Revisiting the relationship between ESG, institutional ownership, and corporate innovation: An efficiency perspective

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-08-17 DOI:10.1002/csr.2937

Qiang Li, Minglai Li, Lin Zhang

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Abstract

This paper investigates how environmental, social, and governance (ESG) efficiency impacts corporate innovation, highlighting its role as a crucial indicator of resource utilization within firms. Analyzing data from A-share listed companies in China between 2009 and 2021, we find that ESG efficiency levels are positively correlated with corporate innovation outputs. This indicates that higher ESG efficiency contributes to greater innovation. Our result also reveals that the relationship between ESG efficiency and corporate innovation is moderated by the firm's ownership structure. Specifically, the negative moderating effects of ownership are more pronounced in regions with lower economic development or stringent environmental regulations. Technology-based firms are particularly affected, exhibiting greater vulnerability to these negative effects. These findings confirm that ESG efficiency is a significant mechanism linking ESG practices to enhanced innovation capabilities. By exploring both the efficiency aspects of ESG performance and the institutional factors influencing ESG-innovation dynamics, our study makes a notable contribution to the literature, offering new insights into how effective ESG practices can strategically drive innovation within firms.

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重新审视环境、社会和公司治理、机构所有权与企业创新之间的关系：效率视角

本文研究了环境、社会和治理（ESG）效率如何影响企业创新，强调其作为企业内部资源利用重要指标的作用。通过分析 2009 年至 2021 年中国 A 股上市公司的数据，我们发现环境、社会和治理效率水平与企业创新产出呈正相关。这表明，ESG效率越高，创新能力越强。我们的研究结果还表明，ESG效率与企业创新之间的关系受到企业所有权结构的调节。具体来说，在经济发展水平较低或环境法规严格的地区，所有权的负面调节作用更为明显。技术型企业受到的影响尤为明显，更容易受到这些负面效应的影响。这些发现证实，环境、社会和治理效率是环境、社会和治理实践与增强创新能力之间的重要联系机制。通过探索环境、社会和公司治理绩效的效率方面以及影响环境、社会和公司治理-创新动态的制度因素，我们的研究为相关文献做出了显著贡献，为有效的环境、社会和公司治理实践如何战略性地推动企业创新提供了新的见解。

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

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.