Does Environmental, Social, and GovernancePerformance Affect Corporate GreenInnovation? Evidence from China

作者：Zhubo Li, Mei Li · 发表于：Polish Journal of Environmental Studies · 年份：2024 · DOI：10.15244/pjoes/187600 · 被引用次数：5 · 研究领域：Energy, Environment, Economic Growth、Environmental Sustainability in Business

With the increasing emphasis on sustainable development worldwide, the innovative behavior of corporations is being gradually influenced by the changing times. Responsible innovation means that companies will increase their focus on environmental, social, and governance factors (ESG) and base their green innovation on this. It is worth further studying whether ESG advantages will enhance a corporation’s green innovation. This article explores the impact of ESG advantages on corporate green innovation and their mechanisms based on stakeholder theory and incentive theory. Using publicly manufacturing corporations in China from 2003 to 2022 as samples, this study measures ESG through corporate environmental certification and social responsibility reports, green innovation through Green invention patents, financing constraints through financing costs, green investment behavior through environmental investment, and validates the hypotheses using a multidimensional fixed effects model. Firstly, this study finds that ESG advantages significantly promote corporate green innovation. Secondly, this study finds that it exerts influence through the mechanisms of alleviating financing constraints and increasing environmental protection investment. Finally, heterogeneity tests reveal that the impact of ESG advantages on green innovation is more pronounced in technology-leading companies and state-owned corporations. This study explains the pivotal role of responsible companies in achieving...