外部性
业务
公司治理
清晰
维数(图论)
企业社会责任
中国
可持续发展
环境治理
产业组织
保证
经济
微观经济学
公共关系
财务
政治学
生物化学
化学
数学
纯数学
法学
作者
Chong Yang,Ruilu Yang,Yang Zhou,Lei Zhu
摘要
Abstract China's environmental governance exhibits a significant imbalance with its economic development. To enhance the “green” and sustainable practices of enterprises, employing environmental, social, and governance (ESG) principles is imperative. The literature examining the correlation between ESG and green innovation (GI) lacks detailed clarity and obscures the different effects of each dimension. Inefficient resource allocation may also result from ignoring the distinct implementation costs associated with each dimension of ESG. Such problems eventually hinder the guidance of corporate practices. Therefore, the promoting or inhibiting effects stemming from each of these dimensions warrant further study. In this paper, we use data from A‐share listed companies in China for the years 2004 to 2020 to investigate the mechanism that links the E, S, and G dimensions of ESG with GI from an externality perspective. We prove a linear or U‐shaped relationship between the E or S dimension and GI, and we explore the mediating effect of financing constraints on these relationships. We compare these dimensions under a unified theoretical framework to clarify their differences in externality and internality. This study's results highlight the importance for enterprises to emphasise environmental issues and social recognition, instead of just corporate operations, to achieve sustainable development.
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