Can administrative monopoly regulation enhance corporate ESG performance? Evidence from the fair competition review system

Taking the promulgation of the 'Fair Competition Review System (FCRS)' in 2016 as a quasi-natural experiment, we employed a generalized Difference-in-Differences model and the listed company data between 2009 and 2021 to investigate the impact of administrative monopoly regulation (AMR) on corporate ESG performance. We find that AMR can enhance corporate ESG performance by building a fairer competition environment, standardizing corporate competition behaviour and promoting corporate sustainable development. Additionally, AMR has a greater promoting effect on the ESG performance of non-zombie enterprises, non-state-owned enterprises, and high-tech enterprises.