Can ESG ratings drive digital innovation in enterprises? Exploring Porter's hypothesis in the digital era

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2024-10-31 DOI:10.1002/bse.4037

Zhen Wang

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引用次数: 0

Abstract

The holistic reshaping and advancement of the global economy inherently demand the creation of synergies between digitization and environmentally sustainable development practices. This study pioneers an evaluation of the impact of environmental, social, and governance (ESG) ratings on corporate digital technology innovation, contrasting with existing literature. Using data from A‐share listed firms for 2011–2020, our research reveals that implementing ESG ratings stimulates corporate digital technology innovation across various dimensions, thereby confirming the presence of the Porter hypothesis in the digital era. Furthermore, these findings are substantiated through the utilization of various methodologies, such as synthetic difference‐in‐differences (SDID), multi‐period DID, event studies, and staggered DID. In addition, mechanism tests delve into the underlying channels through which ESG ratings stimulate corporate digital technology innovation, elucidating their ability to promote innovation through motivation stimulus and resource supply effects. Moreover, the heterogeneity analysis carried out in this study uncovers diverse effects on digital technology innovation stemming from factors such as firm characteristics, industry competitiveness, industry nature, regional intellectual property protection (IPP), and factor market development. Nevertheless, companies should refrain from blindly pursuing high ESG ratings to avoid overcorrecting because there is an inverse U‐shape relationship between ESG ratings and corporate digital technology innovation. These findings provide the theoretical basis and empirical evidence for the widescale utilization of ESG ratings. Thus, they offer useful guidance for executives and other policymakers aiming to foster a win–win scenario of digitization and green development.

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ESG 评级能否推动企业的数字化创新？探索数字化时代的波特假设

全球经济的全面重塑和进步必然要求在数字化和环境可持续发展实践之间创造协同效应。本研究开创性地评估了环境、社会和治理（ESG）评级对企业数字技术创新的影响，与现有文献形成鲜明对比。通过使用 2011-2020 年 A 股上市公司的数据，我们的研究发现，实施环境、社会和治理评级能从多个维度刺激企业数字技术创新，从而证实了波特假说在数字时代的存在。此外，我们还运用了多种方法，如合成差分法（SDID）、多期差分法（DID）、事件研究法和交错差分法（DID）等，证实了上述研究结论。此外，机制检验深入探讨了 ESG 评级刺激企业数字技术创新的潜在渠道，阐明了 ESG 评级通过动机刺激和资源供给效应促进创新的能力。此外，本研究进行的异质性分析揭示了企业特征、行业竞争力、行业性质、地区知识产权保护（IPP）和要素市场发展等因素对数字技术创新的不同影响。然而，由于ESG评级与企业数字技术创新之间存在反U型关系，因此企业应避免盲目追求高ESG评级，以免矫枉过正。这些发现为ESG评级的广泛应用提供了理论基础和实证证据。因此，它们为企业高管和其他旨在促进数字化与绿色发展双赢局面的政策制定者提供了有益的指导。

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

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.