*4.1. Descriptive Statistics and Correlation Analysis*

Table 3 provides the descriptive statistics and correlation test results. The GRInno's mean value of 0.445 and the standard deviation of 0.852 indicate that most companies involved have conducted green innovation activities as required by the research, whereas their green innovation levels had some exceptions. The mean and standard deviation values of ESG were 4.070 and 1.054, respectively, indicating that the overall level of ESG ratings of China's A-share listed companies was at a medium level, and various companies shared similar ESG ratings. The mean value of the institutional environment was 8.150 and the standard deviation was 1.934, demonstrating that the regional institutional environment of the listed companies was relatively perfect. The mean value of redundant organizational resources was 0.968 and the standard deviation was 1.698, showing that each listed company held unique redundant organizational resources. The correlation coefficient of ESG and corporate green innovation was 0.159 and they had a significant positive correlation at a level of 1%, suggesting that ESG ratings had a promoting effect on corporate green innovation. H1 was primarily verified. Furthermore, the fact that the main variables under investigation had standard deviations that were comparatively high and correlation coefficients that were much lower than 0.8 suggests that there was no multicollinearity between the variables, making them appropriate for multiple regression analysis.

#### *4.2. Multiple Regression Analysis*

#### 4.2.1. The Effect of ESG Ratings on Corporate Green Innovation

Table 4 reports the impact of ESG ratings on companies green innovation. H1 predicted that the ESG rating would be positively correlated with the companiess' green innovation. First, model 1 in Table 4 reveals a significant positive correlation between ESG ratings and the green innovation of the companies (coef. = 0.019, *p* < 0.01). In addition, model 2 and model 3 in Table 4 show that ESG ratings had a significant positive correlation with exploratory green innovation and exploitative green innovation (coef. = 0.017, *p* < 0.01; coef. = 0.011, *p* < 0.01). Therefore, hypothesis 1 in this study is supported.


**Table 3.** Descriptive statistics and correlation analysis.


**Table 4.** The regression results of ESG ratings on corporate green innovation.

Notes: \*\*\* correlation is significant at 1%. \*\* correlation is significant at 5%. \* correlation is significant at 10%. t-statistics in parentheses.
