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<p>In the context of strong advocacy for sustainable development, the release of ESG rating has garnered external attention and invisibly constitutes an informal environmental regulation (IER) involving market entities. It is worth studying how it affects enterprise green innovation (EGI). Based on the exogenous event of the first release of ESG rating for listed companies by SynTao Green Finance ("ESG rating release"), this study employs a multi-period Difference-in-Differences (DID) model to explore the impact and mechanisms of IER on EGI. It finds that ESG rating release has a positive impact on EGI, with this effect being more pronounced in state-owned enterprises, enterprises with serious information asymmetry, and heavily polluting enterprises. Mechanism analysis indicates that the promotional effect of ESG rating release on EGI is mainly achieved through two pathways: environmental investment incentive effect and green investor supervision effect. Limitation analysis reveals that ESG rating release does not significantly reduce the level of enterprise pollution emissions, suggesting that it has not improved the quality of EGI. Furthermore, due to the rating result differences, ESG rating divergence has also exerted an inhibitory effect on EGI. This study not only reveals the positive role of ESG rating in economic green transformation but also provides important insights for improving the ESG rating system in developing countries.</p>

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How does informal environmental regulation affect enterprise green innovation from the perspective of ESG rating release?

  • 期刊论文

  • 发表日期：

    2025年7月19日

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  • Shiwen Wang,
  • Feifan Chen,
  • Junfeng Liu,
  • Xiaoqian Liu,
  • Haobo Zhang,
  • Zizhen Chen

摘要

In the context of strong advocacy for sustainable development, the release of ESG rating has garnered external attention and invisibly constitutes an informal environmental regulation (IER) involving market entities. It is worth studying how it affects enterprise green innovation (EGI). Based on the exogenous event of the first release of ESG rating for listed companies by SynTao Green Finance ("ESG rating release"), this study employs a multi-period Difference-in-Differences (DID) model to explore the impact and mechanisms of IER on EGI. It finds that ESG rating release has a positive impact on EGI, with this effect being more pronounced in state-owned enterprises, enterprises with serious information asymmetry, and heavily polluting enterprises. Mechanism analysis indicates that the promotional effect of ESG rating release on EGI is mainly achieved through two pathways: environmental investment incentive effect and green investor supervision effect. Limitation analysis reveals that ESG rating release does not significantly reduce the level of enterprise pollution emissions, suggesting that it has not improved the quality of EGI. Furthermore, due to the rating result differences, ESG rating divergence has also exerted an inhibitory effect on EGI. This study not only reveals the positive role of ESG rating in economic green transformation but also provides important insights for improving the ESG rating system in developing countries.