational analysis identifies six distinct pathways to high ESG performance, which are classified into three pattern types: the "Core-Driven Type" anchored in technological conditions, the "Dual-Driven Type" characterized by organizational–environmental interaction, and the "Balanced-Driven Type" featuring technology–organization–environment synergy. From a configurational perspective, this study dissects the multiple antecedent conditions and their interaction mechanisms shaping ESG performance among listed companies, offering both theoretical insights and practical guidance for understanding how Chinese listed companies can achieve high-level ESG performance.

Key Words：

ESG; configurational pathways; Qualitative Comparative Analysis (QCA)