Article:
How do ESG affect the spillover of green innovation among peer firms? Mechanism discussion and performance study
Abstract:
This study presents a theoretical framework for studying the green innovation spillover effect from corporate environmental, social, and governance (ESG) and explores the underlying influence of this effect on sustain-ability performance. By regressing panel data on China's A-share listed enterprises from 2012 to 2020, the results support that the ESG of focal companies have significant green innovation spillover effects in the industry, that occurs through the alleviation of financing constraints and improvement in the executive environmental pro-tection awareness of peer enterprises. Notably, industrial enterprises are constrained by their own attributes, therefore, this effect is not obvious, however, the ESG of non-industrial enterprises can guide peer companies to adopt green innovation behaviors and improve sustainability performance. This study enriches our under-standing of ESG. Furthermore, our findings have important implications for accelerating the construction of countries' ESG systems, promoting corporate sustainability, and implementing emission-reduction targets.
摘要：
本研究提出了一个理论框架来研究企业环境、社会和治理(ESG)绿色创新溢出效应，并探索这种影响对可持续绩效的潜在影响。通过对2012年至2020年中国A股上市公司面板数据进行回归，结果表明，重点企业的ESG具有显著的绿色创新溢出效应，其通过缓解融资约束和提高同群企业执行环境保护意识而发生。值得注意的是，工业企业受到自身属性的限制，因此这种影响并不明显，然而，非工业企业的ESG可以引致同群企业采用绿色创新行为，提高可持续性绩效。这项研究丰富了我们对 ESG 的理解。此外，我们的研究结果对加速国家ESG系统的建设、促进企业可持续性和实施减排目标具有重要意义。
