The Impact and Mechanism of ESG Performance on Corporate Continuous Innovation: Evidence from China

被引:0
|
作者
Ren, Li [1 ]
Cheng, Yanping [2 ]
机构
[1] Shanxi Univ, Sch Econ & Management, Taiyuan 030006, Peoples R China
[2] Shanxi Univ, Inst Study Jin Merchants, Taiyuan 030006, Peoples R China
关键词
ESG performance; continuous innovation; sustainable development; mechanism study; innovation resilience; SOCIAL-RESPONSIBILITY; PERSISTENCE; GOVERNANCE; EQUITY; COST;
D O I
10.3390/su16177562
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
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.
引用
下载
收藏
页数:22
相关论文
共 50 条
  • [41] The impact of ESG rating disagreement on corporate risk-taking: evidence from China
    Liyan Dai
    Jingjing Wang
    Digital Economy and Sustainable Development, 2 (1):
  • [42] The impact of digital government on corporate green innovation: Evidence from China
    Hao, Xiaoli
    Miao, Erxiang
    Sun, Qingyu
    Li, Ke
    Wen, Shufang
    Xue, Yan
    TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 2024, 206
  • [43] Does fintech innovation impact corporate fraud? Evidence from China
    Tang, Mengxuan
    Hu, Yang
    Hou, Yang
    Goodell, John W.
    FINANCE RESEARCH LETTERS, 2024, 67
  • [44] Does bank shareholding impact corporate innovation? Evidence from China
    Lai, Shaojie
    Li, Xiaorong
    Chan, Kam C.
    ECONOMIC MODELLING, 2020, 92 : 57 - 69
  • [45] The impact of free trade zones on ESG performance: Evidence from China
    Zeng, Jing
    Zhang, Bingqian
    Li, Kevin K.
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 91 : 1110 - 1122
  • [46] The impact of economic uncertainty on corporate ESG performance: Global evidence
    Chen, Kan-Xiang
    Erzurumlu, Yaman Omer
    Gozgor, Giray
    Lau, Chi Keung Marco
    Turkkan, Melis
    RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2024, 72
  • [47] Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone
    Chen, Zhao
    Hu, Ling
    He, Xin
    Liu, Ziming
    Chen, Danni
    Wang, Weirui
    INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH, 2022, 19 (22)
  • [48] Monitoring or Collusion? Multiple Large Shareholders and Corporate ESG Performance: Evidence from China
    Wang, Liang
    Qi, Jiahan
    Zhuang, Hongyu
    FINANCE RESEARCH LETTERS, 2023, 53
  • [49] How does corporate ESG performance affect stock liquidity? Evidence from China
    Wang, Kai
    Li, Tingting
    San, Ziyao
    Gao, Hao
    PACIFIC-BASIN FINANCE JOURNAL, 2023, 80
  • [50] R&D investment, ESG performance and green innovation performance: evidence from China
    Xu, Jian
    Liu, Feng
    Shang, Yue
    Kybernetes, 2023, 50 (03) : 737 - 756