The China's Winter Heating policy plays a crucial role in China's regional environmental regulatory framework, particularly concerning the challenge of atmospheric pollution. This study investigates the impact of this policy on corporate sustainable development performance in the “2 + 26” cities of the Beijing, Tianjin and Hebei region (BTH2+26) at the micro-level. It employs a dual perspective focusing on emission reduction and efficiency enhancement (i.e., sustainable development), utilizing a DID model based on the policy shock from the fi...
