ABSTRACT Using the pilot policy on Logistics Service Standardization (LSS) as a quasi-natural experiment, we examine the impact of logistics technical standards on corporate ESG performance. Based on data from Chinese listed companies from 2009 to 2022, we find that LSS significantly improves firms’ ESG ratings. Specifically, the implementation of LSS raises corporate ESG ratings by approximately 0.10 standard deviations, equivalent to 2.7% of the sample mean. The positive effect of LSS on ESG is more pronounced in firms with greater exposure to overseas markets, manufacturing companies, and those facing higher financing constraints. Channel tests indicate that LSS operates by enhancing green innovation, improving logistics costs and operational efficiency, and promoting corporate digital transformation. Our study contributes to the logistics-finance literature by highlighting how LSS reforms influence corporate ethical behaviour from a new perspective.

ABSTRACT How to enhance high‐quality development efficiency (HQDE) through the synergy of internal and external factors remains a critical question for listed logistics enterprises. Drawing on panel data from 44 Chinese enterprises from 2020 to 2022, we adopt a configurational approach by integrating the Three‐stage DEA model with Dynamic QCA to explore the driving configurations and their evolution. Guided by the Resource‐Based View, Stakeholder Theory, and Dynamic Capabilities Theory, we identify three configurations that lead to high HQDE: ESG‐led responsible transformation, digital‐driven competitiveness, and policy‐oriented development. The results reveal a shift from digital‐driven and policy‐oriented models toward ESG‐led transformation, highlighting the strategic role of ESG performance and corporate social responsibility. These findings demonstrate that internal capabilities and institutional conditions interact through multiple configurations, and that high HQDE results from dynamic alignment rather than isolated resource advantages.

This study was conducted by examining 325 firm-year observations from 62 firms listed on the Istanbul Stock Exchange (BIST) between 2014 and 2023. The research utilized environmental, social, and governance (ESG) scores and data on board characteristics to examine the effects of corporate governance structures on sustainability performance. The data was obtained from the LSEG Workspace (formerly Refinitiv Eikon) database, which is used globally as a financial analysis and data provider. The analysis examined the impact of board characteristics such as board size, gender diversity, expertise, and external affiliations on ESG performance using a fixed effects regression model with an unbalanced panel data structure. Empirical findings show that board gender diversity and expertise have a significant and positive impact on ESG performance. In contrast, board size was found to have a significant and negative impact on ESG performance. On the other hand, no statistically significant relationship was found between the variable representing the external affiliations of board members and ESG performance.

Utilizing panel data from Chinese A-share listed companies spanning 2009 to 2024, this research investigates the influence of digital transformation on corporate ESG performance. The results demonstrate a significant positive association between digital transformation and ESG performance, which remains robust after incorporating a set of control variables. Heterogeneity analysis further indicates that the beneficial impact is stronger for state-owned enterprises (SOEs), highlighting the significant moderating effect of ownership structure. In contrast, firm size does not exhibit a statistically significant moderating role. These findings offer empirical support for digitalization as a key enabler of corporate sustainable development, yielding important implications for both corporate strategic planning and the design of differentiated regulatory policies.

This case study examines Industrial Bank's innovative collaboration with Honor, a global tech company, to enhance green competitiveness through ESG-focused finance. Industrial Bank provided "financial + non-financial" services, including an internationally-aligned ESG governance framework and Shenzhen's first sustainability-linked loan. This loan incentivized Honor's clean energy and social accessibility targets via interest rate mechanisms. An empirical study of Chinese banks (2009-2023) confirms strong ESG performance positively correlates with financial outcomes. This model demonstrates how integrating green financial products with consulting services helps enterprises navigate global trade barriers, lower costs, and achieve sustainable growth, offering a replicable framework for the industry.

ABSTRACT This study explores the relationship between firm-level financial constraints (FC) and ESG performance using a sample of 1153 firm-year observations from 313 non-financial Indian firms during 2007 to 2024. Corroborating with the Signalling Theory, the findings suggest that financially constrained firms exhibit better ESG performance. Contrary to traditional belief, this behaviour is even more pronounced when firms’ financial constraints become more severe. Additionally, we report that when financial constraints improve, firms selectively boost ESG performance to seek immediate visibility and legitimacy from their stakeholders. The results significantly align with the signalling motivations for firms to engage in ESG initiatives.

Purpose Building on the theoretical model of Albuquerque et al. (2018), this study analyzes the relationship between environmental, social and governance (ESG) performance and systematic risk. It examines how overall ESG scores and their individual pillars (ESG) relate to the asymmetric components of beta: Beta+ (sensitivity to market upswings) and Beta- (sensitivity to downturns). Design/methodology/approach Using a dataset of 9,643 firms from 89 countries, the study tests the ESG–risk relationship with pooled ordinary least squares and first-difference regressions to mitigate endogeneity concerns. Findings Contrary to the prevailing view that high ESG performance lowers risk, the results show that higher ESG scores are associated with greater systematic risk. ESG is positively and significantly related to both Beta+ and Beta-, suggesting that ESG performance amplifies firms' sensitivity to market movements. The effect is particularly strong during bull markets, while downside protection is limited. This pattern is consistent with demand-driven crowding into ESG assets and valuation premia that increase firms' co-movement with the market. Originality/value This study advances the literature by decomposing systematic risk into asymmetric betas and linking them to ESG performance. Unlike prior work focusing only on aggregate beta, this approach uncovers directional effects. The use of a large global sample and a first-difference design strengthens robustness, while the findings challenge the conventional assumption of ESG as downside insurance, showing instead that it may increase market covariance.

Purpose A quantitative research design was adopted using a Web-based survey targeting 290 Indian procurement experts across public and private sectors. The data were analyzed using SmartPLS 4.0, applying the Partial Least Squares–Structural Equation Modeling technique to test measurement reliability, structural relationships and moderating effects. Design/methodology/approach This study investigates the role of Big Data Analytical Capabilities (BDAC) in enhancing firms’ environmental, social and governance (ESG) performance, with a particular emphasis on the moderating effect of Green Finance (GF). It aims to uncover how data-driven capabilities and sustainable financial mechanisms jointly promote ESG outcomes among Indian procurement professionals. Findings The results reveal that BDAC significantly and positively influences all ESG dimensions, particularly Environmental Performance (EP) and Green Performance (GP). Although GF independently improves ESG outcomes, its effect is weaker than BDAC’s. Importantly, GF significantly moderates the relationship between BDAC and GP, but not with EP or Social Performance, highlighting a synergistic role in advancing environmentally driven outcomes. Practical implications The findings underscore that firms can strengthen ESG performance by simultaneously investing in big data analytics and green financing instruments. Managers and policymakers should encourage data-driven sustainability monitoring and facilitate access to green funds to support environmentally responsible procurement and corporate governance practices. Originality/value This study extends the Resource-Based View Natural Resource-Based View and Resource-Dependence Theory by integrating technological and financial resources as complementary drivers of sustainability. To the best of the authors’ knowledge, this study is among the first to empirically examine this interaction in the context of Indian procurement experts, a critical yet understudied domain.

ESG performance as a mediating factor in ownership, board structures, and sustainable financial performance among Jordanian banks

Government subsidies, maturity mismatch of investment and financing, and ESG performance ——A study about A-share listed new energy companies in China

Green factory certification and firms' ESG performance: The moderating role of government intervention and industry competition

The impact of non-state shareholder governance on state-owned enterprises' ESG performance in China

Green innovation under multiple pressures: examining financial constraints, ESG performance, and environmental regulations

From battlefield to boardroom: The impact of board chair’s military experience on corporate ESG performance

Corrigendum to “How digital transformation facilitates ESG performance in heavy polluting enterprises: A panel fsQCA based on national big data comprehensive pilot zones” [Technological Forecasting & Social Change Volume 221, December 2025, 124366

Revisiting ESG performance: do high scores translate to higher returns? A risk-adjusted analysis of S&P 500 portfolios

Beyond technology: The dual role of AI and narratives in driving ESG performance in China's retail industry

Does ESG performance mitigate ESG-negative events? Examining the insurance-like vs. greenwashing effect

The impact of short-term debt for long-term investment on corporate ESG performance

Governance and greenwashing in the BRICS: The moderating role of national ESG performance in sustainable finance outcomes