Does the Quality of ESG Information Disclosure Affect the Innovation Efficiency of Enterprises?——Empirical Research on A-share Listed Companies in Shanghai and Shenzhen
In recent years,the ESG concept has received widespread attention from the government and various sectors of society.This article empirically tests the impact of ESG information disclosure on corporate innovation efficiency based on sustain-able development theory,signal transmission theory,and stakeholder theory.The study found that the quality of ESG information disclosure has a significant promoting effect on the innovation efficiency of enterprises.After conducting robustness and endogeneity tests,this conclusion still holds.Further research has found that regions with high levels of marketization,low financing constraints,and high government subsidies have a more significant impact of ESG information disclosure on corporate innovation efficiency.This article not only enriches the research on the economic consequences of ESG information disclosure and corporate innovation efficien-cy,but also provides ideas for improving corporate innovation capabilities and empirical evidence for improving the construction of ESG information disclosure systems.
ESG information disclosureenterprise innovation efficiencythe degree of marketizationfinancing con-straintsgovernment grants
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