BDPZ-ESG

A-share listed firms in China are selected as the research sample, and the data from 2007 to 2023 are chosen to construct the panel dataset, matching the registered location of the firms with the city where they are located. The data on corporate ESG performance are taken from the comprehensive scores of A-share listed companies provided by the CSI ESG rating system, the data on financial and corporate characteristics are obtained from the Cathay Pacific Financial Database (CSMAR), and other data related to corporations are obtained from the websites of various stock exchanges and the official websites of the corporations. A total of 40,349 observations is retained after excluding firms classified into ST, ST*, PT, financial industries, and data with observations less than 1 year.