The Interaction Effect between ESG and Green Innovation and Its Impact on Firm Value from the Perspective of Information Disclosure
Abstract
:1. Introduction
2. Literature Review and Hypotheses
2.1. Green Innovation and Firm Value
2.2. ESG Information Disclosure and Firm Value
2.3. Interaction Effect of Green Innovation and ESG on Firm Value from The Perspective of Information Disclosure
3. Research Design
3.1. Sample Selection and Data Sources
3.2. Variable Selection
3.2.1. Firm Value
3.2.2. Green Innovation
3.2.3. Environment, Society and Governance Disclosure
3.2.4. Control Variables
3.3. Methodology and Model Setting
3.3.1. Panel Quantile Regression
3.3.2. Basic Model Setting
4. Empirical Test and Result Analysis
4.1. Descriptive Statistics
4.2. Multiple Regression
4.2.1. Test of Green Innovation and Firm Value
4.2.2. Test of Environmental, Social and Governance Information Disclosure and Firm Value
4.2.3. Test of The Interactive Impact of Green Innovation and ESG Information Disclosure on Firm Value
5. Robustness Tests
6. Conclusions and Policy Recommendations
6.1. Conclusions
6.2. Policy Recommendations
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
Appendix A
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TobinQ | 1.000 | ||||||||||||
GI | −0.048 | 1.000 | |||||||||||
E_dis | −0.149 | 0.138 | 1.000 | ||||||||||
S_dis | −0.101 | 0.131 | 0.522 | 1.000 | |||||||||
G_dis | −0.213 | 0.101 | 0.337 | 0.350 | 1.000 | ||||||||
roe | 0.327 | 0.022 | −0.017 | 0.027 | −0.065 | 1.000 | |||||||
lr | 0.264 | −0.030 | −0.084 | −0.046 | −0.119 | 0.150 | 1.000 | ||||||
lev | −0.404 | 0.037 | 0.117 | 0.097 | 0.195 | −0.411 | −0.437 | 1.000 | |||||
flow | 0.272 | −0.024 | −0.075 | −0.049 | −0.074 | 0.293 | 0.312 | −0.354 | 1.000 | ||||
topten | 0.003 | 0.064 | 0.199 | 0.129 | 0.121 | 0.144 | −0.013 | 0.033 | 0.043 | 1.000 | |||
size | −0.405 | 0.229 | 0.378 | 0.314 | 0.387 | −0.059 | −0.239 | 0.522 | −0.191 | 0.310 | 1.000 | ||
age | −0.114 | −0.007 | 0.038 | 0.053 | 0.176 | −0.065 | −0.047 | 0.133 | −0.079 | −0.194 | 0.101 | 1.000 | |
stateown | −0.228 | 0.041 | 0.123 | 0.095 | 0.202 | −0.157 | −0.113 | 0.215 | −0.038 | 0.116 | 0.299 | 0.107 | 1.000 |
Variables | 2sls |
---|---|
E_dis | −0.0018 |
(−0.56) | |
S_dis | 0.0043 * |
(2.20) | |
G_dis | −0.0195 *** |
(−3.97) | |
controls | YES |
cons | 13.385 ** |
Industry | Control |
N | 4697 |
R2 | 0.3022 |
Variables | OLS | Quantile Levels | ||||
---|---|---|---|---|---|---|
10th | 30th | 50th | 70th | 90th | ||
0.0016 *** | 0.0005 * | 0.0006 * | 0.0010 * | 0.0010 ** | 0.0009 | |
(5.23) | (2.14) | (2.00) | (2.35) | (2.58) | (1.09) | |
roe | −0.6934 ** | −0.2846 ** | −0.5289 *** | −1.1657 *** | −1.6693 *** | −1.3072 *** |
(−2.53) | (−2.95) | (−4.58) | (−4.79) | (−6.45) | (−3.62) | |
lr | 0.0541 * | 0.0184 | 0.0312 | 0.1095 *** | 0.1269 *** | 0.1891 ** |
(2.24) | (1.66) | (1.21) | (4.23) | (5.66) | (3.10) | |
lev | −0.7012 ** | 0.0755 * | −0.1654 | −0.2452 ** | −0.5473 *** | −1.5710 *** |
(−2.64) | (2.30) | (−1.89) | (−2.65) | (−3.45) | (−4.21) | |
flow | 2.0623 *** | 0.4511 *** | 0.6584 *** | 0.9531 *** | 1.6315 *** | 3.0034 *** |
(5.44) | (4.34) | (4.42) | (4.50) | (6.70) | (3.53) | |
topten | 0.0034 *** | 0.0020 ** | 0.0022 *** | 0.0053 *** | 0.0023 *** | 0.0150 *** |
(4.37) | (2.66) | (3.45) | (5.78) | (3.16) | (7.30) | |
size | −0.3978 *** | −0.1232 *** | −0.2056 *** | −0.2576 *** | −0.3422 *** | −0.5149 *** |
(−16.34) | (−15.78) | (−23.36) | (−31.47) | (−13.76) | (−14.58) | |
age | −0.0212 *** | −0.0092 *** | −0.0134 *** | −0.0152 *** | −0.0211 *** | −0.0301 *** |
(−4.32) | (−4.34) | (−5.83) | (−4.72) | (−4.95) | (−4.04) | |
stateown | −0.2753 *** | −0.1045 *** | −0.1479 *** | −0.2034 *** | −0.3155 *** | −0.5134 *** |
(−5.71) | (−6.35) | (−6.10) | (−8.23) | (−7.93) | (−4.23) | |
cons | 13.523 *** | 4.8648 *** | 6.8342 *** | 7.8549 *** | 9.5732 *** | 15.947 ** |
(24.24) | (18.66) | (31.27) | (37.90) | (22.82) | (20.94) | |
Industry | Control | |||||
N | 4697 | 4697 | 4697 | 4697 | 4697 | 4697 |
R2 | 0.3068 | 0.0953 | 0.1745 | 0.2184 | 0.2527 | 0.3089 |
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Symbol | Variables | Variable Definitions |
---|---|---|
TobinQ | Firm Value | Tobin’s Q = (market value)/ (total assets-Net balance of intangible assets-goodwill) |
GI | Green Innovation | Green patent applications |
E_dis | Environmental Information Disclosure in CSR | Environmental disclosure score in Bloomberg |
S_dis | Social Information Disclosure in CSR | Social disclosure score in Bloomberg |
G_dis | Governance Information Disclosure in CSR | Governance disclosure score in Bloomberg |
roe | Return On Equity | ROE = (net profit)/(average owner’s equity) |
lr | Liquidity Ratio | Liquidity Ratio = (current assets)/(current liabilities) |
lev | Asset-Liability Ratio | Asset-Liability Ratio = (total liabilities)/(Average total assets) |
flow | Cash Asset Ratio | Cash Asset Ratio = (cash and cash equivalents + trading financial assets)/(total assets) |
topten | Top Ten Holders Rate | The sum of the shareholding ratio of the top ten shareholders |
size | Firm Size | Firm Size = Log (total assets) |
age | Firm Age | The business period with the result of the years minus the date of establishment. |
stateown | State-Owned Enterprises | Dummy variable, 1 for state-owned enterprises and 0 for non-state-owned enterprises. |
Variable | N | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
TobinQ | 5764 | 2.320 | 1.894 | 0.737 | 31.393 |
GI | 5764 | 4.745 | 32.26 | 0 | 966 |
E_dis | 5764 | 10.414 | 6.448 | 1.55 | 53.125 |
S_dis | 5764 | 25.182 | 8.62 | 3.509 | 73.684 |
G_dis | 5764 | 44.882 | 5.484 | 5.357 | 62.5 |
roe | 5764 | 0.045 | 0.065 | −0.775 | 0.598 |
lr | 5764 | 1.977 | 3.075 | 0.079 | 104.667 |
lev | 5764 | 0.487 | 0.199 | 0.008 | 1.352 |
flow | 5764 | 0.143 | 0.109 | 0.001 | 0.798 |
topten | 5764 | 59.932 | 16.17 | 9.164 | 98.588 |
size | 5764 | 23.162 | 1.364 | 19.541 | 28.520 |
age | 5764 | 18.546 | 5.382 | 3.000 | 40.000 |
stateown | 5764 | 0.539 | 0.499 | 0 | 1 |
Variables | OLS | Quantile Levels | ||||
---|---|---|---|---|---|---|
10th | 30th | 50th | 70th | 90th | ||
GI | 0.0014 *** | 0.0006 *** | 0.0009 ** | 0.0010 *** | 0.0010 * | 0.0010 * |
(5.96) | (6.56) | (2.70) | (3.92) | (2.13) | (2.25) | |
roe | −0.8756 ** | −0.3465 | −0.4786 * | −1.2456 ** | −1.3695 *** | −1.7481 * |
(−2.45) | (−1.64) | (−2.20) | (−2.68) | (−4.82) | (−2.43) | |
lr | 0.0457 * | 0.0153 | 0.0264 | 0.0823 *** | 0.1311 *** | 0.1945 *** |
(2.34) | (1.54) | (1.32) | (3.74) | (4.20) | (4.63) | |
lev | −0.6232 ** | 0.0623 | −0.1866 * | −0.3143 *** | −0.7536 *** | −1.0031 *** |
(−2.95) | (−1.60) | (−2.14) | (−3.69) | (−4.37) | (−4.10) | |
flow | 1.5610 *** | 0.4637 *** | 0.6665 *** | 0.7343 *** | 1.3129 *** | 2.2563 *** |
(4.36) | (5.32) | (4.34) | (4.15) | (3.56) | (4.01) | |
topten | 0.0074 *** | 0.0016 *** | 0.0035 *** | 0.0037 *** | 0.0061 *** | 0.0154 *** |
(5.02) | (4.56) | (5.45) | (5.63) | (6.92) | (5.00) | |
size | −0.3956 *** | −0.1287 *** | −0.1865 *** | −0.2333 *** | −0.3148 *** | −0.4887 *** |
(−15.87) | (−19.56) | (−27.42) | (−22.15) | (−20.56) | (−12.66) | |
age | −0.0090 * | −0.0046 *** | −0.0082 *** | −0.0088 *** | −0.0322 *** | −0.0198 *** |
(−2.10) | (−5.54) | (−4.29) | (−5.01) | (−4.31) | (−3.29) | |
stateown | −0.3076 *** | −0.0960 *** | −0.1669 *** | −0.2133 *** | −0.3445 *** | −0.6713 *** |
(−6.74) | (−5.23) | (−8.90) | (−9.14) | (−9.16) | (−6.42) | |
cons | 12.7793 *** | 4.2187 *** | 5.9826 *** | 9.6473 *** | 8.9502 *** | 13.8047 *** |
(22.38) | (11.96) | (34.87) | (23.56) | (22.14) | (28.54) | |
Industry | Control | |||||
N | 5764 | 5764 | 5764 | 5764 | 5764 | 5764 |
R2 | 0.3112 | 0.0983 | 0.1537 | 0.2353 | 0.2378 | 0.2897 |
Variables | OLS | Quantile Levels | ||||
---|---|---|---|---|---|---|
10th | 30th | 50th | 70th | 90th | ||
E_dis | −0.0039 | 0.0043 ** | 0.0022 | 0.0010 | −0.0005 | −0.0041 |
(−1.25) | (2.72) | (2.00) | (0.58) | (−0.17) | (−0.95) | |
S_dis | 0.0058 * | 0.0024 * | 0.0044 *** | 0.0064 *** | 0.0071 *** | 0.0080 ** |
(2.45) | (2.1) | (4.52) | (5.99) | (6.10) | (2.60) | |
G_dis | −0.0154 *** | −0.0044 * | −0.0061 ** | −0.0044 ** | −0.0030 * | −0.0076 |
(−3.73) | (−2.17) | (−2.98) | (−2.84) | (−2.21) | (−1.58) | |
roe | −1.3290 ** | −0.3094 ** | −0.5839 ** | −1.1870 *** | −1.5083 *** | −1.7729 *** |
(−2.71) | (−2.93) | (−2.60) | (−4.36) | (−9.001) | (−3.89) | |
lr | 0.0517 * | 0.0112 | 0.0225 | 0.0856 ** | 0.1153 *** | 0.3786 ** |
(2.14) | (1.45) | (1.26) | (2.93) | (6.02) | (3.170) | |
lev | −0.7024 * | −0.0909 | −0.2117 ** | −0.3013 * | −0.7513 *** | −1.6249 *** |
(−2.24) | (0.46) | (−2.83) | (−2.42) | (−5.15) | (−6.52) | |
flow | 1.5368 *** | 0.5092 *** | 0.6038 *** | 0.9054 *** | 1.5412 *** | 2.7231 *** |
(5.263) | (4.52) | (5.59) | (5.10) | (3.71) | (5.34) | |
topten | 0.0087 *** | 0.0018 ** | 0.0026 *** | 0.0033 *** | 0.0047 *** | 0.0353 *** |
(6.03) | (2.78) | (5.81) | (6.09) | (7.12) | (7.74) | |
size | −0.3911 *** | −0.1390 *** | −0.1943 *** | −0.2594 *** | −0.3078 *** | −0.3910 *** |
(−14.57) | (−13.72) | (−19.54) | (−27.62) | (−20.03) | (−17.48) | |
age | −0.0055 | −0.0057 *** | −0.0054 *** | −0.0037 *** | −0.0145 *** | −0.0111 *** |
(−1.62) | (−4.36) | (−3.96) | (−4.43) | (−3.83) | (−3.52) | |
stateown | −0.2573 *** | −0.1266 *** | −0.1325 *** | −0.2016 *** | −0.3115 *** | −0.6327 *** |
(−5.99) | (−7.63) | (−9.81) | (−8.00) | (−10.10) | (−6.37) | |
cons | 11.454 *** | 5.1436 *** | 6.5492 *** | 7.0158 *** | 9.3473 *** | 14.9989 *** |
(22.81) | (21.05) | (22.87) | (36.85) | (29.73) | (20.78) | |
Industry | Control | |||||
N | 5764 | 5764 | 5764 | 5764 | 5764 | 5764 |
R2 | 0.274 | 0.1116 | 0.1536 | 0.2141 | 0.2303 | 0.3751 |
Variables | OLS | Quantile Levels | ||||
---|---|---|---|---|---|---|
10th | 30th | 50th | 70th | 90th | ||
GI | 0.0014 *** | 0.0016 *** | 0.0019 *** | 0.0017 *** | 0.0017 ** | 0.0007 |
(3.46) | (4.80) | (6.04) | (4.15) | (2.93) | (1.22) | |
E_dis | −0.0044 | 0.0030* | 0.0027 | 0.0013 | −0.0004 | −0.0015 |
(−1.30) | (2.15) | (1.70) | (0.98) | (−0.10) | (−0.21) | |
S_dis | 0.0052 * | 0.0028 * | 0.0054 *** | 0.0082 *** | 0.0088 *** | 0.0076 * |
(2.33) | (2.45) | (4.56) | (5.43) | (5.07) | (2.43) | |
G_dis | −0.0158 *** | −0.0027 ** | −0.0049 *** | −0.0040 ** | −0.0024 * | −0.0078 |
(−3.77) | (−3.08) | (−3.96) | (−2.56) | (−2.10) | (−1.30) | |
GI × E_dis | 0.0000 | 0.0000 | 0.0000 | 0.0000 | −0.0000 | −0.0002 |
(1.00) | (0.31) | (0.45) | (0.05) | (−0.62) | (−1.50) | |
GI × S_dis | −0.0001 ** | −0.0001 *** | −0.0001 *** | −0.0001 * | −0.0001 * | −0.0000 |
(−4.58) | (−3.65) | (−3.74) | (−2.30) | (−2.15) | (−0.60) | |
GI × G_dis | 0.0003 * | 0.0000 | 0.0001 * | 0.0001 * | 0.0002 * | 0.0003 * |
(2.45) | (0.79) | (2.14) | (2.30) | (2.45) | (2.58) | |
roe | −1.0352 ** | −0.2847 * | −0.6342 * | −1.537 *** | −1.5628 *** | −1.7685 ** |
(−2.73) | (−2.44) | (−2.44) | (−4.80) | (−5.39) | (−3.00) | |
lr | 0.0352 * | 0.0124 | 0.0198 | 0.0771 *** | 0.1185 *** | 0.2176 *** |
(2.24) | (1.20) | (0.90) | (3.92) | (4.80) | (3.69) | |
lev | −0.6511 ** | 0.0633 | −0.1876 *** | −0.2662 *** | −0.5257 *** | −1.4338 *** |
(−2.87) | (1.02) | (−3.59) | (−3.73) | (−4.01) | (−4.22) | |
flow | 1.6583 *** | 0.4387 *** | 0.6354 *** | 0.8346 *** | 1.3165 *** | 2.4529 *** |
(4.53) | (4.85) | (6.43) | (4.00) | (4.73) | (4.76) | |
topten | 0.0075 *** | 0.0016 *** | 0.0029 *** | 0.0043 *** | 0.0063 *** | 0.0142 *** |
(4.76) | (4.32) | (4.59) | (4.34) | (4.53) | (8.01) | |
size | −0.4067 *** | −0.1588 *** | −0.1967 *** | −0.2742 *** | −0.3441 *** | −0.4783 *** |
(−15.95) | (−17.74) | (−21.98) | (−26.09) | (−19.70) | (−10.57) | |
age | −0.0067 | −0.0059 *** | −0.0073 *** | −0.0089 *** | −0.0160 *** | −0.0222 *** |
(−1.63) | (−5.05) | (−4.52) | (−5.53) | (−3.70) | (−3.37) | |
stateown | −0.2869 *** | −0.1235 *** | −0.1635 *** | −0.2230 *** | −0.3487 *** | −0.6355 *** |
(−6.34) | (−8.10) | (−6.96) | (−8.77) | (−9.93) | (−5.71) | |
cons | 12.674 *** | 3.8437 *** | 5.5877 *** | 7.0865 *** | 9.5478 *** | 12.763 *** |
(21.68) | (18.55) | (26.32) | (27.67) | (22.48) | (10.67) | |
Industry | Control | |||||
N | 5764 | 5764 | 5764 | 5764 | 5764 | 5764 |
R2 | 0.3004 | 0.1087 | 0.1523 | 0.1967 | 0.2253 | 0.2890 |
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Zhang, F.; Qin, X.; Liu, L. The Interaction Effect between ESG and Green Innovation and Its Impact on Firm Value from the Perspective of Information Disclosure. Sustainability 2020, 12, 1866. https://doi.org/10.3390/su12051866
Zhang F, Qin X, Liu L. The Interaction Effect between ESG and Green Innovation and Its Impact on Firm Value from the Perspective of Information Disclosure. Sustainability. 2020; 12(5):1866. https://doi.org/10.3390/su12051866
Chicago/Turabian StyleZhang, Fen, Xiaonan Qin, and Lina Liu. 2020. "The Interaction Effect between ESG and Green Innovation and Its Impact on Firm Value from the Perspective of Information Disclosure" Sustainability 12, no. 5: 1866. https://doi.org/10.3390/su12051866