The Mechanism of Environmental,Social,and Governance(ESG)Promoting Radical Green Technology Innovation in Enterprises
Under the institutional background of the interweaving and coexistence of formal and informal environmental regulations,the environmental,social and governance(ESG)concept is gradually being elevated to a strategic level that affects the sustainable development of enterprises.However,how it affects the radical green technology innovation of enterprises is an important issue that urgently needs to be explored in depth.Starting from the perspective of informal environmental regulation,this paper uses the panel data of listed companies in heavily polluting industries from 2011 to 2020 to explore the impact of ESG ratings on enterprise radical green technology innovation and its internal mechanism.The study finds that higher ESG ratings can effectively promote radical green technology innovation in enterprises.Further refinement of sub dimensions reveals that environmental protection performance,social responsibility performance,and corporate governance performance can significantly promote radical green technology innovation in heavily polluting industries,and the green technology innovation effect of environmental protection performance is stronger.Mechanism identification finds that ESG ratings can promote radical green technology innovation by increasing the risk-taking level of enterprises,and executives'environmental awareness strengthens the promotion relationship between ESG ratings and radical green technology innovation in enterprises.The expansion test finds that there is heterogeneity in the impact of ESG ratings on aggressive green technology innovation of enterprises in heterogeneous contexts,that is,the incentive effect of ESG ratings on aggressive green technology innovation of enterprises is stronger in low environmental regulation intensity and high market attention.Based on this,it is proposed that the government and enterprises should work together,guided by the dual carbon goal,strengthen the institutional design of ESG evaluation system,fully promote ESG information disclosure in key regions,focus on cultivating executives'environmental awareness,further adapt to the environment,and form a diversified strategy combination of ESG information disclosure.
ESGradical green technology innovationinformal environmental regulationexecutive environmental awarenessenterprise risk taking
NETL
NSTL
万方数据
