Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

3-2026

Abstract

The advancement of the dual-carbon goals and the deepening of green transformation have positioned the impact of low-carbon circular development on firm performance as a central issue in corporate sustainabilityresearch. Taking Chinese A-share listed manufacturing firms from2007 to2022 as the research sample, this study constructs an indicator systemof firms’ low-carbon circular development from two dimensions—resource utilizationefficiency and emission control efficiency—and assesses comprehensive performance from financial and non-financial metrics. On this basis, the combined weighting–TOPSIS method is employed to measure the levels of low-carbon circular development and comprehensive performance. Amultidimensional fixed-effects panel model is used to examine their relationship. Furthermore, total factor productivity (TFP) is introduced as a mediating variable to explore the transmission mechanism through whichlow-carbon circular development affects comprehensive performance. Meanwhile, financial constraints and ownership concentration are incorporated as moderating variables from the perspectives of resource constraints and corporate governance. The results show that a higher level of low-carbon circular development significantly improves comprehensive performance. TFP mediates this relationship, suggesting that performance gains are mainly achieved through improvements in production efficiency. Financial constraints weaken this positive effect, while ownershipconcentration strengthens it. Further analyses reveal that these relationships vary across firms with different sizes, ownership types, and industrycharacteristics. This study provides micro-level evidence on how low-carbon circular development enhances firm performance and contributes tounderstanding the relationship between corporate green transformation andhigh-quality development.

Keywords

low-carbon circular development, comprehensive performance, combined weighting–TOPSIS, total factor productivity

Degree Awarded

Doctor of Business Administration (Accounting and Finance)

Discipline

Corporate Finance

Supervisor(s)

YUE, Heng

First Page

1

Last Page

185

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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