ESG PERFORMANCE,R&D INVESTMENTS AND DUAL INNOVATION FROM ADJUSTMENT OF ENTERPRISES'DIGITAL TRANSFORMATION
Innovation is the primary force of economy.China has achieved remarkable achievements since the implementation of innovation-driven development strategy.However,the current innovative achievements are focusing on quantity rather than quality with less quality results.In order to produce quality innovative results,to resolve the bottleneck key technologies and to fasten China's quality economy,this paper uses 2011 to 2020 China's A-listed companies as sample to study the impacts and mechanism of enterprises'EGS performance on dual innovation.Their ESG performance can dramatically increase their innovative products,more on their breaking innovation,suggesting ESG can help convert resources into quality innovative products.The mechanism analysis reveals that enterprises'R&D inputs play a mediation role between ESG performance and dual innovation,which is also reinforced by their digital transformation.Heterogeneity suggests ESG performance of developing or declining enterprises plays a stronger role on breaking innovation,compared with maturing enterprises,viewing from enterprises'life circles.ESG performance of developing enterprises on breaking innovation is mainly driven by environmental and social responsibility performance,those declining by social responsibility and internal harness performance.Those developing enterprises should boost their linkages with external stakeholders to acquire more supports,and those declining should focus on their internal harness to improve their internal operations.From enterprises'strategy,cost-oriented enterprises'ESG performance on breaking innovation is stronger than differentiation-oriented ones in innovative intensity,but little difference on progressive innovation.Hence cost-orientated enterprises shall pay attention to ESG construction to promote their quality outputs.This paper presents references for revealing economic aftermath of enterprises'ESG behaviors,optimizing their innovative decisions and for governments to disclose ESG information.
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万方数据
