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.
机构:
Liaoning University,School of International Economics and International RelationsLiaoning University,School of International Economics and International Relations
Liyan Dai
Jingjing Wang
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机构:
Liaoning University,School of International Economics and International RelationsLiaoning University,School of International Economics and International Relations
Jingjing Wang
Digital Economy and Sustainable Development,
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机构:
Xinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Minist Educ, Engn Res Ctr Northwest Energy Carbon Neutral, Urumqi, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Hao, Xiaoli
Miao, Erxiang
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机构:
Xinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Miao, Erxiang
Sun, Qingyu
论文数: 0引用数: 0
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机构:
Xinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Sun, Qingyu
Li, Ke
论文数: 0引用数: 0
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机构:
Xinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Li, Ke
Wen, Shufang
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机构:
Xinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
Wen, Shufang
Xue, Yan
论文数: 0引用数: 0
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机构:
Hunan Univ, Sch Econ & Trade, Xihu St, Changsha 410079, Hunan, Peoples R ChinaXinjiang Univ, Sch Econ & Management, Urumqi 830047, Peoples R China
机构:
Jiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China
Jiangxi Univ Finance & Econ, Res Ctr Financial Dev & Risk Prevent, Nanchang, Jiangxi, Peoples R ChinaJiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China
Lai, Shaojie
Li, Xiaorong
论文数: 0引用数: 0
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机构:
Cent Univ Finance & Econ, Sch Publ Finance & Taxat, Beijing, Peoples R ChinaJiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China
Li, Xiaorong
Chan, Kam C.
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机构:
Western Kentucky Univ, Gordon Ford Coll Business, Bowling Green, KY 42101 USA
Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R ChinaJiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China
机构:
Capital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China
Capital Univ Econ & Business, Coll Business Adm, Beijing 100070, Peoples R ChinaCapital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China
Wang, Kai
Li, Tingting
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机构:
Capital Univ Econ & Business, Coll Business Adm, Beijing 100070, Peoples R ChinaCapital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China
Li, Tingting
San, Ziyao
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机构:
Capital Univ Econ & Business, Coll Business Adm, Beijing 100070, Peoples R ChinaCapital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China
San, Ziyao
Gao, Hao
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机构:
Tsinghua Univ, PBC Sch Finance, Beijing 100083, Peoples R ChinaCapital Univ Econ & Business, China ESG Inst, Beijing 100070, Peoples R China