ESG performance and green innovation of Chinese enterprises: Based on the perspective of financing constraints

Zhang, Wanyu; Zhao, Yan; Meng, Fansheng

doi:10.1016/j.jenvman.2024.122955

Journal of Environmental Management

2024

DOI: 10.1016/j.jenvman.2024.122955

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ESG performance and green innovation of Chinese enterprises: Based on the perspective of financing constraints

Wanyu Zhang,

Yan Zhao,

Fansheng Meng

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Does Carbon Emission Trading Affect China’s Green Innovation? An Exploration from the Perspective of the Enterprise Lifecycle

Gao,

Li,

Hou

2024

Sustainability

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At different lifecycle stages, enterprises possess differentiated resource endowments and innovation needs, leading to variations in the effect of carbon emission trading policies on their green innovation. This study analyzes the impact of China’s carbon emission trading policy on green innovation, using A-share listed firms in Shanghai and Shenzhen between 2010 and 2022 as samples, from the perspective of the enterprise lifecycle. The results validate the Porter hypothesis, showing that the policy stimulates green innovation, especially in the growth and maturity stages of enterprises. However, the extent of this impact varies across enterprise scale heterogeneity, heterogeneity in the proportion of independent directors, heterogeneity in the level of green innovation and regional heterogeneity. The carbon emission trading policies can mitigate financing constraints and improve capital investment to foster green innovation, especially for mature enterprises. The findings not only enhance the theoretical investigation of flexible market-oriented environmental regulatory mechanisms but also provide valuable insights for advancing the growth of China’s low-carbon economy.

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Does Carbon Emission Trading Affect China’s Green Innovation? An Exploration from the Perspective of the Enterprise Lifecycle

Gao,

Li,

Hou

2024

Sustainability

View full text Add to dashboard Cite

show abstract

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ESG performance and green innovation of Chinese enterprises: Based on the perspective of financing constraints

Cited by 1 publication

References 84 publications

Does Carbon Emission Trading Affect China’s Green Innovation? An Exploration from the Perspective of the Enterprise Lifecycle

Does Carbon Emission Trading Affect China’s Green Innovation? An Exploration from the Perspective of the Enterprise Lifecycle

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