Panel data from 80 Chinese A-share real-estate firms over 2015–2024 (800 firm-years) linked ESG positively with accounting recovery measured by ROE but negatively with market recovery measured by Tobin’s Q in baseline models. Additional analysis suggested a U-shape, while tax rebates had no significant direct baseline effect.
Key findings
- ESG was positive for ROE recovery, negative for baseline Tobin’s Q and U-shaped in additional analysis. Innovation had limited baseline effects but appeared in alternative specifications; tax rebates were nonsignificant directly, while green-expenditure intensity suggested conditional mechanisms.
Why this matters globally
Real estate faces transition costs and financial stress globally. ESG evaluation should separate accounting, market, timing and investment-intensity outcomes rather than rely on one score.
Thai researcher contribution
Dhonburi Rajabhat University researchers joined a Malaysia-linked analysis of Chinese firms, contributing Thai institutional expertise to comparative corporate-resilience research.
Limitations to consider
Surviving listed Chinese firms limit generalization. Fixed effects do not remove reverse causation, time-varying confounding or ESG disclosure selection; ratings may disagree, U-shapes can be specification-sensitive, tax rebates are a narrow policy proxy and operational resilience was not directly observed.
Verify the original sources
SustainabilityRead the original article↗DOI: 10.3390/su18147121