GRInnoi,t+1= <sup>α</sup>0+α1ESGi,t+α2OrResi,t+α3ESGi,t×OrResi,t+α<sup>k</sup> ∑Controli,t+μi+δt+εi,t (5)

In the above formulas, subscript i represents the listed company; t represents the year; ε represents the random error term; GRInno represents corporate green innovation; GRInva and GRUma represent exploratory green innovation and exploitative green innovation, respectively; ESG represents the ESG rating; InEnv represents the institutional environment; OrRes represents redundant organizational resources; and Control represents the control variables.
