Amid heightened inter-company competition and the global drive towards ESG reforms, this study investigates whether enhancing the ESG performance of listed companies in China assists in elevating their reputation. It also examines the mediating role of investor attention in the relationship between ESG performance and company reputation, and further delves into whether there's a threshold effect of investor attention on the ESG-performance relationship. Utilizing sample data from Chinese listed companies spanning 2011 to 2021, and employing methods such as the panel two-way fixed-effects regression model, mediation effect testing, and threshold effect models, the study reveals that there is a significant positive relationship between ESG performance and the reputation of these companies. Moreover, a unique threshold effect is observed in the relationship between ESG performance and reputation. Innovatively, our research confirms the mediating role of investor attention in the relationship between ESG performance and company reputation, noting a more pronounced mediation effect in non-state-owned companies as opposed to state-owned ones. This study builds upon the existing literature on the relationship between CSR and company reputation, as well as between investor attention and reputation. By elucidating the mediating role of investor attention and its dual threshold effect, we provide a nuanced perspective on how ESG performance influences company reputation. Practically speaking, this research offers strategic recommendations for companies, investors, and regulators in the Chinese market on reputation management aligned with ESG principles. For instance, companies should prioritize their ESG performance, striving to maintain it above the market average, thus optimizing its effect on their reputation. Furthermore, companies should nurture their relationships with investors, aiming to elevate investor attention above the market mean. Policymakers should encourage companies to bolster their ESG performance, even contemplating more rewards and incentives for those with notable ESG achievements. Lastly, auditors should intensify their focus on non-financial information during audits, especially ensuring the accuracy and completeness of a company's ESG reports.

ESG uncertainty refers to the discrepancies in ratings by multiple third-party ESG rating agencies, challenging investors in assessing a company’s true ESG status. This study integrates ESG rating data from six major Chinese agencies to construct an ESG Uncertainty Index. Using a PVAR model, it explores the bidirectional relationships among ESG uncertainty, investor attention, and stock price crash risk in the Chinese capital market. The findings reveal no direct causal relationship between ESG uncertainty and stock price crash risk. However, there is a bidirectional Granger causality between ESG uncertainty and investor attention, as well as between stock price crash risk and investor attention. This suggests that increased ESG uncertainty and stock price crash risk attract more investor attention, which in turn amplifies these issues. The study implies that investor attention mediates the relationship between ESG uncertainty and stock price crash risk, indirectly affecting the latter. These findings highlight the importance of enhancing information disclosure regarding ESG factors to improve market transparency and stability.

In the age of rapid technological advancement, the proliferation of digital technologies has reshaped urban landscapes, affecting economic, social, and environmental dynamics. Urban digital transformation is more than just a technological innovation; it stands at the core of future urban competitive strategies. As this trend evolves, the commercial circulation industry is poised for significant opportunities. However, the academic exploration into the relationship between the level of urban digitalization and the total factor productivity of the commercial circulation industry remains limited. To address this gap, this study employs data from 15 emerging first-tier cities in China. Initially, a Digital City Competitiveness Index was established, with results indicating Hangzhou taking the lead, while other cities were categorized into distinct tiers. Utilizing a two-way fixed-effects model, the research then investigates the impact of digital city competitiveness on the total factor productivity of the commercial circulation industry. The findings suggest that digital city competitiveness significantly enhances the total factor productivity within this industry. Furthermore, the study examines the influences of various sub-dimensions of digital city competitiveness on total factor productivity. Notably, investments in urban information infrastructure emerge as the most pronounced positive factor, followed by industrial development, innovation, services, and governance. In contrast, the urban ecosystem dimension exerts a negative impact. This research fills an existing void in the literature concerning the relationship between digital city competitiveness and total factor productivity, offering profound insights into the interplay between digital city development and its economic benefits. In addition, the conclusions provide policy implications for decision-makers, highlighting the importance of bolstering urban information infrastructure, encouraging enterprises to innovate, fostering industrial clusters, enhancing urban service capabilities through digital means, elevating public participation, and emphasizing environmental conservation.

Fundamental principles of agency theory and incentive mechanisms suggest that executive compensation should align with a company’s developmental goals. This paper aims to explore whether the executive compensation of listed companies in the Chinese capital market aligns with their ESG (Environmental, Social, and Governance) practices, and the underlying mechanisms of this influence. For the first time, this study integrates ESG practices with executive compensation, creating a novel analytical framework and filling a gap in the existing literature. Employing empirical research methods such as the PSM-DID (Propensity Score Matching – Difference-in-differences) model, fixed effects model, heterogeneity analysis, and tests for mediating effects, the study concludes that ESG practices of Chinese listed companies significantly increase executive compensation, demonstrating consistency between the two. Additionally, the beneficial impact of ESG practices on executive compensation incentives is more pronounced in state-owned enterprises compared to non-state-owned ones. Financial performance, company reputation, and investor relations partially mediate the relationship between a company’s ESG practices and executive compensation. Specifically, financial performance acts as a negative mediator, while company reputation and investor relations serve as positive mediators. Initially, participation in ESG practices tends to exacerbate ‘income inequality’ between executives and other employees. However, as companies continue to enhance their ESG practice levels, this ‘income inequality’ gradually diminishes. Finally, the paper offers several suggestions: Firstly, Chinese listed companies can attract and retain top executive talents by strengthening ESG practices. Although initial ESG practices may lead to pay imbalances, long-term involvement will help reduce this disparity. Secondly, investors can conduct a more comprehensive assessment of a company’s future performance, governance structure, and corporate social responsibility by analyzing how ESG practices are reflected in executive compensation. Lastly, the paper provides valuable insights for policymakers, suggesting that regulators should develop more targeted policies and guidelines based on the relationship between a company’s ESG practices and executive compensation.

In the context of China’s “Dual Carbon” goals and regulatory requirements, listed companies in China are actively engaging in ESG (Environmental, Social, and Governance) practices, and the improvement of ESG performance has become a hot topic in the academic community. This study aims to clarify the impact of investor attention on the ESG performance of listed companies in China and its mechanism of action, depicting a more comprehensive analytical framework compared to existing similar studies. The results show that there is a significant positive correlation between external investor attention and company ESG ratings. Investor attention can positively affect a company’s ESG performance by alleviating financial constraints, increasing R&D spending, and strengthening customer relationships, among other ways. In addition, factors such as the company’s ownership structure, digitalization process, separation of the chairman and CEO positions, and audit quality also play a moderating role in this relationship. Finally, this study provides profound policy recommendations for stakeholders such as investors, companies, and policymakers, aiming to promote companies to effectively enhance ESG performance and promote sustainable development.