Can ESG ratings promote green total factor productivity? Empirical evidence from Chinese listed companies.

Against the backdrop of frequent extreme climates and international consensus on green and low-carbon development, Environmental, Social, and Governance (ESG) has progressively drawn increasing attention. Integrating the perspectives of stakeholder theory and signaling theory, this study employed the Malmquist-Luenberger productivity index, fixed-effects regression model, mediating effect model, propensity matching score difference-in-differences model, and a two-stage least squares method. Using the research sample of Chinese A-share listed companies between 2011 and 2021, the mechanisms linking ESG ratings and each component (the individual scores of E, S, and G) with the green innovation and green total factor productivity (GTFP) of enterprises were investigated. This study conducted heterogeneity analysis integrating regional, industry, and enterprise dimensions, fully considered the potential endogeneity issues, and conducted multiple robustness tests by exploring alternative approaches, replacing the measures of indicators, and reducing the research sample. The results demonstrated that higher ESG ratings significantly improved the green innovation and GTFP of enterprises. This improvement was achieved through the stakeholders and signaling mechanisms, and was more prominent in economically underdeveloped regions, patent-intensive industries, and industries with lower environmental risk. In addition, the impact varied among enterprises with different property rights. The findings elucidate the pathways through which soft regulation influences micro-level corporate decision-making, making significant contributions to the literature. Furthermore, this study provides a theoretical foundation and policy reference for constructing a positive feedback loop mechanism for ESG ratings and promoting the green transformation and upgrading of enterprises.

Environmental, social and governance performance and green transformation strategies for enterprises: Improving technical efficiency or expanding technological boundaries.

Under the ongoing implementation of the "dual carbon" goal, research has focused on the impact of Environmental, Social, and Governance (ESG) initiatives on green innovation. However, few studies have analyzed in depth the mechanisms of ESG impact on green total factor productivity (green TFP). Here, we explored the impact of ESG performance on green TFP, green technical efficiency, and green technological progress using A-share listed companies in China's Shanghai and Shenzhen stock markets from 2011 to 2021. The results show that good ESG performance can significantly improve the green TFP of enterprises, and that this effect is more prominent in industries with lower environmental risks and enterprises in the growth and maturity stages. We identified the importance of the psychological account path and propose that the promotional effect of ESG performance on green TFP mainly derives from improving green technical efficiency, rather than from expanding green technological boundaries. These findings have practical implications for guiding companies to implement ESG concepts, strengthening the synergistic role of government regulation and professional supervision, and promoting micro-level implementation of innovation-driven and sustainable development strategies, thereby promoting high-quality development.

Epidemiological survey of avian adenovirus in China from 2015 to 2021 and the genetic variability of highly pathogenic Fadv-4 isolates.

The prevalence of poultry adenovirus in China is determined using clinical diagnosis, molecular biological testing, serological testing, and LMH cell virus isolation. These methods can track and test key poultry and waterfowl breeding areas across the country. From 2015 to 2021, 9613 suspected adenovirus samples were collected from 28 provinces. After the first generation of gene sequencing, a total of 2210 hexo gene fragments were obtained. Among them, FAdV-1 type accounted for 7.65%, FAdV-2 type accounted for 5.34%, FAdV-3 type accounted for 2.04%, FAdV-4 type accounted for 38.24%, FAdV-5 type accounted for 2.17%, FAdV-6 type accounted for 0.32%, FAdV-7 type accounted for 0.77%, FAdV-8a type accounted for 10.63%, FAdV-8b type accounted for 11.58%, FAdV-9 type accounted for 0.50%, FAdV-10 type accounted for 8.10%, and FAdV-11 type accounted for 12.67%. A total of 877 FAdV strains were isolated from FAdV suspected samples by seeding LMH cells, and there were 475 FAdV-4 strains among them. A total of 473 isolates were highly pathogenic FAdV-4, and the percentage of amino acid homology with the highly pathogenic FAdV-4 reference strains was >99.1%. Two isolates were non-pathogenic, and the amino acid homology with the ON1 reference strain was >99.6%. Part of the amino acid positions of the hexon gene have mutations, including positions 188, 193, 195, 238, and 240.

Isolation and complete nucleotide sequence of a Batai virus strain in Inner Mongolia, China.

BACKGROUND: Batai virus (BATV) is a member of the Orthobunyavirus genus of the family Bunyaviridae, and a vector-borne pathogen. Genomic variations of BATV exist in different regions of the world, due to genetic reassortment. Whole-genome sequencing of any isolate is necessary for a phylogenetic analysis. In 1998, a BATV strain was isolated from an Anopheles philippines mosquito in Yunnan Province, China. This strain has not been found to infect any other host. We investigated BATV infection in cattle in Inner Mongolia, China and performed deep sequencing of the genome of the BATV isolate. FINDINGS: Ninety-five blood samples were collected from cattle in Inner Mongolia, China in 2012. The BATV infection rate was 2.1%. Previously, BATV strain NM/12 was isolated from two cattle in Inner Mongolia, China, and the whole genomic sequence of the strain has been available. We determined the complete genomic nucleotide sequences of the small (S), medium (M), and large (L) genome segments using bovine blood obtained in 2012, and the nucleotide homologies of these segments with those from GenBank were 88.7%-97%, 84%-95.4%, and 72.6%-95.8%, respectively. The deduced amino acid identities were 87.2-99.7%, 64.2-96.8%, and 81.1-98.6%. Phylogenetic analyses based on full-length genomic sequences indicated that the M and L segments, and a portion of the S segment, of NM/12 are most closely related to the BATV strains isolated in Asia. The S and M segments of NM/12 were independent of phylogenetic lineages. The L segment was the most closely related to Chittoor/IG-20217 (isolated in India), and distantly related to isolated strains in Italy. Nucleotide substitution rates in the nucleotide sequences that code for the nucleocapsid, envelope glycoprotein, and polymerase protein of NM/12 strain were 2.56%, 4.69%, and 4.21%, respectively, relative to the original strain of MM2222. CONCLUSION: A novel BATV NM/12 strain from bovine serum collected in Inner Mongolia was isolated from cattle in China for the first time. Our findings elucidate the evolutionary status of the BATV NM/12 strain among different orthobunyavirus strains and may provide some clues to prevent the emergence of BATV infection in cattle and humans.