How do ESG affect the spillover of green innovation among peer firms? Mechanism discussion and performance study

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2023-03-01 DOI:10.1016/j.jbusres.2023.113648

Jinchang Li , Ganghui Lian , Aiting Xu

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引用次数: 24

Abstract

This study presents a theoretical framework for studying the green innovation spillover effect from corporate environmental, social, and governance (ESG) and explores the underlying influence of this effect on sustainability performance. By regressing panel data on China’s A-share listed enterprises from 2012 to 2020, the results support that the ESG of focal companies have significant green innovation spillover effects in the industry, that occurs through the alleviation of financing constraints and improvement in the executive environmental protection awareness of peer enterprises. Notably, industrial enterprises are constrained by their own attributes, therefore, this effect is not obvious, however, the ESG of non-industrial enterprises can guide peer companies to adopt green innovation behaviors and improve sustainability performance. This study enriches our understanding of ESG. Furthermore, our findings have important implications for accelerating the construction of countries’ ESG systems, promoting corporate sustainability, and implementing emission-reduction targets.

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ESG如何影响同行企业之间的绿色创新溢出？机制讨论和绩效研究

本研究为研究企业环境、社会和治理（ESG）的绿色创新溢出效应提供了一个理论框架，并探讨了这种效应对可持续性绩效的潜在影响。通过对2012-2012年中国A股上市企业面板数据的回归，结果支持焦点公司的ESG在行业中具有显著的绿色创新溢出效应，这是通过缓解融资约束和提高同行企业高管环保意识来实现的。值得注意的是，工业企业受到自身属性的约束，因此这种效应并不明显，但非工业企业的ESG可以引导同行企业采取绿色创新行为，提高可持续性绩效。这项研究丰富了我们对ESG的理解。此外，我们的研究结果对加快各国ESG体系建设、促进企业可持续性和实现减排目标具有重要意义。

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 Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.