The Influence of ESG Disagreement on Enterprise Green Innovation——From the Perspective of Internal Governance and External Financing
ESG divergence reflects discrepancies in the assessment of ESG(Environmental,Social,and Governance)information disclosure by capital market intermediaries,influencing internal governance,external financing,and consequently,green innovation within enterprises.This study focuses on China's A-share listed companies spanning from 2015 to 2022 to investigate the impact of ESG divergence on corporate green innovation.The findings reveal that significant ESG differences notably impede green innovation output,a conclusion upheld through rigorous robustness testing.Moreover,executive backgrounds in environmental protection and corporate financing constraints serve as mediators in the relationship between ESG divergence and green innovation impact.Further analysis indicates that the inhibitory effect of ESG differences on green innovation is more pronounced in non-green investor firms,non-heavy polluting industries,and high-tech enterpri-ses.This research offers empirical evidence supporting the standardization of ESG ratings to advance the development of high-quality productivity.
ESG DivergenceEnterprise Green InnovationCorporate governanceExternal Financing
万方数据
