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In the context of the global push towards carbon neutrality and the imperative to peak carbon emissions, the study underscores the essential role that ESG (Environmental, Social, and Governance) criteria play in the sustainable development of capital markets. By evaluating the impact of ESG performance on the export performance of Chinese-listed companies from 2009 to 2015, the study employs a robust analytical framework like instrumental variable regression and GMM approach to address potential endogeneity issues. The results indicate that ESG performance has a substantial positive effect on export performance, with financing cost reduction and alleviation of financial constraints being key mechanisms, particularly through green technology innovation. Despite the growing recognition of ESG's importance, its integration into corporate strategies remains limited. The study advocates for increased governmental oversight and incentives to motivate enterprises to improve their ESG standards, aligning with carbon peaking and neutrality goals and driving the high-quality development of export trade. It suggests that by enhancing ESG performance, companies can significantly contribute to sustainability and generate broader societal value. The research concludes with recommendations for government and enterprises to integrate ESG considerations into their strategies, thereby bolstering the sector's contribution to sustainable development objectives.
Cai et al. (Sun,) studied this question.