This study employs an extended CDM (Crépon-Duguet-Mairesse) model to construct a framework for examining the impact of environmental, social, and governance (ESG) practices on corporate total factor productivity (TFP), with a particular focus on the innovation process and “third-order” empowerment. Drawing on data from listed energy-intensive manufacturing firms in China from 2015 to 2020, our findings reveal that: (1) ESG practices play a significant role in stimulating R&D investment, with green finance further reinforcing this effect. (2)...
