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The Impact of ESG Practices on Value Chain Upgrading Across Lifecycle Stages: Evidence from China's Capital Market
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DOI：10.1016/j.iref.2025.104878.png)
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Abstract
En 中文
Chinese A-share listed companies are striving to transition from engaging in low value-added economic activities to higher value-added activities, achieving value chain upgrading. By employing a Propensity Score Matching-Difference-in-Differences (PSM-DID) model, this paper innovatively explores whether Environmental, Social, and Governance (ESG) practices—an increasingly popular topic that the Chinese government actively promotes among listed companies—can facilitate value chain upgrading. The research findings indicate that ESG practices have a significant impact on value chain upgrading, though the effects vary across different stages of the corporate life cycle. Specifically, ESG practices tend to hinder value chain upgrading in growing firms, while they enhance it in mature firms. In contrast, ESG practices show no significant impact on value chain upgrading in declining firms. Moreover, the effect of ESG practices on value chain upgrading is weaker in state-owned enterprises (SOEs) compared to non-SOEs. Based on these findings, the paper provides multi-level practical recommendations for corporate managers, investors, policymakers, and other stakeholders.
Keywords:
ESG practices
value chain upgrading
PSM-DID
corporate life cycle
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