Organizational Resilience in China’s Real Estate Industry: The Roles of ESG, Innovation Performance, and Policy Support

This study examines how ESG performance, innovation performance, and policy support relate to organizational resilience in China’s real estate industry. Drawing on the Resource-Based View, Institutional Theory, and Configurational Theory, the study conceptualizes organizational resilience through recovery and resistance capacities. Using panel data from 80 Chinese A-share listed real estate firms during 2015–2024 (800 firm-year observations), the study applies fixed-effects regression, robustness tests, and heterogeneity analyses. The findings show that ESG performance positively influences accounting-based recovery, particularly return on equity, but negatively affects market-based recovery, reflected in Tobin’s Q in the baseline models. Additional analysis reveals a U-shaped relationship between ESG performance and Tobin’s Q, suggesting that initial market valuation penalties may decline as ESG engagement deepens. Innovation performance shows limited baseline effects but becomes more relevant in alternative specifications related to recovery and leverage. Policy support demonstrates limited direct effects, indicating a more conditional role. Overall, organizational resilience is shaped by heterogeneous interactions among ESG, innovation, and policy-related factors.