Does ESG performance bring to enterprises’ green innovation? Yes, evidence from 118 countries

IF 7.6 1区经济学 Q1 ECONOMICS

Oeconomia Copernicana Pub Date : 2023-09-30 DOI:10.24136/oc.2023.024

Qiang Fu, Xinxin Zhao, Chun-Ping Chang

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引用次数: 1

Abstract

Research background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation. Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999–2019. Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach. Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings.

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ESG绩效对企业绿色创新有帮助吗?是的，来自118个国家的证据

研究背景:可持续发展与创新经济学理论及相关文献非常重视环境、社会和治理(ESG)与绿色创新的关系。文章的目的:本文的目的是了解影响绿色创新的因素是什么，以及为什么各国之间的绿色创新能力存在很大差距。此外，本文还利用1999-2019年118个样本国家的非平衡面板数据，探讨了ESG绩效对绿色创新的影响。方法:面板固定效应模型;工具变量(IV)法;一阶差分法;弯曲最小二乘(KLS)方法。的发现,附加价值:ESG绩效为其对创新的积极显著影响提供了证据。在ESG因素中，治理似乎对绿色创新的影响最为重要。此外，ESG绩效的积极影响在高收入和富裕国家更为明显。此外，我们还得出结论，ESG绩效可以通过FDI、人力资本、金融发展和贸易开放来影响绿色创新。经过一系列稳健性测试并考虑到任何潜在的内生问题后，这些结论站住脚。总的来说，政策制定者应该密切关注这些发现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Oeconomia Copernicana ECONOMICS-

CiteScore

13.70

自引率

5.90%

发文量

审稿时长

24 weeks

期刊介绍： The Oeconomia Copernicana is an academic quarterly journal aimed at academicians, economic policymakers, and students studying finance, accounting, management, and economics. It publishes academic articles on contemporary issues in economics, finance, banking, accounting, and management from various research perspectives. The journal's mission is to publish advanced theoretical and empirical research that contributes to the development of these disciplines and has practical relevance. The journal encourages the use of various research methods, including falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of theories, meta-analysis with theoretical implications, constructive replication, and a combination of qualitative, quantitative, field, laboratory, and meta-analytic approaches. While the journal prioritizes comprehensive manuscripts that include methodological-based theoretical and empirical research with implications for policymaking, it also welcomes submissions focused solely on theory or methodology.