Abstract
This study examines the influence of corporate ESG performance on green innovation based on the data of 2024 A-share listed firms in China from 2009 to 2020. We find that ESG performance has a significantly positive impact on green innovation. Mechanism analysis reveals that excellent ESG performance contributes to relieving financing constraints, enhancing the level of corporate human capital, and improving management myopia, thus positively influencing corporate green innovation. Heterogeneity analysis shows that the positive effect of ESG performance on green innovation is more pronounced in firms with strong innovation capacity, non-state enterprises, firms in non-polluting industries, firms located in areas with high marketization, and firms in poor macroeconomic environments. Further analyses prove that good ESG performance also helps to enhance the quality of green innovation, the efficiency of green innovation, and the proportion of collaborative green innovation. These results offer important implications for improving firm ESG performance and promoting corporate green innovation.
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