Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms
Abstract
:1. Introduction
2. Theoretical Background and Research Hypotheses
2.1. ESG and Corporate Innovation
2.1.1. Firm Objectives
2.1.2. Balancing Value
2.2. The Benefits of ESG Ratings
2.3. ESG, Financial Performance, and Corporate Innovation
2.4. ESG, Internationalization, and Corporate Innovation
3. Data, Variables, and Methodology
3.1. Sample and Data
3.2. Formatting of Mathematical Components
4. Results
4.1. Benchmark Regression Analysis
4.2. Robustness Test
4.2.1. Sample Selection
4.2.2. Reconsidering Lag Effects
4.2.3. Analysis Using Other Methods
4.3. Endogeneity Issues
5. Heterogeneity Test
5.1. Firm Size
5.2. Property Rights Attributes
5.3. Regional Analysis
5.4. Industry Analysis
5.5. Three Sub-Components
6. Mediation Tests
6.1. Financial Efficiency
6.2. Internationalization
7. Conclusions
7.1. General Summary and Recommendations
7.2. Limitations of This Research
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Type | Variable | Measure |
---|---|---|
Dependent Variable | Patent | Logarithm of the number of invention patent |
Invention1 | Logarithm of the number of utility model patent | |
Invention2 | Logarithm of the number of design patent | |
R&D | Logarithm of research and development expenses | |
Independent Variable | ESG | Logarithm of ESG rating data published by Huazheng |
Control Variables | Age | Number of years since firm establishment |
Big1 | Proportion of shares of the largest shareholder | |
Cash | Logarithm of cash holdings | |
Duality | If the firm CEO and Chairman of the Board are the same person, denoted 1; otherwise, 0 | |
Fixratio | Fixed assets/total assets | |
Growth | Average annual growth | |
HHI | Market concentration rate | |
Indirector | Proportion of independent directors | |
Leverage | Total debt/total assets | |
Manager | Executive ownership ratio | |
MTB | Book-to-market equity ratio | |
Sub | Number of subsidiaries | |
Year | Dummy variable based on research years | |
Industry | Industry dummy variable |
Variable | Mean | SD | Min | p25 | p50 | p75 | Max |
---|---|---|---|---|---|---|---|
ESG | 4.088 | 1.015 | 1.250 | 3.500 | 4.000 | 5.000 | 6.000 |
Patent | 2.419 | 1.404 | 0.000 | 1.386 | 2.398 | 3.296 | 6.390 |
Invention1 | 1.872 | 1.341 | 0.000 | 0.693 | 1.792 | 2.708 | 5.903 |
Invention2 | 2.027 | 1.339 | 0.000 | 1.099 | 1.946 | 2.890 | 5.781 |
R&D | 17.758 | 1.574 | 13.160 | 16.849 | 17.781 | 18.701 | 21.865 |
Age | 11.260 | 7.376 | 1.000 | 5.000 | 10.000 | 17.000 | 28.000 |
Big1 | 34.576 | 14.932 | 8.570 | 23.000 | 32.320 | 44.790 | 74.820 |
Cash | 0.166 | 0.132 | 0.010 | 0.073 | 0.128 | 0.219 | 0.659 |
Duality | 0.270 | 0.444 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
Fixratio | 0.214 | 0.164 | 0.002 | 0.086 | 0.181 | 0.307 | 0.703 |
Growth | 1.392 | 1.057 | 0.316 | 0.974 | 1.135 | 1.420 | 8.666 |
HHI | 0.149 | 0.143 | 0.033 | 0.058 | 0.101 | 0.201 | 0.863 |
Indirector | 0.378 | 0.064 | 0.250 | 0.333 | 0.364 | 0.429 | 0.600 |
Leverage | 0.444 | 0.202 | 0.062 | 0.286 | 0.441 | 0.595 | 0.895 |
Manager | 12.991 | 19.550 | 0.000 | 0.000 | 0.350 | 23.407 | 68.091 |
MTB | 0.296 | 0.158 | 0.017 | 0.180 | 0.271 | 0.390 | 0.765 |
Sub | 20.180 | 25.408 | 1.000 | 6.000 | 12.000 | 23.000 | 158.000 |
Variable | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|
ESG | 0.268 *** | 0.267 *** | 0.207 *** | 0.314 *** |
[13.785] | [13.295] | [10.092] | [17.323] | |
Age | 0.014 *** | 0.018 *** | 0.011 ** | 0.014 *** |
[3.035] | [4.006] | [2.247] | [3.588] | |
Big1 | 0.004 *** | 0.003 ** | 0.005 *** | 0.008 *** |
[2.681] | [2.303] | [3.172] | [5.392] | |
Cash | 0.376 ** | 0.375 ** | 0.331 * | 0.487 *** |
[2.126] | [2.031] | [1.748] | [3.039] | |
Duality | −0.027 | 0.026 | −0.014 | −0.018 |
[−0.633] | [0.574] | [−0.288] | [−0.520] | |
Fixratio | −0.232 | −0.377 * | 0.079 | −0.124 |
[−1.222] | [−1.865] | [0.410] | [−0.677] | |
Growth | −0.047 ** | −0.023 | −0.069 *** | −0.059 *** |
[−2.261] | [−1.039] | [−3.458] | [−3.212] | |
HHI | 0.337 | 0.158 | 0.185 | 0.686 *** |
[1.608] | [0.742] | [0.814] | [3.578] | |
Indirector | 0.0854 | 0.173 | 0.0391 | −0.185 |
[0.318] | [0.608] | [0.142] | [−0.722] | |
Leverage | 0.885 *** | 0.796 *** | 1.108 *** | 1.226 *** |
[5.897] | [5.087] | [7.251] | [8.931] | |
Manager | 0.00006 | −0.0004 | −0.0006 | −0.0024** |
[0.048] | [−0.292] | [−0.466] | [−2.359] | |
MTB | 0.199 | −0.0681 | 0.600 *** | 0.496 *** |
[1.281] | [−0.410] | [3.672] | [3.445] | |
Sub | 0.009 *** | 0.009 *** | 0.007 *** | 0.017 *** |
[6.716] | [7.157] | [5.205] | [17.313] | |
Constant | 0.081 | −0.410 ** | −0.166 | 13.93 *** |
[0.422] | [−2.004] | [−0.817] | [73.178] | |
N | 15044 | 13690 | 11764 | 20469 |
adj. R2 | 0.251 | 0.201 | 0.246 | 0.401 |
Year FE | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes |
Variable | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|
ESG | 0.274 *** | 0.277 *** | 0.209 *** | 0.253 *** |
[10.099] | [10.060] | [7.289] | [6.000] | |
Controls | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes |
N | 7194 | 6604 | 5702 | 7141 |
adj. R2 | 0.241 | 0.192 | 0.25 | 0.287 |
Variable | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|
ESG | 0.266 *** | 0.268 *** | 0.195 *** | 0.314 *** |
[12.794] | [12.581] | [8.868] | [16.151] | |
Controls | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes |
N | 13,335 | 12,178 | 10,391 | 18,660 |
adj. R2 | 0.252 | 0.204 | 0.244 | 0.386 |
Variable | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|
ESG | 0.253 *** | 0.254 *** | 0.185 *** | 0.267 *** |
[21.395] | [21.571] | [14.293] | [25.787] | |
Constant | 0.625 *** | 0.213 ** | 0.247 ** | 16.23 *** |
[5.843] | [2.000] | [2.097] | [167.448] | |
N | 15,044 | 13,690 | 11,764 | 20,469 |
AIC | 52,191.7 | 46,112.3 | 39,934.3 | 73,716.8 |
BIC | 52,298.3 | 46,217.6 | 40,037.5 | 73,827.8 |
Variable | ESG | Patent | ESG | Invention1 | ESG | Invention2 | ESG | R&D |
---|---|---|---|---|---|---|---|---|
IV | 0.915 *** | 0.918 *** | 0.909 *** | 0.939 *** | ||||
[52.860] | [50.220] | [49.580] | [68.040] | |||||
ESG | 0.245 *** | 0.214 *** | 0.202 *** | 0.389 *** | ||||
[6.649] | [5.671] | [5.463] | [11.379] | |||||
Kleibergen–Paap rk LM statistic | 436.556 | 394.595 | 347.423 | 591.308 | ||||
Cragg-Donald Wald F statistic | 4674.558 | 4140.642 | 3693.67 | 7566.148 | ||||
Kleibergen–Paap Wald rk F statistic | 2794.158 | 2521.605 | 2458.115 | 4629.53 | ||||
N | 15,044 | 15,044 | 13,690 | 13,690 | 11,764 | 11,764 | 20,469 | 20,469 |
adj. R2 | 0.2554 | 0.251 | 0.2056 | 0.2 | 0.2056 | 0.246 | 0.4015 | 0.399 |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Variable | Patent | Invention1 | Invention2 | R&D | ||||
---|---|---|---|---|---|---|---|---|
Small | Big | Small | Big | Small | Big | Small | Big | |
ESG | 0.126 *** | 0.264 *** | 0.0986 *** | 0.281 *** | 0.0884 *** | 0.181 *** | 0.118 *** | 0.292 *** |
[4.481] | [7.146] | [3.503] | [7.360] | [3.056] | [4.948] | [5.383] | [9.708] | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 3733 | 4457 | 3308 | 4121 | 2753 | 3763 | 5024 | 6447 |
adj. R2 | 0.149 | 0.341 | 0.056 | 0.318 | 0.138 | 0.347 | 0.319 | 0.501 |
Variable | Patent | Invention1 | Invention2 | R&D | ||||
---|---|---|---|---|---|---|---|---|
Non-SOEs | SOEs | Non-SOEs | SOEs | Non-SOEs | SOEs | Non-SOEs | SOEs | |
ESG | 0.234 *** | 0.298 *** | 0.226 *** | 0.303 *** | 0.179 *** | 0.253 *** | 0.262 *** | 0.372 *** |
[10.453] | [7.982] | [9.620] | [7.861] | [7.451] | [6.889] | [12.684] | [10.739] | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 9711 | 5023 | 8799 | 4601 | 7538 | 3993 | 12,887 | 7170 |
adj. R2 | 0.193 | 0.358 | 0.132 | 0.315 | 0.206 | 0.367 | 0.368 | 0.485 |
Variable | Patent | Invention1 | Invention2 | R&D | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
East | Central | West | East | Central | West | East | Central | West | East | Central | West | |
ESG | 0.290 *** | 0.241 *** | 0.173 *** | 0.298 *** | 0.215 *** | 0.146 *** | 0.219 *** | 0.188 *** | 0.158 *** | 0.296 *** | 0.276 *** | 0.326 *** |
[12.834] | [5.125] | [3.557] | [12.764] | [4.669] | [2.949] | [9.089] | [3.868] | [2.985] | [14.848] | [6.083] | [5.830] | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 11,004 | 2291 | 1749 | 10,052 | 2064 | 1574 | 8599 | 1866 | 1299 | 14,889 | 2994 | 2586 |
adj. R2 | 0.247 | 0.351 | 0.331 | 0.208 | 0.292 | 0.278 | 0.246 | 0.339 | 0.336 | 0.421 | 0.449 | 0.452 |
Variable | Patent | Invention1 | InveIntion2 | R&D | ||||
---|---|---|---|---|---|---|---|---|
Manu | Non-Manu | Manu | Non-Manu | Manu | Non-Manu | Manu | Non-Manu | |
ESG | 0.280 *** | 0.234 *** | 0.269 *** | 0.245 *** | 0.226 *** | 0.155 *** | 0.317 *** | 0.293 *** |
[11.599] | [7.436] | [10.635] | [7.706] | [8.774] | [4.925] | [14.625] | [10.003] | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 9325 | 5719 | 8365 | 5055 | 7429 | 4335 | 11,591 | 8878 |
adj. R2 | 0.269 | 0.228 | 0.206 | 0.219 | 0.241 | 0.268 | 0.426 | 0.382 |
Variable | Patent | Patent | Patent | Invention1 | Invention1 | Invention1 | Invention2 | Invention2 | Invention2 | R&D | R&D | R&D |
---|---|---|---|---|---|---|---|---|---|---|---|---|
ESG-E | 1.757 *** | 1.642 *** | 1.292 *** | 1.851 *** | ||||||||
[10.643] | [9.451] | [7.642] | [12.025] | |||||||||
ESG-S | 1.406 *** | 1.374 *** | 1.114 *** | 1.786 *** | ||||||||
[10.155] | [9.711] | [7.500] | [13.732] | |||||||||
ESG-G | 1.547 *** | 1.606 *** | 1.192 *** | 1.995 *** | ||||||||
[8.501] | [8.686] | [5.933] | [11.991] | |||||||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year Fe | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry Fe | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 15,044 | 15,044 | 15,044 | 13,690 | 13,690 | 13,690 | 11,764 | 11,764 | 11,764 | 20,469 | 20,469 | 20,469 |
adj. R2 | 0.241 | 0.235 | 0.229 | 0.188 | 0.183 | 0.179 | 0.238 | 0.236 | 0.232 | 0.383 | 0.384 | 0.377 |
Variable | ROA | Patent | Invention1 | Invention2 | R&D | ROE | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|---|---|---|---|---|---|
ESG | 0.00907 *** | 0.228 *** | 0.230 *** | 0.173 *** | 0.218 *** | 2.267 *** | 0.239 *** | 0.238 *** | 0.179 *** | 0.266 *** |
[15.997] | [11.200] | [10.857] | [8.183] | [12.357] | [18.580] | [12.565] | [12.045] | [9.006] | [15.212] | |
ROA | 3.461 *** | 3.155 *** | 3.444 *** | 4.628 *** | ||||||
[10.242] | [9.125] | [9.464] | [17.524] | |||||||
ROE | 0.0147 *** | 0.0138 *** | 0.0142 *** | 0.0214 *** | ||||||
[10.168] | [9.304] | [8.826] | [18.424] | |||||||
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Industry Fe | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 21,636 | 13,511 | 12,356 | 10,593 | 17,956 | 24,847 | 15,036 | 13,682 | 11,761 | 20,455 |
adj. R2 | 0.278 | 0.269 | 0.218 | 0.267 | 0.446 | 0.162 | 0.264 | 0.213 | 0.258 | 0.428 |
Variable | DOI | Patent | Invention1 | Invention2 | R&D |
---|---|---|---|---|---|
ESG | 0.263 *** | 0.248 *** | 0.245 *** | 0.191 *** | 0.232 *** |
[7.968] | [11.292] | [10.667] | [8.263] | [12.938] | |
DOI | 0.116 *** | 0.116 *** | 0.104 *** | 0.203 *** | |
[8.663] | [8.205] | [7.096] | [18.790] | ||
Controls | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes |
N | 14,980 | 11,053 | 10,193 | 8884 | 14,007 |
adj. R2 | 0.283 | 0.27 | 0.223 | 0.251 | 0.487 |
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Wu, R.; Li, J.; Dai, Y.; Shen, X.; Hossain, M.A. Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms. Sustainability 2024, 16, 7482. https://doi.org/10.3390/su16177482
Wu R, Li J, Dai Y, Shen X, Hossain MA. Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms. Sustainability. 2024; 16(17):7482. https://doi.org/10.3390/su16177482
Chicago/Turabian StyleWu, Renhong, Jinbao Li, Yunhai Dai, Xiangdong Shen, and Md. Alamgir Hossain. 2024. "Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms" Sustainability 16, no. 17: 7482. https://doi.org/10.3390/su16177482