Study on How ESG Performance Affects Firm TFP: Evidence from China’s A-share Listed Firms

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Journals（Abstract）

Study on How ESG Performance Affects Firm TFP: Evidence from China’s A-share Listed Firms

Siwei Chen

International Business School, Hainan University

Abstract：

As society pays more attention to sustainable growth, firm ESG performance has drawn wide interest. Using A-share listed firms from 2009–2023, this paper tests the link between ESG performance and TFP. The results show that strong ESG performance can raise firm TFP. The mechanism test shows that ESG lifts TFP mainly by improving internal control and lowering the level of firm financialization. Threshold tests show an inverse-U link between TFP and financialization, and a nonlinear positive link between TFP and internal control. Based on this, the paper gives policy advice.

Key Words：

ESG; TFP; internal control; financialization