Computational Analysis of ESG Performance and Financial Performance in Energy-Intensive Manufacturing Firms: Evidence from Carbon Disclosure Quality

With the increasing emphasis on sustainable development and carbon neutrality, evaluating the economic consequences of corporate ESG performance has become a critical research topic. This study develops a computational–econometric hybrid framework to examine the impact of ESG performance on financial performance in energy-intensive manufacturing firms, with a particular focus on the mediating role of carbon information disclosure quality.Based on panel data of 231 Chinese listed energy-intensive manufacturing firms from 2016 to 2023, this study constructs a multi-dimensional ESG evaluation system and a carbon disclosure quality index using automated text coding and entropy-weighted TOPSIS techniques. A two-way fixed effects model is employed to estimate the direct and indirect effects of ESG performance on corporate financial performance.The empirical results indicate that ESG performance significantly enhances financial performance, and this positive effect is partially mediated by the quality of carbon information disclosure. Firms with stronger ESG engagement exhibit more standardized and transparent carbon disclosures, which effectively reduce information asymmetry and improve capital market evaluations. Robustness tests based on alternative performance measures confirm the stability of the results.