ESG and Financial Performance of China Firms: The Mediating Role of Export Share and Moderating Role of Carbon Intensity

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

Thank you so much for the opportunity to this very interesting paper.

Good Luck!

 

Best Regards,

The Reviewer

Comments for author File: Comments.pdf

Comments on the Quality of English Language

Professional proofreading is strongly recommended.

Author Response

Please see the attachment.

Author Response File: Author Response.docx

Reviewer 2 Report

Comments and Suggestions for Authors

1. What is the main question addressed by the research?

There are more than one: Do ESG ratings of Chinese listed companies affect their financial performance? Does the ESG rating of Chinese listed companies affect their export ratio? What is the impact of E, S, and G factors on a firm's financial performance? Which factor has the greatest influence? What is the impact of export ratio, a key indicator of corporate development, on company performance? Does the presence of carbon-intensive firms impact financial performance?

2. What parts do you consider original or relevant for the field? What specific gap in the field does the paper address?

The parts in which it is addressed the influence of ESG performance on corporate financial performance. Unlike previous studies that predominantly examine the impact of individual ESG factors on corporate financial performance, this study explores the independent effects of environmental (E), social (S), and governance (G) factors separately.

3. What does it add to the subject area compared with other published material?

The fact of examining ESG on corporate  financial performance with the independent effects of environmental (E), social (S), and governance (G).

4. What specific improvements should the authors consider regarding the methodology?

To explain in more detail how the literature review was carried out.

5. Please describe how the conclusions are or are not consistent with the evidence and arguments presented. Please also indicate if all main questions posed were addressed and by which specific experiments.

The conclusions are consistent with the evidence and arguments presented. 

6. Are the references appropriate?

Yes, but they should include more considering that the literature review section should be expanded to be able to place a greater number of bibliographic references.

7. Please include any additional comments on the tables and figures and quality on the data.

In general, it is well written and structured. And I think it requires minor changes. 

The tables were developed by the authors. However, it is necessary to place in these that were developed by the authors.

Comments on the Quality of English Language

Minor editing of English language required.

Author Response

Please see the attachment.

Author Response File: Author Response.docx

Reviewer 3 Report

Comments and Suggestions for Authors

The authors have evaluated the impact of ESG ratings on firms' financial performance of China based on the data from manufacturing firms from 2009 to 2022. The article can be accepted after adressing follwing comments:

1. The authors should discuss the selection of specific manufacturing firms and the reliability of available data.

2. The Hypothesis 2 and 3 are very subjected based on few articles. More strong reasoning is required for this hypotheis. 

3. Section 3.1-> Why the stock exchange data has been selected for the analysis? There could be other indicators for this analysis e.g Import/Export Data, Production Capacities, Energy Consumption etc.

4. The reseracher should also discuss about the reliability/limitations about using the specific models and the data used.

5. The authors may discuss if the same stretegy/model/assumptions can be applied to other countries for concluding the similar results.

Author Response

Please see the attachment.

Author Response File: Author Response.docx

Round 2

Reviewer 1 Report

Comments and Suggestions for Authors

Dear author/s,

Thank you so much for the opportunity to read this very interesting project.

Good Luck!

Best Regards,

The Reviewer

Comments for author File: Comments.pdf

Comments on the Quality of English Language

Professional proofreading is strongly recommended.

Author Response

Please see the attachment.

Author Response File: Author Response.docx