A Study on the Input-Output Efficiency and Influencing Factors of ESG Investment in Cross-border E-commerce Listed Companies: An Empirical Analysis based on the DEA-Tobit Two-stage Model

Ye Cheng

doi:10.6981/FEM.202610_7(10).0016

Authors

Ye Cheng The University of Hong Kong, Hong Kong, China

DOI:

https://doi.org/10.6981/FEM.202610_7(10).0016

Keywords:

Cross-border E-commerce; ESG Allocative Efficiency; DEA Efficiency; Tobit Regression; Economies of Scale; Supply Chain Concentration.

Abstract

As global trade patterns be restructured and sustainability become institutionalized, Environmental, Social and Governance (ESG) performance has become one of the key performance indicator dimension for cross-border e-commerce companies (CBEC). This study examines Chinese CBEC firms listed on the A-share and Hong Kong stock exchanges during the post-pandemic period (2023 - 2025), which is also the period of ESG regulatory formalization. An in-put oriented CCR model is employed to measure ESG input-output efficiency, followed by a Tobit regression to identify the influencing factors of the ESG efficiency. The discovery showed that the overall ESG efficiency is relatively low, with only about 10% of decision-making units (DMUs) achieved full efficiency. This indicates most CBEC firms have long way to go in ESG efficiency. Regulation analysis indicates the positive effect of enterprise scale on the ESG allocation, whereas supply chain concentration played a negative role. The effects of overseas revenue percentage and ISO 14001 certification, however, are statistically insignificant. From the perspectives of economies of scale, supply chain governance, an compliance costs, this study undertakes an in-depth research in ESG allocation efficiency of CBEC firms, and provides insights for companies seeking to optimize ESG resource management.

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