Corporate innovation and ESG performance: The role of government subsidies

IF 10 1区环境科学与生态学 Q1 ENGINEERING, ENVIRONMENTAL

Journal of Cleaner Production Pub Date : 2025-03-04 DOI:10.1016/j.jclepro.2025.145209

Zhenyu Liu , Lingling Chen , Haocheng Jiang , Zengwen Yan , Taiyu Li

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引用次数: 0

Abstract

This study investigates the impact of corporate innovation on Environmental, Social, and Governance (ESG) performance, analyzing the potential role of government subsidies, debt financing costs, corporate loans, and the nature of corporate ownership in this relationship. Using the data from Shenzhen A-share listed companies, excluding ST stocks and the financial sector, from 2014 to 2021, this study examines the relationship between the number of patents as a proxy variable for innovation capability and ESG performance through multiple regression analysis. It is found that there is a significant positive correlation between corporate innovation and ESG performance, indicating that firms’ innovation activities can improve their ESG performance. Moreover, corporate innovation increases government subsidies and lowers debt financing costs, promoting ESG performance. “Innovation level improvement → Increased government subsidies → Reduced debt financing costs → Improved ESG performance” is the chain mediation mechanism that underlies this impact. In addition, state-owned enterprises and firms with significant borrowing can benefit from the enhanced impact of innovation on ESG performance. This study offers new perspectives on how companies can leverage innovation to improve ESG performance and provides a reference for companies and policymakers regarding innovation and sustainable development.

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企业创新与环境、社会和公司治理绩效：政府补贴的作用

本研究探讨了企业创新对环境、社会和治理（ESG）绩效的影响，分析了政府补贴、债务融资成本、企业贷款和企业所有权性质在这一关系中的潜在作用。本研究利用深圳A股上市公司（剔除ST股和金融行业）2014年至2021年的数据，通过多元回归分析，考察了作为创新能力替代变量的专利数量与ESG绩效之间的关系。研究发现，企业创新与环境、社会和公司治理绩效之间存在显著的正相关关系，表明企业的创新活动可以提高其环境、社会和公司治理绩效。此外，企业创新增加了政府补贴，降低了债务融资成本，促进了企业的ESG绩效。"创新水平提高→政府补贴增加→债务融资成本降低→ESG绩效改善 "是支撑这一影响的链式中介机制。此外，国有企业和有大量借贷的企业也能从创新对环境、社会和公司治理绩效的增强影响中受益。本研究为企业如何利用创新提高环境、社会和公司治理绩效提供了新的视角，并为企业和政策制定者在创新和可持续发展方面提供了参考。

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

Journal of Cleaner Production 环境科学-工程：环境

CiteScore

20.40

自引率

9.00%

发文量

4720

审稿时长

111 days

期刊介绍： The Journal of Cleaner Production is an international, transdisciplinary journal that addresses and discusses theoretical and practical Cleaner Production, Environmental, and Sustainability issues. It aims to help societies become more sustainable by focusing on the concept of 'Cleaner Production', which aims at preventing waste production and increasing efficiencies in energy, water, resources, and human capital use. The journal serves as a platform for corporations, governments, education institutions, regions, and societies to engage in discussions and research related to Cleaner Production, environmental, and sustainability practices.