Abstract
Based on the demand for green development and sustainable economic growth, the most effect approach for improving the sustainability of energy firms through energy policy and green investment is an important concern for those from all walks of life. This study examines the relationship between renewable energy policies and firm sustainability in China. Using 32,267 datapoints from 2007 to 2019 for A-share listed companies in Shanghai and Shenzhen, China, our results suggest that renewable energy policies are not conducive to enhancing firm sustainability and sustainability rate; this result is inconsistent with our theoretical expectations. We further find that firm green investment promotes firm sustainability and plays a partial mediating effect in the impact of renewable energy policies on firm sustainability. In addition, the differences in firm characteristics and market environment make the impact of renewable energy policy on firm sustainability heterogeneous. Renewable energy policies mainly inhibit the sustainable development of state-owned firms, labor-intensive firms, and firms with low equity concentration.
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