ESG Performance,Green Innovation,and Enterprise Market Value
Under the concept of"dual carbon",the green and low-carbon transformation of enterprises is urgent.The ESG enterprise performance relates to sustainable development and environmental protection,and green innovation is an important driving force for achieving green transformation and promoting sustainable development.Exploring the impact mechanism of ESG performance and green innovation on enterprise market value is of great significance in encouraging enterprises to practice green concepts.The paper researches A-share listed companies on the Shanghai and Shenzhen main boards from 2012 to 2022,measures the ESG(environmental,social,and governance)performance of listed companies using the Huazheng ESG rating score,and establishes a panel data model based on this to empirically test the impact and mechanism of ESG performance on enterprise market value.The research results indicate that good ESG performance helps to enhance the market value of enterprises.ESG performance promotes the enhancement of enterprise market value by promoting green innovation,and green innovation has a threshold effect in the process of influencing ESG performance to enhance enterprise market value.The positive effect of good ESG performance on the market value of enterprises is more significant in state-owned enterprises.The G(governance)dimension regarding the overall ESG performance plays the greatest role in enhancing the market value of enterprises.
ESG performanceenterprise market valuegreen innovationthreshold effectnature of property rights
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