New quality productivity and firm value in the chemical manufacturing industry: an empirical study based on quantile regression

Abstract

Purpose. The purpose of this study is to determine how new quality productive forces catalyse firm value and to identify the optimal integration of their constituent components for peak performance.

Results. Against the backdrop of declining gross profit margins and transformation pressures in China’s chemical manufacturing industry, this study examines listed chemical manufacturing firms from 2020 to 2024. Using quantile regression, it investigates the relationship between new quality productivity and firm value, and constructs four dimensional indicators of new quality productivity to identify their relative importance across different stages of value development. Our empirical analysis demonstrates that new quality productivity serves as a critical driver for enhancing corporate valuation. Additional nuances are taken into account using quantile regression, which makes it possible to identify varying effects across different value strata. In particular, although the positive contribution of the living labour component remains constant across the entire range of distribution, its marginal utility decreases as the value of the enterprise increases. In contrast, the materialised labour factor primarily bolsters firms within the median-to-high value range. Notably, the hard technology dimension yields a significant premium only for firms situated at the lowest value quantile.

Scientific novelty. Current research on new quality productive forces is largely characterised by macro-level analyses focused on constructing evaluation frameworks and outlining strategic growth trajectories. Consequently, there is a significant lack of empirical research at the micro level linking these factors to company valuations. Furthermore, existing literature has failed to adequately analyse how distinct developmental stages contribute to the multifaceted process of value generation. In this study, this gap is addressed by combining the ordinary least squares method with quantile regression. This design overcomes the limitation of traditional OLS models that yield only average effects and reveals how new quality productivity functions across heterogeneous stages of firm value creation.

Practical value. The findings offer differentiated strategic guidance for firms at different stages of value development and provide useful insights for policymakers in evaluating corporate sustainability and long-term socio-economic impacts.