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<p>Under the dual pressure of environmental crisis and sustainable development, green development is now mostly accomplished by businesses via green investment. Aiming at promoting the high-quality development of green economy, this paper used the ordered- probit model, aimed to explore the impact of green investment on corporate environmental performance. The findings indicate that investing in green initiatives can enhance the ESG (Environment, Social, and Governance) rating of enterprises, and thus significantly improve the corporate sustainability. In addition, government subsidies, technological innovation, media supervision and environmental information disclosure strengthens the beneficial effects of green investments on the environmental performance. However, heterogeneity analysis shows that investing in environmentally-friendly initiatives greatly enhances the ecological performance of state-owned firms, large enterprises and enterprises with weak financing constraints. This research at the theoretical level unraveled the intrinsic mechanism of green investment affecting corporate environmental performance from multiple dimensions. At the empirical level, this study provided a new research perspective for ESG evaluation data, and provided micro-level empirical evidence for the mechanisms of green investment.</p>

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Do green investments really make companies “green”? Empirical evidence from corporate ESG ratings

  • 期刊论文

  • 发表日期：

    2025年3月28日

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  • Ming Zhang,
  • Xueli Zhang,
  • Yan Song

摘要

Under the dual pressure of environmental crisis and sustainable development, green development is now mostly accomplished by businesses via green investment. Aiming at promoting the high-quality development of green economy, this paper used the ordered- probit model, aimed to explore the impact of green investment on corporate environmental performance. The findings indicate that investing in green initiatives can enhance the ESG (Environment, Social, and Governance) rating of enterprises, and thus significantly improve the corporate sustainability. In addition, government subsidies, technological innovation, media supervision and environmental information disclosure strengthens the beneficial effects of green investments on the environmental performance. However, heterogeneity analysis shows that investing in environmentally-friendly initiatives greatly enhances the ecological performance of state-owned firms, large enterprises and enterprises with weak financing constraints. This research at the theoretical level unraveled the intrinsic mechanism of green investment affecting corporate environmental performance from multiple dimensions. At the empirical level, this study provided a new research perspective for ESG evaluation data, and provided micro-level empirical evidence for the mechanisms of green investment.