How corporate ESG performance enables New-qualitive Productive forces development based on Listed companies in the manufacturing industry: Evidence from China

The study's findings offer empirical support for advancing enterprise ESG development, hastening the transformation of new, qualitative productive forces within enterprises, encouraging the rapid growth of new, qualitative productive forces within enterprises, and ultimately achieving the coordinated development of the economy, society, and environment.The results show that: enterprises with strong ESG performance play a major role in fostering the creation of new-qualitive productive forces; heterogeneity analysis results indicate that ESG performance is more important in fostering the growth of new-qualitive productive forces of state-owned enterprises, large enterprises, and enterprises in coastal areas. The mechanism study demonstrates that good ESG performance promotes new-qualitive productive forces by lowering financing constraints and raising the level of digital innovation. The green economy also positively moderates the effect of firms' ESG performance on new-qualitive productive forces, which in turn promotes the development of enterprise new-qualitive productive forces. The study's findings offer empirical support for advancing enterprise ESG development, hastening the transformation of new-qualitive productive forces within enterprises, encouraging the rapid growth of new, qualitative productive forces within enterprises, and ultimately achieving the coordinated development of the economy, society, and environment.