How ESG Contribute to the High-Quality Development of State-Owned Enterprise in China: A Multi-Stage fsQCA Method

The purpose of this study is to explore what configurations dimensions corresponding environmental, social responsibility, governance (ESG) and firm contextual factors can lead the high-quality development state-owned enterprises (SOEs). A configuration analysis framework with six conditions including (ESG), innovation intensity, capital structure, size was constructed. Moreover, multi-stage qualitative comparative (QCA) approach conducted on a sample 692 annual observations SOEs from 2017 2019. Findings suggested that three equifinal patterns produce SOEs, which are resource capability prominent pattern, sustainability driven responsibility growth balanced respectively. Each pattern conjunctural combination different ESG conditions. number decreased in third year, while proportion increased, environmental dimension played core role rather than dimension. Different have both complementary substitutive relationships, but common condition all configurations. This provided holistic empirical explanation how leads issues SOEs.