A Study on the Impacts of China-Europe liner trains on ESG Performance of Firms

XIAO Ting, CHEN Zhouyong

Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (6) : 1089.

PDF(1520 KB)
PDF(1520 KB)
Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (6) : 1089.

A Study on the Impacts of China-Europe liner trains on ESG Performance of Firms

  • XIAO Ting,CHEN Zhouyong
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Abstract

Based on the panel data of listed manufacturing firms in China during 2010~2019, this paper explores the impact of the China-Europe liner trains on the ESG performance of firms in the nodal cities using the interleaved DID method. The results show that the opening and operation of China-Europe liner trains significantly enhances the ESG performance of firms in nodal cities, and the conclusions remain robust after a series of robustness tests. Further research has found that green technological innovation and financing constraints are important mechanisms for the China-Europe liner trains to enhance the ESG performance of enterprises. Meanwhile, there is channel-wise heterogeneity in the impact of China-Europe liner trains on firms’ ESG performance, with the western corridor playing a major role in enhancing firms’ ESG performance relative to the eastern and central corridors.

Key words

China-Europe liner trains / ESG performance of firms / overlapping DID / parallel trend sensitivity test / local projection DID test

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XIAO Ting, CHEN Zhouyong. A Study on the Impacts of China-Europe liner trains on ESG Performance of Firms[J]. Chinese Journal of Management. 2026, 23(6): 1089
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