Scholarlink

<p>Based on the data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2015 to 2022, this study empirically tests the green innovation effect of differences in ESG ratings among firms. The empirical results show that the divergence of ESG ratings not only increases the quantity of green innovation, but also contributes to the improvement of the quality of green innovation. From the perspective of mechanism analysis, ESG rating divergence can significantly enhance the internal driving force of firms in terms of financing constraints, information disclosure quality, and digital transformation.&#xa0;It also strengthens the external supervision of firms in terms of public environmental attention, media attention, and analyst attention.&#xa0;These factors collectively help improve the level of green innovation of firms. From the perspective of heterogeneity testing, the divergence of ESG ratings has a more significant promoting effect on firms&#xa0;with&#xa0;poor ESG performance, in regions with&#xa0;weak environmental regulations, and among&#xa0;non-heavily polluting firms. Therefore, it is necessary to further standardize ESG ratings, accelerate the construction of ESG information standardization and mandatory disclosure systems, promote green innovation in firms, and thus promote sustainable economic and social development.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

ESG rating divergence and corporate green innovation: evidence from Chinese A-share listed companies

  • 期刊论文

  • 发表日期：

    2025年3月3日

查看全文
  • Chuanyu Zhou,
  • Peiling Cai,
  • Yunfeng Wu

摘要

Based on the data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2015 to 2022, this study empirically tests the green innovation effect of differences in ESG ratings among firms. The empirical results show that the divergence of ESG ratings not only increases the quantity of green innovation, but also contributes to the improvement of the quality of green innovation. From the perspective of mechanism analysis, ESG rating divergence can significantly enhance the internal driving force of firms in terms of financing constraints, information disclosure quality, and digital transformation. It also strengthens the external supervision of firms in terms of public environmental attention, media attention, and analyst attention. These factors collectively help improve the level of green innovation of firms. From the perspective of heterogeneity testing, the divergence of ESG ratings has a more significant promoting effect on firms with poor ESG performance, in regions with weak environmental regulations, and among non-heavily polluting firms. Therefore, it is necessary to further standardize ESG ratings, accelerate the construction of ESG information standardization and mandatory disclosure systems, promote green innovation in firms, and thus promote sustainable economic and social development.