In recent years, investing based on ESG performance has become a mainstream investment strategy in the market. In this context, this study selected A-share listed companies from 2010 to 2022 as samples and adopted a panel fixed-effect model to empirically test the impact and mechanism of ESG performance on continuous innovation. The research showed that ESG performance could significantly promote corporate continuous innovation. The mechanism tests found it worked mainly through the channels of alleviating financing constraints, increasing social trust, reducing agency costs, focusing on human capital, and enhancing social capital. Heterogeneity tests found that this effect was more significant for state-owned enterprises, weak marketization, and epidemic shocks. Further research showed that ESG exhibited a more significant level of sustained innovation in the growth and maturity stages. And ESG performance had a significant contribution to corporate innovation resilience. The conclusions of this study enrich the research in the field of ESG performance and corporate continuous innovation and provide empirical evidence for strengthening sustainable development strategies.
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School of International Economics and Business, Nanjing University of Finance & Economics, NanjingSchool of International Economics and Business, Nanjing University of Finance & Economics, Nanjing
Yang X.
Li Z.
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School of International Economics and Business, Nanjing University of Finance & Economics, NanjingSchool of International Economics and Business, Nanjing University of Finance & Economics, Nanjing
Li Z.
Qiu Z.
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机构:
Business School, Hohai University, NanjingSchool of International Economics and Business, Nanjing University of Finance & Economics, Nanjing
Qiu Z.
Wang J.
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机构:
Business School, University of NottinghamSchool of International Economics and Business, Nanjing University of Finance & Economics, Nanjing
Wang J.
Liu B.
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机构:
School of Management, Nanjing University of Posts and Telecommunications, Nanjing
School of Digital Economy and Management, Nanjing University, SuzhouSchool of International Economics and Business, Nanjing University of Finance & Economics, Nanjing