Does corporate sustainability performance foster green innovation? Firm-level evidence
企業のサステナビリティパフォーマンスはグリーンイノベーションを促進するか？企業レベルでのエビデンス (AI 翻訳)
Yuhao Zhang, Shiyu Liu, Muhammad Zubair Tauni
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業のパネルデータ（2010-2023）を用いて、ESGパフォーマンスがグリーンイノベーションを促進することを実証。メカニズムとして、資金調達制約の緩和と情報非対称性の低減を特定し、グリーンファイナンスの発展が効果を増幅することを示す。東部地域、国有企業、汚染産業、技術集約産業で効果が顕著。
English
This study uses panel data from Chinese A-share listed firms (2010-2023) to show that strong ESG performance significantly boosts green innovation. The effect is mediated by reduced financing constraints and lower information asymmetry, and is amplified by green finance development. Heterogeneity reveals stronger effects for eastern regions, state-owned enterprises, and pollution-intensive or technology-intensive sectors. Provides policy insights for emerging markets.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国企業を対象とした研究ですが、ESGパフォーマンスがグリーンイノベーションを促進するメカニズム（資金調達制約の緩和、情報非対称性の低減）は日本企業にも示唆を与えます。また、グリーンファイナンスの推進が促進効果を強める点は、日本のGX政策とも関連します。
In the global GX context
Globally, this paper contributes to understanding how ESG performance drives green innovation in an emerging economy context, with mediating roles of financing constraints and information asymmetry. It also highlights the moderating role of green finance development, relevant for global policy on sustainable finance.
👥 読者別の含意
🔬研究者:This paper provides robust empirical evidence on the ESG-green innovation nexus and identifies key mechanisms, useful for future research on corporate sustainability and innovation.
🏢実務担当者:Findings suggest that improving ESG performance can alleviate financing constraints and reduce information asymmetry, thereby fostering green innovation; applicable for sustainability strategy and investor communication.
🏛政策担当者:The results underscore the importance of developing green finance markets to amplify the positive effect of ESG on green innovation, offering insights for policy design in emerging economies.
📄 Abstract（原文）
Green innovation has become a key driver of sustainable industrial development, especially in emerging economies facing increasing environmental regulations and financing pressures. This study aims to empirically examine the relationship between corporate ESG performance and green innovation capability in Chinese A-share listed firms. Using panel data from 2010 to 2023, a two-way fixed-effects model is employed to analyze the direct impact of ESG performance on green innovation, as well as the mediating roles of financing constraints and information asymmetry. The study also explores the moderating role of green finance development and the heterogeneous effects across ownership types, regions, and industries. The results show that stronger ESG performance significantly enhances green innovation. Mechanism analysis reveals that this effect is primarily driven by alleviating financing constraints and reducing information asymmetry. Additionally, green finance development further strengthens this positive relationship. Heterogeneity analyses indicate that the effect is more pronounced for firms in eastern regions, state-owned enterprises, pollution-intensive sectors, and technology-intensive industries. The findings provide theoretical insights and policy-relevant evidence to promote green innovation and sustainable industrial upgrading in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3389/frsus.2026.1793981first seen 2026-05-15 21:04:59
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