Fig 1.
Theoretical framework for the impact of ESG on green TFP.
Table 1.
Index system of green TFP.
Table 2.
Definitions and calculation methods of model parameters.
Table 3.
Impact of ESG performance on green TFP and the decomposed components (GEC and GTC).
Table 4.
Psychological account path test results.
Table 5.
Results of heterogeneity analysis of environmental risk.
Table 6.
Life-cycle heterogeneity of enterprises in the growth, maturity, or decline stage.
Table 7.
PSM–DID endogeneity test results.
Table 8.
Results of the 2SLS endogeneity test.
Table 9.
Robustness test results.