Capital market internationalization and firms' ESG performance: Evidence from the inclusion of China A-shares in the MSCI Emerging Market Index

Zhao, Panting; Yao, Xin; Shen, Rui

doi:10.1016/j.eneco.2024.107415

Energy Economics

2024

DOI: 10.1016/j.eneco.2024.107415

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Capital market internationalization and firms' ESG performance: Evidence from the inclusion of China A-shares in the MSCI Emerging Market Index

Panting Zhao,

Xin Yao,

Rui Shen

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2024

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Cited by 9 publications

References 62 publications

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The impact of research and development internationalisation on environmental, social and governance: Evidence from emerging market multinational enterprises

Li,

Luo

2024

Bus Strat Env

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People are increasingly aware of the extent to which enterprises either improve or harm social welfare, with a growing trend to use environmental, social and governance (ESG) indicators to evaluate and describe efforts in this area. However, most research has neglected multinational enterprises, especially the significant impact of the radical and leapfrogging internationalisation of emerging market multinational enterprises (EMNEs) on sustainable development. This study discusses ESG in the context of the research and development (R&D) internationalisation of EMNEs and uses microdata from Chinese listed manufacturing enterprises from 2010 to 2020. Employing a propensity score matching (PSM) method and difference‐in‐differences (DID) estimation, this study empirically tests the effect of R&D internationalisation on the ESG performance of Chinese enterprises and their boundary conditions. This study finds that R&D internationalisation positively impacts enterprises' ESG performance through two pathways: improving green innovation and the quality of information disclosure. Furthermore, the study confirms the heterogeneous effects of institutional factors. Institutional deficits between home and host countries, along with the nature of private equity in enterprises, effectively enhance the value of the internationalisation of R&D for EMNEs on ESG performance. This study expands the exploration of the antecedents of ESG in the context of internationalisation, enriches the research on the impact effect and boundary conditions of EMNEs' R&D internationalisation and provides practical insights for EMNEs to enhance their ESG through R&D internationalisation.

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The impact of research and development internationalisation on environmental, social and governance: Evidence from emerging market multinational enterprises

Li,

Luo

2024

Bus Strat Env

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Exploring digital green convergence for firm competitiveness

Zhang,

Yue,

Lai

2024

Finance Research Letters

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Carbon emission trading scheme, investors’ attention, and earnings response coefficients

Hu,

Zhang,

Wang

et al. 2024

Journal of International Financial Markets, Institutions and Mo

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Capital market internationalization and firms' ESG performance: Evidence from the inclusion of China A-shares in the MSCI Emerging Market Index

Cited by 9 publications

References 62 publications

The impact of research and development internationalisation on environmental, social and governance: Evidence from emerging market multinational enterprises

The impact of research and development internationalisation on environmental, social and governance: Evidence from emerging market multinational enterprises

Exploring digital green convergence for firm competitiveness

Carbon emission trading scheme, investors’ attention, and earnings response coefficients

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