Abstract
Specialized division of labor can help hasten the creation of a new development pattern while also increasing the endogenous power and reliability of the domestic cycle. Based on research data from A-share listed company in Shanghai and Shenzhen from 2012 to 2022, this paper develops a two-way fixed-effects model to evaluate the impact of ESG performance on the division of labor specialization. The findings indicate that (1) ESG performance has a positive and significant effect on the division of specialization, and the result remains significant after the robustness and endogeneity tests. (2) ESG performance influences the division of specialization via two channels: governance and knowledge transfer effects. (3) Heterogeneity analysis reveals that the aforementioned effects are more pronounced for state-owned enterprises and those in the central and eastern areas. This report contributes to the research on the economic effects of ESG by providing empirical evidence for enterprise specialization.
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