Green innovation and corporate ESG performance: Evidence from Chinese listed companies

被引:43
作者
Liu, Xiaojing [1 ]
Huang, Ningren [1 ]
Su, Wunhong [2 ,3 ]
Zhou, Haiyan [4 ]
机构
[1] Shaoxing Univ, Sch Business, Shaoxing 312000, Zhejiang, Peoples R China
[2] Hangzhou Dianzi Univ, Sch Accounting, Hangzhou 310018, Zhejiang, Peoples R China
[3] Krirk Univ, Int Coll, Bangkok, Thailand
[4] Wenzhou Business Coll, Sch Management, Wenzhou 325035, Zhejiang, Peoples R China
关键词
Green innovation; Corporate ESG performance; Financing constraints; Sustainable development; China; RESEARCH-AND-DEVELOPMENT; PRODUCT INNOVATION; FINANCIAL CONSTRAINTS; ECO-INNOVATION; ENVIRONMENTAL-REGULATION; DEVELOPMENT INVESTMENT; SOCIAL PERFORMANCE; FIRM PERFORMANCE; CASH FLOW; IMPACT;
D O I
10.1016/j.iref.2024.103461
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
In recent years, corporate ESG performance has attracted widespread attention from the public and academic circles. However, there are currently few studies on the driving factors of corporate ESG performance, and most of them regard green innovation as a homogeneous variable when discussing the driving factors of corporate ESG performance. Therefore, this article will explore its impact on corporate ESG performance from the perspective of green innovation, using data from China's A-share listed companies from 2009 to 2021 to analyze how different types of green innovation will affect corporate ESG performance. The study found that both radical green innovation and progressive green innovation can positively promote corporate ESG performance. In addition, financing constraints weaken the positive relationship between the two types of green innovation and corporate ESG. Further research found that heavily polluting industries are more likely to choose lower-cost progressive green innovations. By virtue of their special resource advantages, state-owned enterprises can cope with financing constraints more easily than nonstate-owned enterprises. In contrast, large-scale enterprises can carry out sufficient green innovation and are better able to maintain their competitive advantages. Moreover, green innovation can have a positive impact on environmental governance and social responsibility, but it is difficult to have a positive impact on corporate governance. The green image plays a partial mediating role between green innovation and corporate ESG performance. The research conclusions provide a reference for government departments to improve the construction of ESG systems and also provide a reference for enterprises to practice ESG responsibilities and improve their own ESG performance.
引用
收藏
页数:27
相关论文
共 95 条
[31]   Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms [J].
Fee, C. Edward ;
Hadlock, Charles J. ;
Pierce, Joshua R. .
REVIEW OF FINANCIAL STUDIES, 2009, 22 (06) :2361-2392
[32]   Is there persistence in the impact of emergency food aid? Evidence on consumption, food security, and assets in rural Ethiopia [J].
Gilligan, Daniel O. ;
Hoddinott, John .
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS, 2007, 89 (02) :225-242
[33]   Does It Pay to Be Green? The Case of French Ski Resorts [J].
Goncalves, Olga ;
Robinot, Elisabeth ;
Michel, Helene .
JOURNAL OF TRAVEL RESEARCH, 2016, 55 (07) :889-903
[34]   A study of the motivations for the environmental transformation of companies [J].
González-Benito, J ;
González-Benito, O .
INDUSTRIAL MARKETING MANAGEMENT, 2005, 34 (05) :462-475
[35]   The design of bank loan contracts [J].
Gorton, G ;
Kahn, J .
REVIEW OF FINANCIAL STUDIES, 2000, 13 (02) :331-364
[36]   PATENT STATISTICS AS ECONOMIC INDICATORS - A SURVEY [J].
GRILICHES, Z .
JOURNAL OF ECONOMIC LITERATURE, 1990, 28 (04) :1661-1707
[37]   New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index [J].
Hadlock, Charles J. ;
Pierce, Joshua R. .
REVIEW OF FINANCIAL STUDIES, 2010, 23 (05) :1909-1940
[38]   Government ownership, financial constraint, corruption, and corporate performance: International evidence [J].
Haider, Zulfiquer Ali ;
Liu, Mingzhi ;
Wang, Yefeng ;
Zhang, Ying .
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2018, 53 :76-93
[39]   Does corporate financial performance promote ESG: Evidence from US firms [J].
Hamdi, Khalfaoui ;
Guenich, Hassan ;
Ben Saada, Moufida .
COGENT BUSINESS & MANAGEMENT, 2022, 9 (01)
[40]   The Influence of the Knowledge-Based Network Structure Hole on Enterprise Innovation Performance: The Threshold Effect of R&D Investment Intensity [J].
Hao, Jiajia ;
Li, Chunling ;
Yuan, Runsen ;
Ahmed, Masood ;
Khan, Muhammad Asif ;
Olah, Judit .
SUSTAINABILITY, 2020, 12 (15)