https://repository.ufe.edu.mn/xmlui/handle/123456789/2 2026-04-04T13:24:06Z 2026-04-04T13:24:06Z JU, ZHIHONG https://repository.ufe.edu.mn/xmlui/handle/8524/4647 2026-04-03T01:54:18Z 2026-04-03T00:00:00Z

THE IMPACT OF ESG PERFORMANCE ON FIRM VALUE: A CASE STUDY OF CHINA'S A-SHARE LISTED COMPANIES JU, ZHIHONG This dissertation examines whether and how ESG performance increases firm value in China’s capital market. It focuses on A-share listed companies and explains the channels xxxx through which ESG creates value. Under China’s carbon reduction goals and the gradual improvement of disclosure rules, listed firms have paid increasing attention to ESG. In this context, ESG practice has shifted from a voluntary choice to a more institutionalized form of corporate governance. At the same time, expectations from regulators, investors, employees, and society have become clearer. However, prior studies still provide limited evidence on the relationship between ESG and firm value because of differences in measurement and identification strategies. In addition, the process through which value is created often remains a “black box.” Therefore, it is necessary to clarify whether firm value growth mainly comes from operational upgrading, financial conditions, or information and monitoring effects, and under what conditions the impact becomes stronger. Accordingly, this dissertation tests whether ESG performance improves firm value among China’s A-share listed firms, identifies stakeholder-mediated channels, and explains the boundary conditions of this relationship. To build the theoretical framework, the study compares and integrates institutional theory, signaling theory, the resource-based view, sustainable development theory, stakeholder theory, and the AMO framework. Institutional theory and signaling theory emphasize external pressure and information effects. However, they do not sufficiently explain how firms develop the internal conditions needed to implement ESG and sustain its effects. The resource-based view highlights the role of strategic resources, yet it is less effective in systematically modeling incentives and external opportunities. Therefore, this study treats ESG not only as a response to external pressure but also as an organizational outcome shaped by internal conditions. Specifically, the drivers of ESG are explained through AMO conditions, namely ability, motivation, and opportunity, while the realization of firm value is explained through stakeholder recognition and response. In this framework, sustainable development theory provides the logic of long-term value creation, stakeholder theory explains the micro-level transmission mechanisms, and AMO supports the hypotheses on ESG drivers. This study has four main objectives. First, it tests whether ESG performance is positively associated with firm value. Second, it evaluates whether ability, motivation, and opportunity factors under the AMO framework can explain ESG performance. Third, it analyzes four parallel channels, namely green cognition, innovation investment, financing conditions, and media influence and monitoring, in order to clarify where value is created. xxix i Fourth, it examines heterogeneity across manufacturing and non-manufacturing firms, state-owned and non-state-owned firms, and heavily polluting and less-polluting industries, so as to explain how the results vary under different governance and regulatory environments. The empirical analysis uses an unbalanced panel of China’s A-share listed companies from 2011 to 2024. Firm value is mainly measured by Tobin’s Q, while ROA is used as an alternative outcome variable. The baseline regressions include firm and year fixed effects and use a consistent set of control variables. Robustness checks cover alternative outcome measures, sample adjustments, and different inference settings. In addition, to evaluate dynamic effects, current ESG is replaced by one, two, and three period lagged ESG variables. Endogeneity is addressed through the Heckman two-step selection model and propensity score matching. For the mediation analysis, bootstrap methods are used to estimate the total, direct, and indirect effects. Granger causality tests are also reported in the appendix as an additional directional check. The results show substantial variation in ESG performance across firms, and the governance and social pillars are generally stronger than the environmental pillar. The regressions on ESG drivers support the AMO logic. Financial resources, liquidity, dividends, and external green development opportunities are positively and significantly associated with ESG performance. The baseline regressions show a strong positive relationship between ESG and Tobin’s Q, and the coefficient remains stable after control variables are added step by step. At the pillar level, the valuation effects of the governance and social dimensions are more stable, while the direct effect of the environmental dimension is weaker in some specifications. This suggests that the returns to environmental performance may be realized more through indirect channels or may require more time to be recognized by the market. The lagged ESG models remain positive, which is consistent with the idea that the value effect of ESG matures over time. In addition, the Heckman and PSM estimates continue to show a positive ESG coefficient. This indicates that sample selection bias and selection on observable characteristics are unlikely to overturn the main findings. The mechanism analysis further shows that ESG affects firm value through multiple stakeholder-mediated channels. The bootstrap mediation results confirm that all four channels have statistically significant indirect effects, among which the financing channel is the strongest. In other words, ESG mainly increases firm value by improving contract conditions, reducing risk perceptions, and lowering the cost of external financing. Innovation investment and green cognition are also significant channels, indicating that capability accumulation and green orientation play an additional role in supporting expectations of long-term cash flows. The xxxixi ii media channel is relatively weaker, but it still highlights the role of information intermediation and external monitoring. The mediation results also show that the environmental pillar tends to influence firm value mainly through indirect channels, whereas the governance and social pillars may have stronger direct valuation effects. Moreover, the heterogeneity tests confirm that the value effect of ESG is stronger among manufacturing firms, non-state-owned firms, and less-polluting industries. The contributions of this dissertation are threefold. First, by comparing different theories, it proposes an integrated framework that links ESG drivers, ESG behavior, and firm value within one analytical structure. Second, it quantitatively distinguishes the relative importance of four stakeholder-mediated channels. Third, it shows that the benefits of ESG are not evenly distributed across A-share listed firms, but vary under different conditions. In practical terms, firms should treat ESG as a strategic resource system, embed ESG targets into governance and incentive arrangements, and improve the credibility of ESG-related information through stronger disclosure assurance. This can reduce information asymmetry and financing costs, which is consistent with the strongest mechanism identified in this study. Policymakers can further improve market trust and valuation efficiency by refining reporting standards and by combining incentives with appropriate regulatory constraints. Investors, in turn, can use ESG quality information to improve valuation and risk assessment.

2026-04-03T00:00:00Z Батдоржийн, ОЮУНЦЭЦЭГ https://repository.ufe.edu.mn/xmlui/handle/8524/4646 2026-04-03T01:13:39Z 2026-04-03T00:00:00Z

АЖАЙЛ ТӨСЛИЙН АРГЫГ ХЭРЭГЖҮҮЛЭХЭД УДИРДЛАГЫН МАНЛАЙЛЛЫН НӨЛӨӨЛЛИЙН СУДАЛГАА /Банкны салбарын жишээн дээр/ Батдоржийн, ОЮУНЦЭЦЭГ Энэхүү судалгааны ажлаар арилжааны банкны салбарт төсөлт ажил дээр Ажайл аргыг хэрэгжүүлэхэд төслийн удирдагчийн манлайллын нөлөөлөл хэрхэн нөлөөлж буйг судлахыг зорин манлайлал болон Ажайл аргын ойлголтыг судлан, судалгаа хийж, судалгаанд суурилсан санал зөвлөмж боловсруулсан. Судалгааны ажлын онолын хэсэгт манлайллын тухай судалж манлайлал хэмээх нэрийн үүсэл, манлайллын онолын хөгжил, манлайллын хэлбэрүүд, манлайллын тухай орчин үеийн онолуудын талаар судалгааг хийсэн. Ажайл аргын онолын судалгаанд Ажайл аргын үүсэл, ойлголтууд, Ажайл сэтгэлгээ, Ажайл манлайллын судалгааг хийсэн. Салбарын судалгааны хүрээнд арилжааны банкны үүсэл хөгжил, арилжааны банкинд хийгдсэн төсөлт ажлуудыг судлан, олон улсад банкны салбарт хийгдсэн МТ-н инновац болон банкны салбарт хийгдэж буй технологийн чиг хандлагын талаар судалсан. Онолын судалгаанд тулгуурлан Манлайлал, Ажайлын үнэт зүйлс, Ажайл манлайлал, Ажайл удирдагч гэсэн 4 дэд бүлэгтэй судалгааны асуулга боловсруулж мэдээллийг цуглуулсан болно. Үүнд Ажайл төслийн аргыг хэрэгжүүлэхэд удирдлагын манлайлал хэрхэн нөлөөлж буйг тандан салбарын 140 гаруй мэргэжилтнүүдээс санал асуулга авсан. Олон улсын судалгаа, онолд тулгуурласан асуулгын хүрээнд хүчин зүйлүүдийн хооронд өгөгдлийн шинжилгээнүүдийг хийхэд эерэг хамааралтай байсан. Судалгааны ажлын үр дүнд тулгуурлан санал зөвлөмжүүд боловсруулсан ба Ажайл төслийн аргыг хэрэгжүүлэхэд удирдлагын манлайлал эерэг нөлөөтэй байгаа гэж дүгнэсэн болно.

2026-04-03T00:00:00Z SHANWEI, LI https://repository.ufe.edu.mn/xmlui/handle/8524/4645 2026-04-02T07:21:18Z 2026-04-02T00:00:00Z

RESEARCH ON THE MARKETING EFFECTIVENESS MECHANISM PATH OF MOBILE HEALTH APPLICATIONS FOR PATIENTS WITH CHRONIC DISEASES SHANWEI, LI Against the backdrop of intensifying global public health pressures and rapid digital transformation, chronic non-communicable diseases have gradually replaced infectious diseases as the primary threat to population health and social sustainability. Chronic diseases are characterized by long disease duration, high recurrence rates, and a strong reliance on continuous self-management and behavioral intervention. Traditional hospital-centered medical service models, which focus primarily on diagnosis and shortterm treatment, are increasingly inadequate in meeting patients’ long-term needs for disease monitoring, lifestyle modification, and sustained health management. Existing studies have examined the adoption and use of mobile health applications from perspectives such as technology acceptance, health behavior intervention, and user experience; however, most of these studies remain confined to isolated stages of use. There is a lack of systematic research explaining how patients with chronic diseases transition from cognitive evaluation to behavioral engagement, from behavioral engagement to health outcomes, and further to value transformation across the entire usage cycle. Addressing this research gap is of critical importance for advancing both theoretical development and practical decision-making in the fields of digital health and healthcare marketing. Accordingly, this study focuses on the core research question of how mobile health applications generate stable and sustainable marketing effectiveness among patients with chronic diseases. At the theoretical level, this study integrates the Technology Acceptance Model (TAM) and Self-Determination Theory (SDT) to explain both the initial adoption mechanisms and long-term usage mechanisms of mobile health applications among patients with chronic diseases. Specifically, TAM is employed to analyze the technology adoption stage, with particular emphasis on how perceived usefulness and perceived ease of use influence patients’ usage intention and subsequently their actual usage behavior. In addition, Self-Determination Theory is introduced to explain sustained usage behavior and behavioral adherence. By incorporating SDT, this study moves beyond examining whether patients use mobile health applications to explore why they are able to continue using them over time and consistently adhere to health management behaviors. Furthermore, external environmental support is incorporated into the analytical framework as a contextual variable to examine its moderating role in the relationship between usage behavior and psychological need satisfaction. External environmental xiv support includes institutional arrangements, platform function design, social atmosphere, and supporting services, all of which may enhance or weaken the effectiveness of mobile health application usage. Through this extension, the study transcends the explanatory boundaries of traditional technology acceptance research and situates patient behavior within a broader socio-technical system. Methodologically, this study adopts a quantitative research design and collects sample data from patients with chronic diseases through a questionnaire survey. Measurement scales are revised and adapted from established studies to capture key variables, including perceived usefulness, perceived ease of use, usage intention, actual usage behavior, psychological need satisfaction, intrinsic motivation, behavioral persistence, health outcomes, and willingness to pay. Structural Equation Modeling (SEM) is employed as the primary analytical method to empirically test the proposed theoretical framework. SEM is particularly suitable for this study because it allows for simultaneous analysis of multiple latent variables and complex causal pathways. Prior to hypothesis testing, reliability and validity analyses are conducted to ensure the robustness of the measurement model. Confirmatory factor analysis, internal consistency reliability tests, and average variance extracted (AVE) measures are applied to verify construct reliability and convergent validity. Common method variance is also assessed to reduce potential bias arising from self-reported data. Model fit indices are used to evaluate the overall adequacy of the structural model, and on this basis, direct effects, mediating effects, and moderating effects among variables are systematically tested to address the research questions and validate the proposed hypotheses. The empirical results provide strong support for the integrated theoretical framework. (1) At the technology adoption stage, perceived usefulness and perceived ease of use significantly enhances patients’ intention to use mobile health applications, and usage intention further promotes actual usage behavior. This finding confirms the applicability of the Technology Acceptance Model in the context of chronic disease management and highlights the critical role of functional value and usability in initial adoption. (2) At the stage of sustained usage and behavioral mechanisms, continuous usage behavior significantly improves user satisfaction and the satisfaction of basic psychological needs, while autonomy, competence, and related satisfaction further strengthen intrinsic motivation and behavioral persistence. These results indicate that xv long-term engagement with mobile health applications is not driven solely by technological features or external incentives but rather depends on the extent to which applications support patients’ psychological needs and intrinsic motivation. (3) External environmental support exerts a significant positive moderate effect on the relationship between usage behavior and psychological need satisfaction. This finding suggests that supportive institutional environments, well-designed platform functions, and positive social support atmospheres can amplify the positive psychological effects of usage behavior, thereby enhancing long-term engagement and behavioral adherence. (4) At the commercialization transformation stage, stable and perceptible improvements in health outcomes significantly increase patients’ willingness to pay for mobile health services. This result demonstrates that health improvement serves as a critical bridge linking behavioral engagement and economic value creation, enabling mobile health applications to transform from simple health management tools into sustainable business models. Overall, this study systematically elucidates the complete mechanism of “cognition–behavior–health outcomes–value transformation” in the use of mobile health applications among patients with chronic diseases, thereby extending the application boundaries of the Technology Acceptance Model and Self-Determination Theory in digital health and healthcare marketing research. Methodologically, it provides a comprehensive SEM-based analytical framework for examining multi-stage and complex behavioral mechanisms. Practically, the findings offer actionable empirical evidence for mobile health platforms, healthcare institutions, and policymakers to develop patientcentered marketing strategies and service optimization pathways that balance health value creation with commercial sustainability.

2026-04-02T00:00:00Z Амартүвшин, Номинзул Амартүвшин, Номинзул https://repository.ufe.edu.mn/xmlui/handle/8524/4644 2026-04-02T01:40:17Z 2026-04-02T00:00:00Z

ХИЙМЭЛ ОЮУНД СУУРИЛСАН ВИРТУАЛ АГЕНТЫН СИСТЕМИЙГ ХАРИЛЦАГЧИЙН ҮЙЛЧИЛГЭЭНИЙ ЖИШЭЭН ДЭЭР СУДАЛЖ, ТУРШИХ НЬ Амартүвшин, Номинзул; Амартүвшин, Номинзул Энэ дипломын ажил нь байгууллагын харилцагчийн үйлчилгээнд гарч буй асуудалд үндэслэн уг процессын үр ашигтай байдлыг нэмэгдүүлэх зорилготой системийн шинжилгээ, зохиомжийг хийхээс гадна агент хөгжүүлэх боломжуудыг ашиглан туршилтын загварыг хөгжүүлж туршихад зорьсон юм. Тиймээс энэхүү дипломын ажлаар байгууллагын харилцагчийн үйлчилгээний асуудал ба автоматжуулалтын боломжуудыг AS-IS процессын зураглал болон асуудлын шалтгаан, үр нөлөөний шинжилгээгээр дамжуулан шинжилснээр харилцагчийн үйлчилгээ болон үндсэн үйл ажиллагааны TO-BE процесс, системийн функциональ ба функциональ бус шаардлагуудыг тодорхойлсон. Харин системийн зохиомжийн хүрээнд UML диаграммуудыг зурж системийн өгөгдлийн урсгал, хэрэглэгчийн системд хийх үйлдлүүд, системд ашиглагдах технологиуд болон логикуудыг дүрсэлсэн. Ийнхүү байгууллагын харилцагчийн үйлчилгээний виртуал агент бүтээх боломжуудыг кодчилолгүйгээр болон кодчилолтойгоор туршиж, харилцагчийн үйлчилгээний мэдээлэл өгөх болон бүртгэл хийх процессуудын хувьд хоёр туршилтын загварыг ижил оролтоор шалгасан юм. Туршилтын үр дүнд хариултын оновчтой байдал хоёр туршилтын загварын хувьд төстэй төвшинд байгааг илрүүлсэн. Гэвч кодчилолгүйгээр агент бүтээх нь байгууллагын шаардлагад яв цав нийцэх шийдлийг бүтээхэд зардал болон технологийн олон төрлийн хязгаарлалтуудыг дагуулдаг. Харин хөгжүүлэлт хийх нь цаг хугацаа болон кодчиллын мэдлэг шаардах боловч тус байгууллагын хүсэлтэд тохирохуйц шийдлийг илүү уян хатнаар бүтээх боломжтойгоос гадна урт хугацаанд зардал багатай сонголт болохыг хөгжүүлэлтийн явцад ажиглалаа.

2026-04-02T00:00:00Z