The social responsibility requirements arising from issues,such as health,environment,and social development,are reshaping the business philosophies of enterprises.To explore whether enterprises'environmental,social,and governance(ESG)concepts can promote compatible development of the economy with the environment,we empirically test the effect of ESG information disclosure on the green innovation of enterprises by using data from A-share-listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020.The results show that ESG information disclosure is conducive to promoting the quantity,quality,and structure of green innovation.Our heterogeneity analysis finds that the green innovation effect of ESG information disclosure is more significant for enterprises in the growth period,those in low-carbon pilot cities,those with weak environmental sensitivity,and those in southern China.The results indicate that ESG information disclosure primarily promotes green innovation in enterprises by alleviating financing constraints and strengthening external supervision.Further research also finds that the effects of ESG information disclosure on green innovation have thresholds of information disclosure,and the effects of dimensional ESG information disclosure on green innovation are different.The green innovation effects of ESG information disclosure can also realize the dual value of ecological protection and economic performance.The research conclusion helps to deepen the competitive advantage of ESG in the development of Chinese enterprises and provides empirical evidence for promoting green innovation.It also provides theoretical support and decision-making references for achieving the"Carbon Peak and Neutrality"targets and forming a wide range of green production and lifestyle.
关键词
ESG信息披露/融资约束/外部监督/绿色创新/门槛效应/双重价值
Key words
ESG information disclosure/financing constraints/external supervision/green innovation/threshold effect/dual value
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