ESG performance and green cooperative innovation: a signaling theory framework

作者：Jing Xiao, Xiang Zhang, Huafei Yan, Ping Zeng · 发表于：Asia Pacific Journal of Marketing and Logistics · 年份：2025 · DOI：10.1108/apjml-04-2025-0612 · 被引用次数：10 · 研究领域：Environmental Sustainability in Business、Sustainable Supply Chain Management、Corporate Social Responsibility Reporting

Purpose Based on signaling theory, this study regards environmental, social and governance (ESG) performance as a positive signaling, innovatively establishes the correlation between ESG performance and green cooperative innovation (GCI) and explores the moderating role of signaling visibility (media attention) and signaling credibility (corporate reputation) in the ESG–GCI relationship. Design/methodology/approach This study is designed as a quantitative research, we validate our research hypothesis using data from Chinese manufacturing listed firms from 2012 to 2022. Findings The findings show that (1) ESG performance considerably influences GCI, which several endogeneity and robustness tests have confirmed. (2) Media attention increases signaling visibility, while corporate reputation enhances signaling credibility, thereby strengthening the positive impact of ESG on GCI. (3) Heterogeneity analysis reveals that the positive impact of ESG on GCI holds only for non-heavily polluting industries and firms with poor environmental performance. (4) Economic consequence analysis demonstrates that ESG performance improves the focal firm’s total factor productivity through its promotion of GCI. Research limitations/implications This study expands the explanatory power of signaling theory and makes essential contributions to the literature on green innovation and ESG. Originality/value By examining when ESG signals more effectively influence corporate strategic decisions – specifical...