Does environmental, social, and governance performance move together with corporate green innovation in China?

Business Strategy and the Environment - Tập 32 Số 4 - Trang 1670-1679 - 2023
Mingbo Zheng1, Gen‐Fu Feng2, Renai Jiang2, Chun‐Ping Chang3
1School of Economics and Management, Chang'an University, Shaanxi, China
2School of Economics and Finance, Xi’an Jiaotong University, Shaanxi, China
3Department of Marketing Management, Shih Chien University, Kaohsiung, Taiwan

Tóm tắt

AbstractThis research investigates the bidirectional cointegration relationship between environmental, social, and governance (ESG) performance and corporate green innovation with a panel of 770 Chinese listed firms during the 2011–2020. We find that there exists a long‐run bidirectional comovement between ESG performance and corporate green innovation output. ESG performance exerts a short‐run and long‐run causal link with green innovation output. The panel cointegration test and VECM estimation also support that ESG performance moves together with green innovation output for clean industries, while ESG performance only presents a long‐run relationship to green invention patents output for pollution industries. Our findings offer important value for policymakers and enterprises to propose an effective strategy to stimulate green innovation and improve ESG score.

Từ khóa


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