ESG Performance and Green Total Factor Productivity: Empirical Evidence from China’s Listed Agricultural Enterprises

Against the backdrop of the “dual carbon” goal and the rural revitalization strategy, green agricultural development is crucial. Using data on China’s listed agricultural enterprises from 2009 to 2024, this article analyzes how corporate ESG performance affects these enterprises’ green total factor productivity. The results show that a better ESG performance significantly improves the green total factor productivity (GTFP), mainly through corporate green technology innovation and eased financing constraints. Environmental regulation strengthens the ESG–GTFP relationship for listed firms. A further analysis shows that ESG has a stronger effect on GTFP growth in small-scale, strong non-agricultural provinces and non-heavy pollution provinces. The sub-dimension test indicates that corporate governance has the largest positive impact, followed by the social dimension, while the environmental dimension needs further improvement. This article offers empirical insights for agricultural enterprises aiming to enhance their green total factor productivity through ESG practices.