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Market competitiveness and corporate ESG performance

21 citations0/0 files storedInternational Review of Economics & Finance

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Corporate Social Responsibility Reporting Environmental Sustainability in Business Sustainability and Innovation in Business

Abstract

This study investigates the relationship between firm-level market competitiveness and corporate environmental, social, and governance (ESG) performance, with a particular focus on the underlying mechanisms and moderating factors influencing this association. Using panel data from Chinese A-share listed firms, we find robust evidence that firms with higher market competitiveness, measured by branch network extensiveness, exhibit superior ESG performance. Empirical analysis further identifies resource allocation efficiency as a significant mediator: firms facing greater competitive pressure allocate resources more efficiently, which in turn positively affects ESG outcomes. Additionally, green innovation emerges as an important moderator, substantially enhancing the positive relationship between market competitiveness and ESG performance. Further heterogeneity analyses reveal nuanced patterns: the beneficial effects of competitiveness on ESG performance are more pronounced for larger firms, privately-owned enterprises, and those located in economically developed eastern regions. Notably, competitive pressures influence ESG dimensions differently, exerting the strongest positive effects on social performance, moderate impacts on governance performance, and no significant effect on environmental performance. Collectively, these findings highlight that market competitiveness generally promotes corporate sustainability, yet the extent and nature of this relationship vary according to firm characteristics, ownership structures, regional contexts, and ESG dimensions. This study provides comprehensive insights for policymakers and managers on leveraging competitive market environments to foster sustainable business practices.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1995Toward a New Conception of the Environment-Competitiveness Relationship 2015ESG and financial performance: aggregated evidence from more than 2000 empirical studies 2007Why would corporations behave in socially responsible ways? an institutional theory of corporate social responsibility 2010Strategic Management 1996Competition and Corporate Performance 2010Corporate Social Responsibility as a Conflict Between Shareholders

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