Research on the configuration path of improving the financial performance of coal enterprises under"Carbon Peaking and Carbon Neutrality Goals"

RONG Luqing; CHEN Yiyuan

Abstract：Centered on the financial performance of listed companies in the coal industry,this study combines the unique characteristics of the coal sector with its ESG performance and employs the fsQCA method for configuration analysis,comprehensively exploring the complex interactions and multiple influences between various factors and financial performance.The research results reveal that there are diverse configuration paths for coal enterprises to achieve high financial performance,including four patterns:"performance-driven","performance-origin-driven","performance-scale-driven",and"origin-scale-driven".These paths not only demonstrate the linkage and matching relationships between different influencing factors but also showcase multiple concurrent causal relationships,resulting in a causally asymmetric"similar results from different paths"phenomenon in the configuration outcomes of high and non-high financial performance.Simultaneously,the implementation of the"dual carbon"strategy has a profound impact on the financial performance of coal enterprises,triggering new changes in their configuration paths.Therefore,listed companies in the coal industry should strengthen ESG governance,actively disclose environmental protection information,and introduce third-party assessments to enhance their ESG performance.Stakeholders in the coal industry should also actively engage in ESG practices,jointly promoting the industry towards green and sustainable development,and achieving harmonious coexistence between economic benefits and ecological protection.