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ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies
Open accessAbstract
Nowadays, listed companies around the world are shifting from short-term goals of maximizing profits to long-term sustainable environmental, social, and governance (ESG) goals. People have come to realize that ESG has become an important source of the corporate risk and may affect the company’s financial performance and profitability. Recent research shows that good ESG performance could improve the financial performance in some countries. Yet, the question of “how does ESG affect financial performance” has not been thoroughly discussed and studied in China. In this article, we study China’s listed power generation groups to explore the relationship between ESG performance and financial indicators in the energy power market based on the panel regression model. The results show that good ESG performance can indeed improve financial performance, which has significant meanings for investors, company management, decisionmakers, and industry regulators.
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CSR disclosure: the more things change…?
Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015) · Accounting, Auditing & Accountability Journal · doi:10.1108/aaaj-12-2013-1549 · Cited by 413
Cited by
Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020) · Sustainability · doi:10.3390/su12093910 · Cited by 774
How does boardroom diversity influence the relationship between ESG and firm financial performance?
Wu, Z., Gao, J., Luo, C., Xu, H., & Shi, G. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2023.10.045 · Cited by 115
Ahmad, N., Mobarek, A., & Raid, M. (2023) · Cogent Business & Management · doi:10.1080/23311975.2023.2167548 · Cited by 69
Lunawat, R. M., Elmarzouky, M., & Shohaieb, D. (2025) · Sustainability · doi:10.3390/su17198522 · Cited by 23
Metadata
- Authors
- Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J.
- Venue
- Sustainability
- Publisher
- MDPI AG
- Published
- 2018-07-25
- Volume
- 10
- Issue
- 8
- Pages
- 2607
- ISSN
- 2071-1050 (ISSN-L)
- OpenAlex
- W2883637167
- Cited by
- 471
- References
- 1
- FWCI
- 25.98
- Type
- journal article
- Language
- en
- Open access
- gold
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- Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies. Sustainability. https://doi.org/10.3390/su10082607
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