Corporate ESG Performance and Low-Carbon Technology Innovation: Mechanism Analysis and Heterogeneity Tests
企業のESGパフォーマンスと低炭素技術イノベーション：メカニズム分析と異質性テスト (AI 翻訳)
Junfang Guo, J J Lu, Jie Yang, Zhishuang Zhu, Wenjun Zhao
🤖 gxceed AI 要約
日本語
本論文は、2009年から2024年までの中国A株上場企業のパネルデータを用いて、ESGパフォーマンスが低炭素技術イノベーションに与える影響を実証分析した。結果、ESGは低炭素技術イノベーションを促進し、特に実質的イノベーションに効果が大きい。資金調達制約の緩和と政府支援の強化がメカニズムとして機能する。国有企業や大企業、汚染産業で効果が顕著である。
English
Using panel data of Chinese A-share listed firms from 2009 to 2024, this study finds that ESG performance significantly promotes low-carbon technology innovation, with a stronger effect on substantive innovation than strategic innovation. The mechanisms include easing financing constraints and enhancing government support. The effect is more pronounced in state-owned enterprises, large firms, heavily polluting industries, and non-technology-intensive firms.
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
日本の企業でもESG評価が低炭素技術投資に影響する可能性を示唆。ただし、中国特有の国有企業の影響や政府支援の役割に留意が必要。
In the global GX context
This paper provides empirical evidence that ESG drives low-carbon technology innovation through easing financing constraints and enhancing government support, valuable for global corporate strategy and green governance policy design.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the ESG-innovation link, isolating low-carbon innovation and identifying dual mechanisms.
🏢実務担当者:Highlights that strong ESG performance can facilitate low-carbon innovation by improving access to financing and government support.
🏛政策担当者:Suggests that differentiated policies based on firm characteristics (e.g., state-owned vs. private, large vs. small) can enhance the effectiveness of ESG-driven innovation.
📄 Abstract（原文）
ESG (Environmental, Social, and Governance) performance is increasingly viewed as a strategic factor shaping firms’ innovation activities. However, existing studies have largely examined green innovation as a whole, with limited attention to low-carbon technological innovation as a distinct domain and insufficient understanding of its driving mechanisms and conditional heterogeneity. Using panel data on Chinese A-share listed companies from 2009 to 2024, this study employs a two-way fixed-effects framework to examine the effect of ESG performance on low-carbon technological innovation, and further investigates the underlying transmission mechanisms and heterogeneous effects. The results show that ESG significantly promotes low-carbon technological innovation, with a notably stronger effect on substantive innovation than on strategic innovation, indicating that ESG drives genuine technological advancement rather than superficial patent accumulation. Mechanism tests reveal that ESG facilitates innovation by easing financing constraints and enhancing government support. At the dimensional level, the environmental and social pillars exert significant positive effects, whereas the governance pillar does not. Heterogeneity analyses demonstrate that the promotional effect is more pronounced in state-owned enterprises, large firms, heavily polluting industries, and non-technology-intensive firms, revealing structural variation across firm characteristics. By isolating low-carbon innovation from the broader green innovation concept and identifying dual transmission channels, this study extends the literature on the economic consequences of ESG and provides evidence for designing differentiated green governance policies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18136849first seen 2026-07-08 05:10:09
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