The Linkage Effect of ESG,R&D Investment and Enterprise Value Under Innovation-driven Strategy
Based on the data of listed companies in the heavily polluted industry from 2011 to 2020,the PVAR model was used to study the linkage effect of R&D investment,ESG,and corporate value.The study found that:(1)R&D investment drives corporate value,and ESG has a unidirectional linkage with R&D investment.The mutual causal effect between ESG and R&D investment is mainly contributed by corporate governance,while the bidirectional interaction effect between ESG and corporate value is mainly contributed by social responsibility.(2)The value return of R&D investment lags behind and the lack of sustainable resilience coexists with the insufficiency of R&D investment related to environmental responsibility.(3)Small and high-growth enterprises have inadequate conversion and interaction of ESG and R&D investment towards corporate value.