How does corporate ESG performance affect sustainable development: A green innovation perspective

Frontiers in Environmental Science

Environmental Science

Yonghui Lian¹  Yaqi Li¹  Hong Cao² 

[1] School of Finance, Capital University of Economics and Business, Beijing, China;null;

关键词: ESG performance;    green innovation;    financing constraints;    human capital;    management myopia;   

DOI  :  10.3389/fenvs.2023.1170582

 received in 2023-02-21, accepted in 2023-03-21,  发布年份 2023

来源: Frontiers

【 摘 要 】

This study examines the influence of corporate ESG performance on green innovation based on the data of 2024 A-share listed firms in China from 2009 to 2020. We find that ESG performance has a significantly positive impact on green innovation. Mechanism analysis reveals that excellent ESG performance contributes to relieving financing constraints, enhancing the level of corporate human capital, and improving management myopia, thus positively influencing corporate green innovation. Heterogeneity analysis shows that the positive effect of ESG performance on green innovation is more pronounced in firms with strong innovation capacity, non-state enterprises, firms in non-polluting industries, firms located in areas with high marketization, and firms in poor macroeconomic environments. Further analyses prove that good ESG performance also helps to enhance the quality of green innovation, the efficiency of green innovation, and the proportion of collaborative green innovation. These results offer important implications for improving firm ESG performance and promoting corporate green innovation.

【 授权许可】

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