Can the carbon emission trading system induce better ESG performance of enterprises?
CHEN Yunqiao
LI Mengyuan
Abstract：This article is based on the data of A-share listed companies in China from 2009 to 2020,and constructs a multi time point triple difference model to test the impact and mechanism of carbon emission trading system on corporate ESG performance.The results indicate that,firstly,the carbon emission trading system can significantly promote the ESG performance of enterprises.After conducting robustness tests such as placebo test and propensity score matching,the research conclusion still holds.Secondly,mechanism testing shows that the carbon emission trading system improves the ESG performance of enterprises by obtaining government environmental subsidies.Among them,government environmental subsidies have played a partial mediating role in the impact of carbon emission trading system on corporate environment and society,but have not had a significant impact on corporate governance.Thirdly,heterogeneity studies have shown that in companies with overseas executives,high media attention,and western regions,carbon emission trading systems can better promote the improvement of ESG performance.
Keywords：carbon emission trading systemESG performancegovernment environmental subsidiestriple differencedual carbon
Publication Date：2024-05-20
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：10( 46-55 )