Climate policy uncertainty and ESG performance of energy firms: The moderating effect of cloud computing technology

Abstract

This study examines the impact of climate policy uncertainty (CPU) on the environmental, social, and governance (ESG) performance of energy firms, as well as the moderating role of cloud computing technology (CCT). Building on an integrated theoretical framework that combines resource dependence and dynamic capability perspectives, we conceptualize CPU as a dual-pressure that constrains both risk and resource access. Our findings show that CPU deteriorates ESG performance by increasing external risks and limiting resource access. However, energy firms with higher CCT adoption exhibit greater resilience to CPU, sustaining ESG investments in the face of CPU. Additional heterogeneity analyses indicate that the negative impact of CPU on ESG performance is especially acute among non-state-owned, smaller, and less resource-rich energy firms. This study extends existing theory by integrating resource dependence and dynamic capability perspectives into a unified framework. The findings underscore the strategic importance of CCT in maintaining ESG performance amid policy uncertainty, providing practical guidance for managers and policymakers