*3.3. Models Establishment*

In order to verify the influence of ESG ratings on corporate green innovation and the moderating effect of the institutional environment and redundant organizational resources, the following regression models were established in reference to the model settings of Wen and Zhou, 2017.

$$\text{GRInno}\_{\text{i,t}+1} = \alpha\_0 + \alpha\_1 \text{ESG}\_{\text{i,t}} + \alpha\_\mathbf{k} \sum \text{Control}\_{\text{i,t}} + \mu\_\mathbf{i} + \delta\_\mathbf{t} + \varepsilon\_{\text{i,t}} \tag{1}$$

$$\text{GRInv}\_{\text{i},\text{t}+1} = \alpha\_0 + \alpha\_1 \text{ESG}\_{\text{i},\text{t}} + \alpha\_\text{k} \sum \text{Control}\_{\text{i},\text{t}} + \mu\_\text{i} + \delta\_\text{t} + \varepsilon\_{\text{i},\text{t}} \tag{2}$$

$$\text{GRUma}\_{\text{i,t}+1} = \alpha\_0 + \alpha\_1 \text{ESG}\_{\text{i,t}} + \alpha\_\text{k} \sum \text{Control}\_{\text{i,t}} + \mu\_\text{i} + \delta\_\text{t} + \varepsilon\_{\text{i,t}} \tag{3}$$

$$\text{GRInno}\_{\text{i},\text{t}+1} = \mathbf{a}\_{0} + \mathbf{a}\_{1}\mathbf{ESG}\_{\text{i},\text{t}} + \mathbf{a}\_{2}\text{InENv}\_{\text{i},\text{t}} + \mathbf{a}\_{3}\mathbf{ESG}\_{\text{i},\text{t}} \times \text{InENv}\_{\text{i},\text{t}} + \mathbf{a}\_{\text{k}}\sum \text{Control}\_{\text{i},\text{t}} + \mu\_{\text{i}} + \delta\_{\text{t}} + \varepsilon\_{\text{i},\text{t}} \tag{4}$$
