@article{shao_does_2025,
	title = {Does {ESG} performance have an impact on firm value? {Evidence} from the {Chinese} textile and garment industry},
	volume = {76},
	issn = {12225347},
	shorttitle = {Does {ESG} performance have an impact on firm value?},
	url = {https://www.revistaindustriatextila.ro/images/2025/2/010%20YIBING%20SHAO%20INDUSTRIA%20TEXTILA%20no.2_2025.pdf},
	doi = {10.35530/IT.076.02.2023126},
	abstract = {The effect of ESG performance has recently become a challenge, attracting controversy. This study investigates the
relationship between ESG performance and firm value in textile and garment companies; moreover, it examines the role
of green innovation in the relationship between ESG performance and firm value. We used 673 annual samples of
Chinese Shanghai and Shenzhen A-share textile and garment listed companies from 2012 to 2022. Correlation and
panel regression analyses were carried out to evaluate possible links between ESG performance as determined by the
ESG rating data published by the Sino-Securities Index Information Service (Shanghai) Co., Ltd and market-based
measures of firm value. Our main finding reveals that the ESG performance has a significant positive relationship with
textile and garment company value; ESG performance can promote firm value by increasing green innovation, and
green innovation has a partial intermediary role between ESG performance and firm value. We conducted multiple
sensitivity analyses, and our findings are robust, which can provide useful recommendations for firms, investors, and
policymakers.},
	number = {02},
	urldate = {2025-04-26},
	journal = {Industria Textila},
	author = {Shao, Yibing and Zheng, Menglin and Xu, Xin and Ji, Xiaofen},
	month = apr,
	year = {2025},
	pages = {249--256},
}