Open Innovation and Corporate ESG Performance:Influencing Effects and Pathways of Action
The environmental,social,and corporate governance(ESG)framework is designed to encourage the coordinated development of these three realms.Compared with traditional closed innovation,open innovation can make full use of internal and external corporate resources and reduce information asymmetry,thereby enhancing ESG performance.This paper analyzes and empirically tests the effect of open innovation on ESG performance and its pathways of action,based on the data of Shanghai and Shenzhen A-share listed enterprises from 2013 to 2020.Our results show that higher levels of open innovation have a positive impact on ESG performance,and that innovation capability and the amount of attention a company attracts from financial analysts have a partial mediating effect on the open innovation-ESG rating relationship.Heterogeneity analysis shows that the positive correlation between innovation openness and ESG performance is more significant in mature enterprises with fewer financing constraints,and during periods of economic policy uncertainty.Enterprises should actively seek opportunities for innovation cooperation,strive to improve innovation efficiency,reasonably respond to external concerns,and act based on the actual situation.The government needs to give full play to its supervisory role and provide appropriate policy guarantees and financial support for enterprises.
open innovationESG performanceinnovation capabilityanalyst attention
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