Going green, going global: ESG performance and firms’ clean product exports in China

ESG performance serves as an important benchmark for assessing corporate sustainable development and is of substantial significance to both firms and society. This study adopts ESG rating data of Chinese listed companies to investigate the impact of ESG performance on firms’ clean product exports and explore the internal transmission mechanisms through which this effect operates. The results show that improved ESG performance significantly promotes firms’ clean product exports. Mechanism analysis indicates that green technological innovation, the alleviation of financing constraints, and the enhancement of corporate green reputation serve as key transmission channels. Further analysis reveals that firms’ ESG performance is shaped by the ESG performance of other firms within the same industry and region, suggesting the existence of a peer effect. Moreover, when a firm’s ESG performance is superior to the average level of its peer group, it is more likely to expand clean product exports and strengthen export resilience, indicating a relative advantage effect of ESG performance. This study provides empirical evidence for firms seeking to actively implement ESG principles, accelerate green transformation, and promote export upgrading in the context of sustainable development.