The purpose of this study is to explore what configurations of dimensions corresponding to environmental, social responsibility, governance (ESG) and firm contextual factors can lead to the high-quality development of state-owned enterprises (SOEs). A configuration analysis framework with six conditions including environmental, social responsibility, and governance (ESG), innovation intensity, capital structure, and firm size was constructed. Moreover, the multi-stage qualitative comparative analysis (QCA) approach was conducted on a sample of 692 annual observations of SOEs from 2017 to 2019. Findings suggested that three equifinal patterns can produce the high-quality development of SOEs, which are resource and capability prominent pattern, sustainability driven pattern, responsibility and growth balanced pattern, respectively. Each pattern is a conjunctural combination of different ESG and firm conditions. The number of resource and capability prominent pattern decreased in the third year, while the proportion of sustainability driven pattern increased, in which the environmental dimension played a core role rather than the social dimension. Different ESG dimensions and firm conditions have both complementary and substitutive relationships, but firm size is a common condition in all configurations. This study provided a holistic empirical explanation of how ESG leads to sustainability issues in SOEs.

Supply chain financing offers advantages over traditional channels such as bank loans and equity financing, including greater flexibility, lower transaction costs, and simplified approval procedures. However, when a firm’s sustainability faces uncertainty, access to supply chain financing may become constrained by multiple factors, including the risk tolerance of supply chain partners, market transparency, and corporate reputation. ESG, representing Environmental, Social, and Governance standards, is a critical framework for assessing corporate sustainability performance. Given that divergent ESG evaluations reflect disparate market assessments of a firm’s sustainable development capabilities, such divergence may affect supply chain financing by altering stakeholder trust dynamics. This research examines A-share listed firms in China (2016–2022) and reveals that divergence in ESG evaluations significantly inhibits firms’ access to supply chain financing. Mechanism validation suggests that divergent ESG evaluations amplify informational opacity, operational risks, and negative reputation, thereby influencing supply chain partners’ risk perceptions and trust levels. Heterogeneity analysis shows that corporate governance quality, regional trust levels, and ESG awareness modulate the negative impact of divergent ESG evaluations on supply chain financing. The asymmetric effects of divergent ESG evaluations on supply chain financing are further confirmed, with distinct manifestations between upstream suppliers and downstream customers. By bridging gaps in existing research on divergent ESG evaluations and supply chain finance, this work offers regulatory guidelines, operational recommendations for firms, and investment decision frameworks.

We aim to explore the prerequisites for corporate sustainability from the perspective of non-formal institutions such as culture. Specifically, we seek to investigate whether and how Chinese tea culture influences corporate social responsibility (CSR). We have developed an OLS regression model to examine the relationship between tea culture and CSR, and our findings indicate that local tea culture yields positive effects. To address endogeneity concerns related to this correlation, we employed the local geographic slope as an instrumental variable for tea culture. Subsequent research highlights that the female executive, serving as a mediator variable, represents the primary mechanism influenced by tea culture. Furthermore, our study demonstrates that tea culture exerts a more significant impact on small and medium-sized enterprises as well as state-owned enterprises. Overall, this research contributes to the literature on the determinants of CSR from the vantage point of informal institutions, offering a fresh perspective for exploring the economic ramifications of tea culture for both academia and practitioners. Moreover, it furnishes valuable insights for advancing the sustainable development of enterprises.

According to the theory of institutional economics, local culture has a profound impact on individuals and groups. It fundamentally affects individual preferences and attitudes, guiding decision-making behaviors to develop homogeneous regional cultural characteristics. This, in turn, reflects in the business decisions of companies, leading to imbalances in the development of different regional enterprises. This article reviews the relevant literature on regional culture and corporate finance, aiming to investigate how regional culture plays a significant role in corporate governance and corporate performance. It explores the limitations of existing research and further analyzes issues related to the quantification of culture, its mechanism of influence, and endogeneity in regression models.

ESG serves as a key metric for measuring corporate sustainability, but divergence among rating agencies has led to uncertainty in such an assessment. This investigation identifies ESG rating divergence as a critical catalyst for corporate digital transformation, establishing empirical analysis through a robust positive correlation between the heterogeneity in sustainability assessments and organizational digitalization intensity. Comprehensive robustness examinations and endogeneity controls substantiate the persistent significance of this relationship. Mechanistically, such divergence drives technological adaptation by restructuring the R&D team composition and elevating capital allocation toward innovative initiatives. Contextual heterogeneity manifests through amplified effects in firms with elevated analyst scrutiny and stringent internal governance, whereas pollution-intensive enterprises exhibit significant effect suppression. These findings collectively advance theoretical frameworks concerning ESG evaluation economics and digital transformation drivers, while furnishing actionable implementation blueprints for corporate digitization strategists.

As society continues to develop, a growing body of research is focusing on how informal institutions, such as culture, influence corporate behavior and economic outcomes. The aim of this study is to explore the impact of cultural inclusiveness, as a non-formal institution, on firm performance. Using Chinese A-share listed firms as our sample, we employ econometric methods to analyze the relationship between cultural inclusiveness and firm performance. Our findings reveal that cultural inclusiveness enhances firm performance, particularly evident in regions with higher levels of cultural inclusiveness, where firms tend to exhibit higher return on equity. To address concerns of endogeneity, instrumental variable regression using regional topographical changes is employed. Mechanism testing indicates that cultural inclusiveness primarily improves firm performance by reducing financial constraints and optimizing employee structure. Additionally, the study finds that cultural inclusiveness has a more pronounced impact on firms with higher corporate social responsibility (CSR) performance as well as those with greater investment in research and development (R&D). This study provides a comprehensive empirical explanation of how cultural inclusiveness influences the sustainable operation of businesses.