TY  - JOUR
TI  - Does ESG performance have an impact on firm value? Evidence from the Chinese textile and garment industry
AU  - Shao, Yibing
AU  - Zheng, Menglin
AU  - Xu, Xin
AU  - Ji, Xiaofen
T2  - Industria Textila
AB  - 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.
DA  - 2025/04/24/
PY  - 2025
DO  - 10.35530/IT.076.02.2023126
DP  - DOI.org (Crossref)
VL  - 76
IS  - 02
SP  - 249
EP  - 256
SN  - 12225347
ST  - Does ESG performance have an impact on firm value?
UR  - https://www.revistaindustriatextila.ro/images/2025/2/010%20YIBING%20SHAO%20INDUSTRIA%20TEXTILA%20no.2_2025.pdf
Y2  - 2025/04/26/14:17:44
ER  -